Market News & Statistics
October 5, 2012
Eugen Klein, REBGV president declares a buyers market...
What is a buyers market?
A buyer's market is when there are many more homes for sale than there are buyers. As a result, prices may drop over time as home owners become eager to sell their property. To measure market activity, the Greater Vancouver Real Estate Board has a unique tool. It's a Sales-to-Listings ratio which measures the balance between demand and supply.
June 26, 2012
In less than two weeks, Ottawa will tighten the rules that regulate mortgage lending in Canada by introducing the following changes:
- Reducing the maximum amortization period to 25 years from 30 years;
- Cutting the maximum amount of equity homeowners can take out of their homes by reducing the refinancing limit to 80 per cent from 85 per cent;
- Limiting the availability of government-backed mortgages to a purchase price of less than $1 million; and
- Fixing the maximum gross debt service ratio at 39 per cent, and the maximum total debt service ratio at 44 per cent.
December 16, 2011
It's been a tumultuous three years for the Lower Mainland residential market and as the holiday season approaches, many home owners, buyers and investors are wondering what the housing market has in store for them next year.
Will 2012 be a good year to buy a home? Should home owners wait another year to sell? Will financing conditions continue favour residential and investment property buyers in next year?
This month, the British Columbia Real Estate Association (BCREA) released its 2012 Housing Forecast. The report analyzes trends from the past year and provides projections for 2012 based on current economic indicators like mortgage rates, immigration, and domestic and foreign investment.
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