BC Housing and Mortgage Insights Newsletter - January 3, 2024
A curated collection of insightful articles chosen for offering a comprehensive overview and expert analysis of the latest trends, predictions, and changes in BC's mortgage and housing sectors. Updated weekly, a great resourse whether you're a homebuyer, seller, or investor, each article chosen for the purpose of helping to equip you with the vital information needed to navigate this ever evolving market. Subscribe
Okanagan Residential Real Estate Market Hits Seasonal Downswing
The Okanagan residential real estate market is experiencing a seasonal slowdown. November saw a decrease in sales compared to the previous year, with 813 residential unit sales recorded. New listings increased by 7% compared to November 2022, and there was a notable rise in active listings. The benchmark price for single-family homes varied across regions, with some areas seeing an increase and others, like Central Okanagan, witnessing a marginal decrease
Canada’s 2023 Economic Statement: Overview of Housing and Mortgage Relief
This article discusses the Canadian government's Fall Economic Statement, which includes measures to address the housing shortage and affordability crisis. It introduces the Canadian Mortgage Charter, aiming to protect borrowers facing mortgage renewal shocks and to boost the nation's housing supply. The Charter outlines relief measures such as temporary extension of amortization periods and waiving fees for relief measures.
Vancouver Housing Market: Strong Sales and New Listings Growth
The Vancouver region experienced a 4.7% annual increase in sales and a 9.8% year-over-year growth in new listings, giving prospective buyers one of the largest selections since 2021. The composite benchmark home price in Vancouver increased by 4.9% annually to approximately $1.185 million in November 2023, despite a slight decrease from the previous month.
Vancouver Housing Market Update
Over the past 18 years, Vancouver home prices have grown 230%, outpacing inflation and wage growth. Recent regulatory changes, such as allowing the construction of multiplexes, are expected to increase housing supply and potentially stabilize prices. The article also highlights the impact of interest rate changes on the housing market, noting a 13% drop in average home prices from their February 2022 peak to their January 2023 trough.
Could Canada's Housing Supply Crisis Ease Next Year?
This article explores whether the housing supply crisis in Canada might improve in the near future. It discusses recent government actions, like additional funding for apartment construction and speeding up financing approvals for home construction. The article mentions that supply has not improved noticeably across the country despite a cooler market this year.
Housing Outlook: Testing the Foundation
Policymakers are focusing on increasing housing supply, but industry has already been building at a record pace. The article suggests new housing starts might fall in 2023 due to market conditions. It also provides an analysis of housing prices, predicting a 20%-to-25% fall in the benchmark Canadian home price this cycle, with local conditions varying greatly.
