BC Housing and Mortgage Insights Newsletter - January 25, 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

Canada’s Housing Market Ended 2023 on a Stronger Note - RBC Thought Leadership

In British Columbia, the housing market saw a year-end spike in resale transactions, with increases in the Fraser Valley, Victoria, Chilliwack, and Vancouver. However, despite the rise in transactions, home prices continued to trend lower, especially in B.C. The overall Canadian market remains below pre-pandemic levels except in Newfoundland and Labrador.

Despite Easing Rates, Bank CEOs Say Clients Face $400-$500 Monthly Mortgage Payment Hikes at Renewal - Canadian Mortgage Trends

Canadian mortgage holders face substantial monthly payment increases upon renewal, even with a slight decline in fixed mortgage rates. Average increases are estimated to be around $400 to $500 per month in 2024. However, CEOs of major Canadian banks report that customers are adapting well, helped by a 20% rise in average incomes since 2019.

Housing Market Could Bounce Back This Year, Say Observers - Canadian Mortgage Professional

Market observers anticipate a recovery in the Canadian housing market in 2024, following the Bank of Canada’s halt in rate hikes. This is expected to make homeownership more attractive for many Canadians. However, the first half of 2024 is predicted to be challenging, with improvement likely in the latter half of the year.

Helping Build More Homes, Faster in Surrey - CMHC

This article discusses initiatives in Surrey, British Columbia, aimed at accelerating the construction of more homes to address housing shortages and affordability issues. Specific details of the initiatives or strategies were not provided in the article excerpt.

https://globalnews.ca/news/10226093/crea-december-2023-home-sales-prices/

The Canadian housing market experienced an unexpected surge in December, with an 8.7% increase in home sales from November. This end-of-year rise was largely unexpected and experts are divided on whether this trend will continue. The increase in sales was seen across several major markets in Canada.