Welcome to the Garden! Beautiful 2nd floor unit, with bright exposure and a lovely view of the private landscaped courtyard complete with a children's playground. One of the largest units in the complex, and totally renovated in 2016! NEW painting, laminate flooring in whole area, kitchen, newer appliances, clothes washer/dryer and drapes. Great 2 bedroom layout with full bath. Facing quiet interior street, but close to shopping, recreation, transportation & Schools. Nice open floor plan, 2nd bedroom has access to main bath, ensuite bath and kitchen with outside window. 2 underground parking (#28, #29) and 1 big locker #29. Bonus, your going to love the massive deck included with this. Call for a personal tour.

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Open Sky views, bright, spacious & extremely clean! This 3bed/2bath/1168sqft luxury concrete home, located in OneUniversity offers an excellent layout, fresh paint & shows well. You won't be disappointed. Features: East/West exposure from two large covered balconies, 9’ ceilings, open kitchen w/SS apps, bar fridge, quartz counters & breakfast bar & a cozy fireplace. The large master has his/her walk-through closet, 5pc ensuite w/soaker & separate shower. The 2nd & 3rd rooms are well sized with plenty of closet space. Bonus: 1 parking, 1 locker & well-appointed complex amenities w/gym. Close to: transit, shopping, indoor/outdoor rec. & a host of perks available only to UniverCity residents. Act Now! OPEN HOUSE Feb 4 from 1 to 3.

Search “Canadian Housing Market Bubble” on the internet. Just do it.

Despite warnings from banks worldwide and within Canada, reports from economic think tanks, a slew of data, and unbiased analysis, I still come across articles written largely by Canadian institutions or investors with a vested interest in not only maintaining but growing the Canadian housing bubble. Whether it is a real estate association or a group of investors with long positions in risky real estate stocks, some people just don’t want to see what is right in front of them. What’s worse, these same people are creating a bubble that will be even more catastrophic when the time comes for the market to correct.

Canadians are conservative; many think a crash could never happen because finance and economics are just better in Canada. The Canadian housing market is fundamentally different than the U.S. market. Because the Canadian market is smaller and “more regionalized” than the U.S. market and driven by “local factors" more so than in the United States, a housing crash is out of the question. There may be a small correction, but never a complete crash.

Many Canadians I’ve spoken to love to point the finger at their U.S. counterparts, noting that it was largely hubris that drove the financial crisis of 2007/08. Everyone in the U.S. believed the housing market would continue to go up forever. Real estate agents and lenders were incentivized to provide financing to people who shouldn’t have received it. Lending was less strict, and the party got out of control.

Canada is most certainly not exactly the same as the U.S., but if you were to pick two countries in the world that were the most similar, it would be hard to find two markets that resembled each other more on a fundamental level.

The reality is, right now, the household debt levels of Canadians are much worse than those in the U.S. before the housing crash. High levels of foreign investment in Canada’s real estate market mean that a significant percentage of loans made with Canadian banks could be reneged on should the foreign investors stand to lose more than their down payments, making the potential for a “cascading waterfall” of foreclosures similar to what happened in the U.S. much more likely.

If you are someone who considers the likelihood of a Canadian housing market crash more than an impossibility, it might make sense to take a look at a few of the companies that could be hit first or hit hardest. Take a look at my recent article on Home Capital Group Inc. (TSX:HCG) for an example of one play that could at least provide portfolio insurance should things turn sour.

My advice: stay wary of those who say that an economic event that occurs every few decades is an impossibility. The market will correct itself, and when it does, make sure you’re insured.

Stay Foolish, my friends.

Fool contributor Chris MacDonald has no position in any stocks mentioned. 

I think your search just might be over!! This lovely, bright end unit has a lot going for it! Plenty of sq.footage...all on just 2 floors. With its large kitchen and eating area that overlook the nicely landscaped private back yard you might just find yourself out here all summer long. Professionally painted throughout /new floors on the main, new lighting with some nice updates to bathrooms. 2 good size bedrooms up both with walk-in closets with an additional Flex room that could easily become a 3rd bedroom. Extra long garage with storage, Guest parking is abundant. Just a short walk to all the amenities that Pitt Meadows has to offer.The final stage of window replacement for this complex will be done this summer.This one's a keeper!

Welcome to Shoreline Villa - Port Moody's centre for executive living, featuring suites over 1000 square feet, starting in the low $400,000 range! This is the first time the large and spacious homes in this fully rainscreened and recently upgraded building have been offered for sale. Whether you're looking for an oversize patio area, outdoor space, or just an incredible location, there's a home for you here at Shoreline Villa.

Canada Mortgage and Housing Corporation (CMHC) is reporting strong overall evidence of problematic housing market conditions nationally for the second consecutive quarter due to overvaluation and price acceleration in Canada’s housing markets. This assessment largely accounts for market conditions in Vancouver and Toronto where strong price growth has been spreading to neighbouring centres such as Hamilton and Victoria.

Canada saw house prices grow by 7 per cent year-over-year at the end of the third quarter of 2016 after adjusting for inflation. However, removing Ontario from the calculation would have seen house prices remain flat through to the third quarter.

This analysis is the result of insight from CMHC’s quarterly Housing Market Assessment (HMA). The HMA serves as an early warning system, alerting Canadians to areas of concern developing in our housing markets so that they may take action in a way that promotes market stability.

Report Highlights

• Overvaluation and overbuilding remain the most prevalent problematic conditions observed across the 15 centres covered by the HMA.
• Overvaluation and overbuilding are detected in 8 centres.
• Evidence of problematic conditions has increased in Victoria since the previous assessment due to moderate evidence of price acceleration and overvaluation.
• Evidence of problematic conditions has decreased in Calgary since the previous assessment as some housing markets in oil-dependent centres are now rebalancing.
• Strong evidence of problematic conditions continue to be detected in Vancouver, Toronto, Regina, Saskatoon and Hamilton.
• Evidence of problematic conditions in Ottawa and Atlantic Canada remains weak.

CMHC defines evidence of problematic conditions as imbalances in the housing market. Imbalances occur when overbuilding, overvaluation, overheating and price acceleration, or combinations thereof depart significantly from historical averages. For examples, please consult the Overview section of the national report.

The complete HMA, including national, regional and CMA insight and analysis, is available on our website. To access future CMHC market analysis reports, subscribe to Housing Observer Online.

As Canada’s authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.

The Bank of Canada announced on January 18^th, 2017 that it was keeping its trend-setting target overnight lending rate at 0.5 per cent.

The announcement was accompanied by the Bank’s Monetary Policy Report (MPR), which indicated that the Canadian economy and job market remains slack. Both the Bank’s policy interest rate announcement and MPR keyed in on headwinds and uncertainties facing the Canadian economy. Moreover, it expects Canadian housing activity to weaken in the face of “previously announced changes to housing finance rules and by mortgage rates that have risen in response to higher bond yields.”

Government spending was singled out as one of few strengthening sources of economic support. However, Bank’s views on balance suggest that Canadian economic growth will remain lacklustre over the next couple of years.

In its economic forecast, the Bank stressed that its projections “needs to be viewed in the context of elevated policy uncertainty at the global level,” and stated that global uncertainty was undiminished, “particularly with respect to policies in the United States.” Should U.S. trade policy become more restrictive under a Trump administration, the Bank may lower its economic projections.

The announcement and its forecast both strongly suggest that the Bank is in no hurry to raise its trend-setting overnight lending rate. That said, higher bond yields in Canada and recent regulatory increases in capital requirements for lenders means Canadian homebuyers will likely be facing higher mortgage rates in 2017.

As of January 18^th, 2017, the advertised five-year lending rate stood at 4.64 per cent, unchanged from both the previous Bank rate announcement on December 7^th and one year ago.

The next interest rate announcement will be on March 1^st, 2017. The next release of the Monetary Policy Report, which will update the Bank economic forecast, will be on April 12^th, 2017.

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent.

Uncertainty about the global outlook is undiminished, particularly with respect to policies in the United States. The Bank has made initial assumptions about prospective tax policies only, resulting in a modest upward revision to its US growth outlook. Overall, the global economy is strengthening largely as expected and prices of some commodities, including oil, have risen. The rapid back-up in global bond yields, partly reflecting market anticipation of US fiscal expansion, has pulled up Canadian yields relative to the October Monetary Policy Report (MPR).

In contrast to the United States, Canada’s economy continues to operate with material excess capacity. While employment growth has remained firm, indicators still point to significant slack in the labour market. The resource sector’s adjustment to past commodity price declines appears to be largely complete, but negative wealth and income effects will persist. Meanwhile, the Canadian dollar has strengthened along with the US dollar against other currencies, exacerbating ongoing competitiveness challenges and muting the outlook for exports.

Consumption is expected to remain solid, while residential investment will be tempered by previously announced changes to housing finance rules and by mortgage rates that have risen in response to higher bond yields. Federal and provincial fiscal measures are still expected to support growth in 2017.

Bearing in mind the important assumptions embedded in its forecast, the Bank projects that Canada’s real GDP will grow by 2.1 per cent in both 2017 and 2018. This implies a return to full capacity around mid-2018, in line with October’s projection.

Inflation in Canada has been lower than anticipated since October, mainly because of declines in food prices. Measures of core inflation are below 2 per cent, reflecting material excess capacity in the economy. As consumer energy prices rise and the impact of lower food prices dissipates, inflation is expected to move close to the 2 per cent target in the months ahead and remain there throughout the projection horizon while excess capacity is being absorbed.

In the context of a projection that is largely unchanged, the Bank’s Governing Council judges that the current stance of monetary policy is still appropriate and maintains the target for the overnight rate at 1/2 per cent. Governing Council will continue to assess the impact of ongoing developments, mindful of the significant uncertainties weighing on the outlook.

Information note:
The next scheduled date for announcing the overnight rate target is 1 March 2017. The next full update of the Bank’s outlook for the economy and inflation, including risks to the projection, will be published in the MPR on 12 April 2017.

CMHC is increasing its homeowner mortgage loan insurance premiums effective March 17, 2017. For the average CMHC-insured homebuyer, the higher premium will result in an increase of approximately $5 to their monthly mortgage payment.

“We do not expect the higher premiums to have a significant impact on the ability of Canadians to buy a home,” said Steven Mennill, Senior Vice-President, Insurance. “Overall, the changes will preserve competition in the mortgage loan insurance industry and contribute to financial stability.”

Capital requirements are an important factor in determining mortgage insurance premiums. The changes reflect OSFI's new capital requirements that came into effect on January 1^st of this year that require mortgage insurers to hold additional capital. Capital holdings create a buffer against potential losses, helping to ensure the long term stability of the financial system.

During the first nine months of 2016:

• The average CMHC-insured loan was approximately $245,000.
• The average down payment was approximately 8%.
• The average gross debt service ratio (GDS) was 25.6%. To qualify for CMHC insurance, a homebuyer’s GDS should not exceed 32% of their total monthly household income.

Based on a 5 year term @ 2.94% and a 25 year amortization

*Premiums in Manitoba, Ontario and Quebec are subject to provincial sales tax — the sales tax cannot be added to the loan amount.

Premiums are calculated based on the loan-to-value ratio of the mortgage being insured. The premium can be paid in a single lump sum but more frequently is added to the mortgage principal and repaid over the life of the mortgage as part of regular mortgage payments. Additional details and scenarios are included in the backgrounder below.

CMHC regularly reviews its premiums and sets them at a level to cover related claims and expenses while also reflecting the regulatory capital requirements.

CMHC is Canada’s most experienced mortgage loan insurer. Our mortgage loan insurance enables Canadians to buy a home with a minimum down payment starting at 5%. As a Crown corporation, CMHC is the only mortgage insurer whose proceeds benefit all Canadians.

As Canada’s authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need and offers objective housing research and information to Canadian governments, consumers and the housing industry.

According to statistics released today by The Canadian Real Estate Association (CREA), national home sales were up on a month-over-month basis in December 2016.

Highlights:

• National home sales rose 2.2% from November to December.
• Actual (not seasonally adjusted) activity in December was down 5.0% from a year earlier.
• The number of newly listed homes dropped 3.0% from November to December.
• The MLS^® Home Price Index (HPI) in December was up 14.2% year-over-year (y-o-y).
• The national average sale price climbed 3.5% y-o-y in December.

The number of homes trading hands via Canadian MLS^® Systems rose 2.2 % month-over-month in December 2016. The rebound recovered less than half of the drop in activity from October to November, when it posted the biggest monthly retreat in more than four years after tightened mortgage regulations came into effect.

Activity was up on a month-over-month basis in about 60% of all local markets, led by Calgary and Edmonton where sales rallied following large declines in November.

Actual (not seasonally adjusted) sales activity was down 5.0% in December from a year ago, when it reached the highest level ever for the month. The number of homes changing hands in 2016 was up by 6.3% annually, reflecting strong sales activity in the first half of the year that has softened since.

“Sales set a new annual record last year,” said CREA President Cliff Iverson. “However, tightened mortgage regulations are expected to contribute to lower sales activity this year, though the extent to which they will weigh on housing markets across Canada will vary. All real estate is local, and REALTORS^® remain your best source for information about sales and listings where you live or might like to in the future.”

“Home sales are unlikely to benefit the Canadian economy as much in 2017 as they did in 2016,” said Gregory Klump, CREA’s Chief Economist. “New regulations mean that in order to qualify for a mortgage, home buyers will either have to save longer for a bigger down payment or purchase a lower priced home. In urban centres where the latter are in short supply, that’s likely to translate into fewer sales.”

The number of newly listed homes fell 3.0% in December 2016 compared to November. New listings were down in about 60% of all local markets, with sizeable declines in B.C.’s Lower Mainland, Calgary and the Greater Toronto Area (GTA).

With sales up and new listings down, the national sales-to-new listings ratio rose to 63.5% in December compared to 60.3% in November.

A sales-to-new listings ratio between 40% and 60% is generally consistent with balanced housing market conditions, with readings below and above this range indicating buyers’ and sellers’ markets respectively.

The ratio was above 60% in more than half of all local housing markets in December, the vast majority of which are located in British Columbia, in and around the GTA and across Southwestern Ontario.

The number of months of inventory is another important measure of the balance between housing supply and demand. It represents how long it would take to completely liquidate current inventories at the current rate of sales activity.

There were 4.6 months of inventory on a national basis at the end of December 2016 – down from 4.8 months in November.

The tight balance between housing supply and demand in Ontario’s Greater Golden Horseshoe region is without precedent (the region includes the GTA, Hamilton-Burlington, Oakville-Milton, Guelph, Kitchener-Waterloo, Cambridge, Brantford, the Niagara Region, Barrie and nearby cottage country). The number of months of inventory in December ranged between one and two months in many of these housing markets, and stood below one month in the Durham Region, Orangeville, Oakville-Milton, Kitchener-Waterloo, Brantford and Cambridge.

The Aggregate Composite MLS^® HPI rose by 14.2% y-o-y in December 2016. The increase has diminished in recent months (14.4% y-o-y in November; 14.6% y-o-y in October) due to softening price trends for single family homes in B.C.’s Lower Mainland.

Price gains remained strongest for two-storey single family homes and townhouse/row units (16.1% y-o-y and 15.4% y-o-y respectively), followed closely by one-storey single family homes (13.3% y-o-y) and apartment units (12.0% y-o-y).

While benchmark home prices were up from year-ago levels in 9 of 11 housing markets tracked by the MLS^® HPI, trends continued to vary widely by location.

In the Fraser Valley and Greater Vancouver, prices continued to recede from their peaks reached in August 2016 but remained above year-ago levels (+27.0% y-o-y and +17.8% y-o-y respectively). Meanwhile, benchmark prices climbed to new heights in Victoria and elsewhere on Vancouver Island, and in the GTA.

By comparison, home prices were down 3.7% y-o-y in Calgary and edged lower by 1.6% y-o-y in Saskatoon, continuing their retreat from peaks reached in 2015.

Home prices were up modestly from year-ago levels in Regina (+5.2%), Ottawa (+4.0%), Greater Montreal (+3.3%) and Greater Moncton (+1.9%). Monthly trends suggest that prices have begun to stabilize in all of these markets except Greater Montreal, where values continue to rise modestly.

The MLS^® Home Price Index (MLS^® HPI) provides the best way of gauging price trends because average price trends are prone to being strongly distorted by changes in the mix of sales activity from one month to the next.

The actual (not seasonally adjusted) national average price for homes sold in December 2016 was $470,661, up 3.5% from where it stood one year earlier. This marks the smallest y-o-y increase in nearly two years.

The national average price continues to be pulled upward by sales activity in Greater Vancouver and the GTA, which remain two of Canada’s tightest, most active and expensive housing markets.

That said, Greater Vancouver’s share of national sales activity has diminished considerably over the last year, giving it less upward influence on the national average price. The average price is reduced by almost $120,000 to $352,513 if Greater Vancouver and GTA sales are excluded from calculations.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 115,000 REALTORS^® working through some 90 real estate Boards and Associations.

The British Columbia Real Estate Association (BCREA) reports that a record 112,209 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in 2016, an increase of 9.5 per cent from the previous year. Total sales dollar volume was a record $77.6 billion, up 18.8 per cent from 2015. The average MLS® residential price in the province climbed 8.6 per cent to $691,144 on an annual basis in 2016.

“Broad-based consumer demand driven by strong economic conditions, employment growth, consumer confidence, and an expanding population base pushed home sales to record levels in many BC regions last year,” said Cameron Muir, BCREA Chief Economist. “However, home sales have fallen back from their lofty peaks early last year.” The seasonally adjusted annual rate of sales activity was approximately 92,000 units in December.

A total of 4,721 residential unit sales were recorded by the MLS® in December, down 28.4 per cent from the same month last year. Total sales dollar volume was $3.1 billion last month, a decline of 33.1 per cent compared to the same month the previous year. The average MLS® residential price in the province was $654,699 in December, a 6.6 per cent decline from December 2015.

BCREA is the professional association for over 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help Realtors provide value for their clients.

The trend measure of housing starts in Canada was 198,053 units in December compared to 200,105 in November, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.

“December saw multi-unit construction slow for the third consecutive month in Canada, leading housing starts to trend down,” said Bob Dugan, CMHC Chief Economist. “However, 2016 still counted more home starts than 2015.

Increased demand for single-detached homes more than offset the decline we’re seeing in multi-unit construction – a decline that’s in response to efforts to manage current inventories.”

CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of the state of Canada’s housing market. In some situations analyzing only SAAR data can be misleading, as they are largely driven by the multi-unit segment of the market which can vary significantly from one month to the next.

The standalone monthly SAAR for all areas in Canada was 207,041 units in December, up from 187,273 units in November. The SAAR of urban starts increased by 11.8 per cent in December to 187,621 units. Multiple urban starts increased by 13.9 per cent to 120,750 units in December and single-detached urban starts increased by 8.1 per cent, to 66,871 units.

In December, the seasonally adjusted annual rate of urban starts increased in Ontario, Quebec and the Prairies, but decreased in British Columbia and in Atlantic Canada.

Rural starts were estimated at a seasonally adjusted annual rate of 19,420 units.

As Canada’s authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.