The British Columbia Real Estate Association (BCREA) was pleased to see more details of the proposed speculation tax. Refinement of the areas of the province where the tax applies and the introduction of different rates for different owners indicate a more strategic approach, and provide greater certainty.

We look forward to more answers as the speculation tax takes shape, and more opportunities to minimize its negative impact in all affected areas for all homeowners who pay income tax in Canada. For example, homeowners in the City of Vancouver could potentially be charged twice for leaving their homes vacant: once by the city and once by the province. Communities could face economic problems, due to fewer visitors, less consumer spending and lower housing prices.

Also, development properties are often bought years before they are developed, and the proposed tax would add costs that would be passed on to consumers, regardless of where they pay tax.

Finally, perhaps consideration should be given to offering incentives for homeowners to rent their properties, rather than a tax penalty.

BCREA urges the BC Government to undertake a formal, public consultation on the proposed speculation tax, to ensure the best input and insights are available, and to assure those affected that this measure is being carefully considered from all angles.


Provided by: BCREA - British Columbia Real Estate Association


Bright, spacious & shows well! This 1bed & den, 728sqft top floor home offers an excellent functional open layout with beautiful courtyard & water feature views; a must see. Features: 9' ceilings throughout, large open den, excellent sized kitchen with lots of counter & cupboard space, spacious living room, cozy gas fireplace, well sized master with walk-in closet, 4pc bathroom with soaker & excellent sized covered balcony. Located in Harmony, a pet & rental friendly building & well-appointed exercise facility. Close to: transit, shopping, indoor/outdoor rec. & a host of perks available only to UniverCity residents. Do not miss your chance to enjoy living in this great lifestyle neighborhood! OPEN HOUSE March 24 from 1:00 to 3:00pm.


Fantastic opportunity to live in a Move In ready family home on quiet street in beautiful Anmore. Home has been meticulously maintained with 3 year old roof, windows and 2 bedroom coach house, currently rented for 2350/mo plus nanny suite. Interior has just been repainted, solid hardwood flooring on main, new carpets, 9' ceilings, granite counters & SS appliances. Very nice floorplan, great for entertaining and private rear deck. Large master and spa like ensuite with 3 oversized bedrooms which connect to rear adjoining deck space. Property is a 1 acre corner landscaped lot that has plenty of room for a growing family. Great schools, hiking, biking, lakes and rural living within the city.

Listing offered by: Re/Max All Points Realty


On behalf of my family, I would like to take a moment to extend to you our appreciation for your extraordinary efforts, hard work, and patience for both selling and purchasing a new house. Thanks, in your case, certainly is not enough!

I interviewed many realtors prior to hiring you. You were well prepared and the way you shared your knowledge on the strategies for investing in real estate, I felt you care the most about your clients needs. And now, I am confident more than before to say you are one of the most customer obsessed realtors.

Your frequent communication, promptness, professionalism, attention to details and your knowledge assisted me in understanding of the market. I was so pleased that every phone call to answer my questions or to calm my concerns was returned so quickly! You definitely went above and beyond, and I believe that you are an exemplary and well connected real estate agent with heart.

Although, it was a long journey from searching for our dream home to selling our property, it was a rewarding and educational experience for me.

I am so delighted with your superior service and look forward to possible future endeavors.

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Statistics released today by The Canadian Real Estate Association (CREA) show national home sales declined further in February 2018.


  • National home sales declined by 6.5% from January to February.
  • Actual (not seasonally adjusted) activity was down 16.9% year-over-year (y-o-y) in February.
  • The number of newly listed homes recovered by 8.1% from January to February.
  • The MLS® Home Price Index (HPI) in February was up 6.9% y-o-y.
  • The national average sale price declined by 5% y-o-y in February

Home sales via Canadian MLS® Systems were down 6.5% in February. This marks the second consecutive monthly decline following the record set in December 2017 and the lowest reading in nearly five years.

February sales were down from the previous month in almost three-quarters of all local housing markets, with large monthly declines in and around Greater Vancouver (GVA) and Greater Toronto (GTA).



Actual (not seasonally adjusted) activity was down 16.9% year-over-year (y-o-y) and hit a five-year low for the month of February. Sales also stood 7% below the 10-year average for the month of February. Sales activity came in below year-ago levels in 80% of all local markets in February, including those nearby and within Ontario’s Greater Golden Horseshoe (GGH) region.

“Sales activity is down in many, but not all, housing markets compared to the end of last year, and varies depending on price range, location and property type,” said CREA President Andrew Peck. “All real estate is local,” he added. “A professional REALTOR® is your best source for information and guidance in negotiations to purchase or sell a home during these changing times,” said Peck.

“The drop off in sales activity following the record-breaking peak late last year confirms that many homebuyers moved purchase decisions forward late last year before tighter mortgage rules took effect in January,” said Gregory Klump, CREA’s Chief Economist. “Momentum for home sales activity going into the second quarter is also likely to weighed down by housing market uncertainty in British Columbia, where new housing polices were introduced toward the end of February.”

The number of newly listed homes recovered by 8.1% in February following a plunge of more than 20% in January. Despite the monthly increase in February, new listings nationally were still lower than monthly levels recorded in every month last year except January, and came in 6.4% below the 10-year monthly average and 14.6% below the peak reached in December 2017.

New supply was up in about three-quarters of local markets. The monthly increase was led by B.C.’s Lower Mainland, the GTA, Ottawa and Montreal; despite the monthly rise in new supply, these markets remain balanced or continue to favour sellers.

With sales down and new listings up in February, the national sales-to-new listings ratio eased to 55% compared to 63.7% in January. This returned the ratio close to where it was during the second half of last year.

A national sales-to-new listings ratio of between 40% and 60% is generally consistent with a balanced national housing market, with readings below and above this range indicating buyers’ and sellers’ markets respectively. That said, the balanced range can vary among local markets.

For that reason, considering the degree and duration that market balance is above or below its long-term average is a better way of gauging whether local housing market conditions favour buyers or sellers. Market balance measures that are within one standard deviation of the long-term average are generally consistent with balanced market conditions.

Based on a comparison of the sales-to-new listings ratio with its long-term average, almost three-quarters of all local markets were in balanced market territory in February 2018.

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


There were 5.3 months of inventory on a national basis at the end of February 2018 – the highest level in two-and-a-half years and in line with the long-term average of 5.2 months.

The Aggregate Composite MLS® HPI rose by 6.9% y-o-y in February 2018. This was the 10th consecutive deceleration in y-o-y gains, continuing a trend that began last spring. It was also the smallest y-o-y increase since October 2015.

Slowing y-o-y home price growth largely reflects trends for GGH housing markets tracked by the index. Prices in the region have stabilized or begun to show tentative signs of moving higher in recent months; however, year-over-year comparisons are likely to continue to deteriorate further due to rapid price gains posted one year ago.

Apartment units again posted the largest y-o-y price gains in February (+20.1%), followed by townhouse/row units (+11.8%), one-storey single family homes (+3.5%), and two-storey single family homes (+1%).

Benchmark home prices in February were up from year-ago levels in 10 of the 13 markets tracked by the MLS® HPI.

Composite benchmark home prices in the Lower Mainland of British Columbia continue to trend higher after having dipped briefly during the second half of 2016 (GVA: +16.9% y-o-y; Fraser Valley: +24.1% y-o-y). Apartment units have been largely driving this regional trend in recent months.

Benchmark home prices continued to rise by about 14% on a y-o-y basis in Victoria and by about 20% elsewhere on Vancouver Island.

Price gains have slowed considerably on a y-o-y basis but remain above year-ago levels in the GTA (+3.2%) and Guelph (+9.3%). While home prices in Oakville-Milton are down slightly from one year ago (-1.9%), the monthly price trends in these markets have begun to show signs of stabilizing or tentative upward movement in recent months.

Calgary benchmark home prices were flat (+0.1%) on a y-o-y basis, while prices in Regina and Saskatoon were down from last February (-4.8% y-o-y and -3.8% y-o-y, respectively).

Benchmark home prices rose by 7.7% y-o-y in Ottawa (led by an 8.9% increase in two-storey single family home prices), by 6.1% in Greater Montreal (led by a 8.8% increase in townhouse/row unit prices) and by 5% in Greater Moncton (led by an 6.4% increase in one-storey single family home prices). (Table 1)

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 February 2018 was just over $494,000, down 5% from one year earlier. The decline demonstrates the impact of GTA sales activity on the national average price.

The national average price is heavily skewed by sales in the GVA and GTA, two of Canada’s most active and expensive markets. Excluding these two markets from calculations trims more than $112,000 from the national average price, reducing it to just under $382,000.


Provided by: Canadian Real Estate Association - CREA

Further information can be found at


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Perfect family home in desirable Hockaday area of Coquitlam. Well maintained, huge 3 car-garage, level lot, 1 bed suite and more. Shows well. This 6bed/3bath/2lvl/2691sqft home sits on a level 6000sqft fenced lot backing onto a lush forest backdrop. The bright main level features expansive windows, laminate floors, spacious living & dining rooms, large kitchen w/SS apps & eating area & BBQ sized deck. The large master w/walkin & ensuite, 3 well sized rooms & 4pc bath complete this level. Above-ground lower level:1 bed for main living, laundry area, garage access & bright, 1 bed suite w/separate ent.  Bonus: freshly painted throughout main home, newer blinds, 5yr young roof & 1yr young fence. Act Now! 


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Desirable Family Neighborhood

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Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 8.6 per cent to 94,855 units this year, after recording 103,763 residential sales in 2017. MLS® residential sales are forecast to edge back a further 1 per cent to 94,025 units in 2019. Housing demand is expected to remain above the 10-year average of 84,800 units into 2020. Strong economic performance and favourable demographics in BC are underpinning housing demand. However, more stringent mortgage qualification rules, rising interest rates and already elevated home prices are expected to provide headwinds to consumer demand.


The BC economy has experienced four consecutive years of 3 per cent or more real GDP growth, with 2017 growth estimated at 3.8 per cent. The dollar volume of BC exports increased 13 per cent to $43.8 billion last year, despite a tariff-induced pull-back in softwood lumber exports. Employment climbed 3.7 per cent, nearly twice the national average of 1.9 per cent. More than 87,000 jobs were added to the economy last year, while the unemployment rate fell to its lowest level since 2008. Retail sales climbed nearly 10 per cent over the same period.


Strong economic performance has coincided with favourable demographics, especially the millennial generation entering their household forming life-stage. This has contributed to BC home sales cresting 100,000 units in each of the last three years and low vacancy rates in the province’s major urban centres. However, low unemployment and tepid labour force growth is expected to slow economic expansion over the next two years. Housing headwinds of tighter mortgage qualification rules, a rising interest rate environment, an already elevated price level, and BC government policy efforts to tamp down demand will also contribute to slower consumer demand through 2019.


The supply of homes for sale continues to trend near decade lows, which has contributed to escalating home prices in most BC regions. However, residential construction activity is at a record level. Over 60,000 units are under construction in the province compared to less than 45,000 during the previous peak in 2008. In Metro Vancouver, over 42,000 units are in the pipeline, 56 per cent above 2008 levels. As a result, new home completions are expected to rise significantly over the next several quarters, adding much needed supply to the market. The net effect of slower housing demand and a marked expansion of the housing stock will be more balanced market conditions and less upward pressure on home prices.


Provided By: BCREA

The Housing Forecast is published quarterly by the BCREA. Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.”


In line with financial market expectations, the Bank of Canada announced on March 7, 2018 it was keeping its trend-setting overnight lending rate unchanged at 1.25%.


Here are the four main reasons why the Bank held interest rates steady:

  1. Fourth quarter Canadian economic growth came in weaker than expected.
    • That means inflationary pressures are lower than it expected when it updated its economic forecast in January
  2. Wage growth is lower than it would normally be for an economy with no labour market slack.
    • The Bank likely wants to see stronger wage growth before it raises interest rates to prevent an upward wage-price spiral.
  3. The Bank wants more time to gauge the impact on housing markets from recent federal and provincial policy measures.Increasing uncertainty among Canadian businesses stemming from U.S. tariffs and the renegotiation of NAFTA. That uncertainty means businesses may decide to put off making investments in their business, which could weaken the outlook for Canadian economic growth and inflation.
    • Housing is an important part of the Canadian economy.
    • If housing activity softens by more than the Bank expects, that could mean weaker Canadian economic growth than the Bank has forecast.
    • Weaker economic growth could mean lower than expected inflationary pressures and less need for the Bank to raise interest rates.

Bottom line:

The Bank has repeatedly said it will continue to raise interest rates; however, it wants to see a number of economic developments that point to higher inflation before it raises interest rates further.


As of March 7, 2018, the benchmark five-year lending rate stood at 5.14%, unchanged from the time of the Bank’s January 17, 2018 announcement but up a half-point from a year earlier. As of January 1, 2018, all mortgage applicants must qualify for financing based on no less than the benchmark five-year lending rate.


Canada’s major chartered banks raised their advertised five-year fixed mortgage interest rates in January to between 3.54% and 5.14%. These rates have not changed since then, but actual five-year fixed mortgage interest rates may be negotiated below lenders’ advertised rates depending on mortgageapplicants’ creditworthiness and the degree to which they do other banking business with the mortgage lender.


The next interest rate announcement will be on April 18, 2018. It will be accompanied by The Monetary Policy Report, which updates the Bank’s economic forecast.


Provided by: The Canadian Real Estate Association



  •  The path of Canadian inflation will determine mortgage rates over the next year
  •  Canadian economy slowed in the second half of 2017
  •  Bank of Canada to weigh impact of higher rates and mortgage rules before acting 

Mortgage Rate Outlook Canadian mortgage rates have continued 2017’s upward trend. The five-year qualifying rate for insured mortgages bumped up 15 basis points to 5.14 per cent while discounted rates offered by lenders increased similarly to 3.39 per cent. The increases were driven by the earlier than expected rate increase by the Bank of Canada in January. The Bank has now raised interest rates three times since last summer, with its key policy rate sitting at 1.25 per cent.


The Bank’s next move, and the impact on mortgage rates, hinges on how Canadian inflation evolves over the next two years. Our baseline forecast, which lines up similarly with the Bank of Canada’s, assumes the Canadian economy will return to its full employment level this year. That would mean inflation returning to the Bank’s 2 per cent target with the overnight target rate gradually rising to its neutral level of around 3 per cent over the next two years. However, it is important to also examine mortgage rates under alternative scenarios for inflation and the economy. One scenario could see core inflation overshooting the Bank’s target as economic growth escalates above trend, putting extra pressure on wages and prices. In that scenario, the Bank would likely tighten rates much more aggressively. If inflation approaches the upper-end of the Bank’s 1 to 3 per cent range, we would expect discounted mortgage rates to rise to about 4 per cent by the end of this year and to 4.5 per cent by 2019. 


Alternatively, it is possible inflation will undershoot the Bank’s target, as it has for the past several years, which would mean less urgency for tighter monetary policy. However, even with inflation undershooting the Bank’s target and falling to near the bottom of the Bank’s range, it is likely long-term interest rates will still rise due to other factors, including tightening by the US Federal Reserve and a general upward bias in rates as they normalize closer to their long-term average. If inflation undershoots the Bank’s 2 per cent target, we expect that 5-year mortgage rates will be only 15 basis points higher by the end of 2018.


Under our baseline scenario for the economy, we expect that the 5-year qualifying rate will reach 5.5 per cent by the end of this year and rise to 5.7 per cent in 2019. Likewise, the average discounted rate for 5-year fixed mortgages is forecast to rise to 3.65 per cent this year and 4 per cent in 2019. However, with the recent Canadian economic slowdown, the risk is tilted slightly toward a slight undershooting of the Bank’s 2 per cent inflation target, translating into a more modest rise in mortgage rates.

Mortgage Rate Forecast






















5-Year Qualifying Rate

















Average 5-Year Mortgage Rate

















Source: Bank of Canada; BCREA Economics; Rate Spy

Note: Average 5-year discounted rate is the average rate available in the market, offered at a discount from the posted 5-year qualifying rate.

Economic Outlook 

The Canadian economy closed 2017 on a somewhat disappointing note, growing just 1.7 per cent in the fourth quarter. The consensus forecast of economists was for more than 2 per cent growth. The slowdown was primarily due to slower household spending, which posted its lowest growth rate in almost two years. However, the over 4 per cent growth in the first half of 2017 means that, even with the second half slowdown, Canadian real GDP grew at 3 per cent for the year, marking the strongest annual growth since 2011.

We do not expect 2017’s stellar economic performance to be repeated in 2018. The Canadian housing sector and household spending will likely slow under the weight of higher mortgage rates and mortgage tightening measures implemented in January. Moreover, ongoing NAFTA negotiations will come to a head this year, with a distinct possibility of the agreement collapsing under the weight of unreasonable demands from our American counterparts. Indeed, recent ad-hoc policymaking on trade tariffs present a significant risk to Canadian steel and aluminum exports and further damage could be done by an escalating trade war. For those reasons, we anticipate Canadian economic growth to be around 2 per cent in 2018.


Interest Rate Outlook 

The Canadian economy is at or very close to full-employment, meaning there is little room for Canadian firms to expand output without putting undue pressure on inflation. There are signs core inflation is already firming up. Two of the Bank’s three core inflation measures are closing in on the Bank’s 2 per cent target and all three measures have increased significantly in the past six months. Absent any unforeseen challenges to the Canadian economy, monetary policy will be biased in the direction of higher interest rates. 


We are forecasting the Bank of Canada will follow up its January rate increase with at least one more rate increase in 2018. However, it will likely hold off until later in the year so policymakers can properly assess the impact not only of its own tightening over the past year, but also the impact of newly implemented B-20 guidelines on mortgage qualification rules and the heightened risk to Canadian exports from US trade policy.


Provided by: BCREA

Mortgage Rate Forecast is published quarterly by the British Columbia Real Estate Association. Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information. 


Amazing Location

Huge 1 bed & 1 bath Home

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Open: Mar 11 from 2 to 4


Looking for a spacious unit? Downsizing or just not finding a home large enough for your needs? Then look no further. This is not your cookie cutter condo! This bright south facing massive 807sqft, 1 bed, 1 bath home will not disappoint. Enjoy a huge 130sqft fully covered balcony, offering just enough shade. The Master fits king size furniture and has access to the balcony as well. Benefit from tons of in-storage, a large laundry room, 1 parking & 1 locker. Located in popular Carlton Terrace, this amazing location has it all: schools, shopping, transit, recreation & all sorts of amenities. Act Now! OPEN HOUSE Sun March 11 from 2 to 4.

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