Canada Risks Creating 'A Permanent Generation Of Middle-Class Renters': Industry Group

To no one's surprise, Canada's mortgage industry really, really doesn't like federal regulators' new mortgage stress tests. Its principal industry association, Mortgage Professionals Canada, released a report this week on the impact of the tests that is almost apocalyptic in tone.

It blames the stress tests for this year's housing market slowdown, estimating that the reduced real estate activity will mean Canada will create 200,000 fewer jobs over the next three years than it otherwise would have.

About 18 per cent of prospective homebuyers in Canada would fail the stress test on their desired home, the report found, meaning they would have to buy a less expensive home or save up for a larger down payment. On average, these buyers will now be short nearly $29,000 for their purchase, economist Will Dunning estimated in the report.

(He was much more forward in a report last month for his own economic research firm, in which he called the mortgage stress tests "truly stupid" and "unnecessarily and ridiculously dangerous to the economy.")

In the view of many in the industry, the stress tests — which require borrowers to qualify at a rate that's some two percentage points higher than what's being offered on five-year fixed mortgages — are excessive. Mortgage Professionals Canada is suggesting Canada's banking regulator reduce the test to 0.75 percentage points above offered rates.

But the group's report goes further than that. It suggests that the tougher new federal regulations risk creating "a permanent generation of middle-class renters ... as the ability to own homes and generate long-term equity becomes more and more difficult."

"More and more young people are getting used to the idea that they may never own a home and become permanent renters."Mortgage Professionals Canada

What's more, it sees the growing phenomenon of buyers taking money from "the bank of mom and dad" as a bad sign for the future of home ownership.

"This means that there will be 'rationing' in the housing market," Mortgage Professionals said in a press release. "The ability to purchase will be increasingly determined by the buyers' opportunities to get help from parents. The actual circumstances of prospective buyers ... will become less important than the circumstances of their parents."

The report may have a point there. But the mortgage industry is pointing the finger of blame at the wrong target. It's years of eroding affordability, not mortgage stress tests, that created this problem. Long before the stress tests came along, some experts were warning of exactly this.

"Parents will only be able to help if they themselves are wealthy homeowners, so you could have a landed wealth-owning class perpetuating through the generations," author Max Rashbrooke told HuffPost Canada in 2016. "At that point being born into the right family matters a lot."

The single biggest contributor to the problem is house prices rising faster than incomes. The Mortgage Professionals report notes that since 2000, house prices in Canada have tripled on average, growing twice as quickly as incomes. To cover the difference, Canadians have taken on increasingly large amounts of debt, which today sit near record levels.

The point of the mortgage stress tests is to ensure that borrowers can afford to carry that debt, even in a high-interest rate environment. They are designed to reduce the risk to lenders and to homeowners. If they also happen to put a halt to runaway house price growth, that might just solve the housing inequality problem the mortgage industry is so worried about.

Provided by: Daniel Tencer and The Huffington Post


For the eighth consecutive quarter Canada’s overall housing market remains highly vulnerable, primarily due to evidence of overvaluation and price acceleration in Toronto, Vancouver, Victoria, and Hamilton, according to Canada Mortgage and Housing Corporation (CMHC).

On a quarterly basis, CMHC issues its Housing Market Assessment (HMA) to provide Canadians with both expert and impartial insight and analysis, based on the best data available in Canada. This report acts as an “early warning system” for the country’s housing markets — an important tool supporting financial and housing market stability.

Results are based on data as of the end of March 2018 and market intelligence as of the end of June 2018. This national report provides the housing market assessment at the national level and summary assessment results for 15 Census Metropolitan Areas (CMAs). For each of these CMAs, CMHC also issues a local report with more information and analysis.

Key market highlights:


The HMA framework detected moderate evidence of overheating, although price growth has been slowing considerably over the last two quarters, and has turned negative in some areas. Declining prices for detached properties in some areas, particularly Vancouver’s Westside and West Vancouver, are due to high inventories that have accumulated due to sustained falling sales volumes.


Evidence of overbuilding remained high in Calgary, but the peak inventory count for apartment units, the largest share of inventory, occurred in December 2017, and has since declined. The absorption rate of condos at completion averaged 83% YTD as of May 2018 compared to 67% in the same period last year, helping to reduce inventory and mitigating the same buildup of inventory experienced in 2017.


Evidence that the growth of house prices was accelerating remained low in Q1 2018. Among housing categories, the MLS® HPI benchmark prices for single-family, townhouse and apartment units all declined in Q1 2018 from Q4 2017, and were down on a year-over-year basis. Compared with the same quarter the previous year, the price decline during the first quarter of 2018 was significantly larger among townhouses where supply was far exceeding demand.


Downward pressure on home prices persisted in Q1 2018, contributing to low evidence of price acceleration in Regina. The MLS® HPI benchmark prices for single-detached and townhouse units were $291,300 and $230,900 respectively in the first quarter of 2018, down 2.6% and 2.2% respectively quarter-over-quarter, while apartment unit price was $178,200, up 1.3% quarter-over-quarter. However, prices in all three categories of dwelling types were down on a year-over-year basis.


Evidence of overvaluation has changed from low to moderate, as the combination of rising house prices and declining incomes have created some imbalances. Real personal disposable income levels have decreased year-over-year for the third consecutive quarter, while mortgage rates have started to increase from historically low levels.


Despite price growth slowing down across the Greater Toronto Area, lower house prices would have to persist longer in order for us to discount any evidence of price acceleration. Therefore, the rating from the previous quarter is maintained due to the persistence rule.


While overvaluation decreased on average, moderate evidence of it remained as house prices were still considerably higher than levels supported by some housing demand fundamentals. Population growth remains a key fundamental driver of housing demand in Hamilton.


The seasonally adjusted sales-to-new listings ratio was close to 69% in Montreal, in the first quarter of 2018, which is barely below the problematic threshold of 70%. This ratio increased for a seventh straight quarter, as Centris® sales rose more rapidly than new listings. As such, the ratio was closer to the threshold for overheating, and this maintained significant pressure on prices.


With 12% growth in year-over-year sales as of the end of May, the sales-to-new listings ratio continues to increase, climbing to 62%. As this remains well below the threshold of 85%, the Halifax market still exhibits low evidence of overheating. The average number of days on market has been on a downward trend throughout 2018 with homes selling more quickly in all Halifax submarkets.


Overall, there is a low degree of vulnerability for the Moncton CMA, as the indicators of overbuilding, price acceleration and overvaluation remained below the thresholds that correspond to problematic conditions. However, monthly house sales in Moncton CMA, buoyed by increased immigration and improved labour market conditions, are setting records while listings remain at historical multi-year lows, and still falling. Resale price growth can be expected if demand continues to outpace supply.

Provided by: CMHC


West Coquitlam bucks trend of plummeting Lower Mainland presales

While region's absorption rate takes a nosedive, new home sales in West Coquitlam and Port Moody stay high

The rate at which presale condos and townhomes are being snapped up has plummeted across Greater Vancouver and the Fraser Valley – but West Coquitlam is bucking that trend, according to a July 18 report by a real estate marketing company.


MLA Advisory, the research arm of marketing firm MLA Canada, said in its mid-year report that the absorption rate of newly released presale units in June 2018 across the Lower Mainland was just 50 per cent, compared with 94 per cent in January this year. The monthly absorption rate is the proportion of units that are both released and sold within that month.

Overall, from January to June inclusive, 74 per cent of the 7,753 presale unit released in the Lower Mainland were sold. However, the pace of sales is slowing, with 79 per cent sales in 2018’s first quarter, and 69 per cent in Q2.


But in West Coquitlam, the presale rate was the highest in the entire Lower Mainland, with a January-June sold rate of 96 per cent, out of nearly 718 new homes released. 

Port Moody also saw high absorption rates at 89 per cent of 133 released homes sold in January to June, which was third-highest in the region after Burnaby North.


MLA said the region's overall more modest pace of sales was good news for homebuyers and the industry.

“The current pre-sale landscape is shifting from its once unsustainable, hyperactive growth to a balanced, more normal market,” said Suzana Goncalves, chief advisory officer and partner at MLA Canada. “This is good news for everyone to ensure more modest and realistic price growth, more choice for consumers and the need for higher quality product from the industry. The economic fundamentals including low interest rates, steady employment landscape, and continued demand to move to our sought-after city will allow for a steady shift into a balanced market.”

Local market divergence

Burnaby was not the only local market to defy the region’s overall trend, however. MLA’s report said that Burnaby South and North Surrey also saw strong presale activity, “proving that demand remains high for transit-oriented communities.”

The City of Vancouver, on the other hand, is seeing presales of 61 per cent in East Vancouver projects, 54 per cent for new condo developments on the West Side, and just 34 per cent downtown, according to MLA research.

MLA's report said, "Vancouver proper is seeing a decline in pre-sale absorption as price levels have reached a significant threshold. Some potential buyers in Vancouver are seeking more affordable options with a perceived higher [appreciation]."

The lowest absorption rate was seen in Port Coqutilam, at just 19 per cent of units sold between January and June. Richmond’s rate was also low at 39 per cent.

Investors selling assignments

The anticipation of slower sales and potentially lower prices could be encouraging some pre-sale buyers to sell their sales contracts, known as assignments. A look at listing services Craigslist, Kijiji and on July 18 found 587 presale condos being offered from West Vancouver and Squamish to Surrey and Langley by both real estate agents and private owners.

The February 20 increase in the B.C. foreign-home buyer tax from 15 per cent to 20 per cent could also be a factor in slower pre-sales. Since 2016, the share of new condominiums sold to foreign buyers reached 16 per cent across Metro Vancouver and accounts for about one-quarter of buyers in Richmond and Coquitlam, according to Canada Mortgage and Housing Corp.

Looking to the second half of 2018, MLA is expecting to see 67 project launches with more than 7,700 new homes – around the same amount as in the first six months of the year.

North Vancouver is forecast to be the most active market in the Lower Mainland in the second half, with nearly 1,500 new presale homes expected to be released.

Provided by: Joannah Connolly/ Glacier Media Real Estate for TRi-City News

Photo: Dan Toulgoet


Just Sold: 321 9339 University Cr., Simon Fraser University

Imagine living at SFU walking distance to everything you need. This 705', 1 Bedroom plus Den condo at Harmony by Polygon, is a beautiful, quiet Low-Rise Rain-screened condominium development featuring a central court yard with fountain, surrounded by lush forested walking, hiking & mountain bike trails. Den could be converted into a second bedroom. Gym, meeting facility, Bike Storage, & guest parking. Residents appreciate the many benefits of living at University including access to the University, shopping, cafes, and schools for the little ones. Mountain living close to everything. Includes parking stall located right by the gate. Easy to show!

Click here for more details....

Listing Offered by: ReMax Real Estate Services 


Canadian home sales activity improves in June

Statistics released today by The Canadian Real Estate Association (CREA) show national home sales were up from May to June 2018.


  • National home sales rose 4.1% from May to June.
  • Actual (not seasonally adjusted) activity was down 10.7% from June 2017.
  • The number of newly listed homes eased 1.8% from May to June.
  • The MLS® Home Price Index (HPI) in June was up 0.9% year-over-year (y-o-y).
  • The national average sale price edged down 1.3% y-o-y in June.

National home sales via Canadian MLS® Systems rose 4.1% in June 2018 compared to May. While this marks the first substantive month-over-month increase this year, sales remain well down from monthly levels recorded over the past five years. 

More than 60% of all local housing markets reported increased sales activity in June compared to May, led by the Greater Toronto Area (GTA). By contrast, sales in British Columbia continue to moderate.

Actual (not seasonally adjusted) activity was down almost 11% compared to June 2017. Sales marked a five-year low and stood almost 7% below the 10-year average for the month of June. Activity came in below year-ago levels in about two-thirds of all local markets, led overwhelmingly by those in the Lower Mainland of British Columbia.

“This year’s new stress-test on mortgage applicants has been weighing on homes sales activity; however, the increase in June suggests its impact may be starting to lift,” said CREA President Barb Sukkau. “The extent to which the stress-test continues to sideline home buyers varies by housing market and price range. 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,” said Sukkau.

“The national increase in June home sales suggests activity may indeed be starting to turn the corner,” said, Gregory Klump, CREA’s Chief Economist. “Even so, the number of homes trading hands has a long way to go before it returns to levels posted in recent years. Looking ahead, home sales activity and price gains will likely be held in check by higher interest rates.”

The number of newly listed homes retreated 1.8% in June, and also stood below levels for the month in recent years. New listings declined in a number of large urban markets, including those in British Columbia’s Lower Mainland, Calgary, Edmonton, Ottawa and Montreal.

With sales up and new listings down, the national sales-to-new listings ratio tightened to 54.3% in June compared to 51.2% in May. The June reading was within short reach of the long-term average of 53.4%.

Consideration of the degree and duration to which market balance readings are above or below their long-term average is a useful way to gauge whether local housing market conditions favour buyers or sellers. Market balance measures that are within one standard deviation of their 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, about two-thirds of all local markets were in balanced market territory in June 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 5.4 months of inventory on a national basis at the end of June 2018, down from the three-year high of 5.6 months in May. The long-term average for the measure is 5.2 months.

The Aggregate Composite MLS® HPI was up 0.9% y-o-y in June 2018, marking the 14th consecutive month of decelerating gains. It was also the smallest increase since September 2009. 

Decelerating y-o-y home price gains have largely reflected trends at play in Greater Golden Horseshoe (GGH) housing markets tracked by the index. Home prices in the region has begun to stabilize and trend higher on a month-over-month basis in recent months.

Apartment units again posted the largest y-o-y price gains in June (+11.3%), followed by townhouse/row units (+4.9%); however, price gains for these homes have decelerated this year. By contrast, one-storey and two-storey single family home prices were again down from year-ago levels in June (-1.8% and -4.1% respectively).

With home prices having climbed above year-ago levels in 8 of the 15 markets tracked by the index, price trends continue to vary among housing markets.

Home price growth is moderating in the Lower Mainland of British Columbia (Greater Vancouver Area: +9.5% y-o-y; Fraser Valley: +18.4%), Victoria (+10.6%) and elsewhere on Vancouver Island (+16.5%).

Within the GGH region, price gains have slowed considerably on a y-o-y basis but remain above year-ago levels in Guelph (+3.5%). By contrast, home prices in the GTA, Oakville-Milton and Barrie were down from where they stood one year earlier (GTA: -4.8%; Oakville-Milton: -2.9%; Barrie and District: -6.5%). The declines reflect rapid price growth recorded one year ago and masks recent month-over-month price gains in these markets.

Calgary and Edmonton benchmark home prices were down slightly on a y-o-y basis (Calgary: -1%; Edmonton: -1.5%), while prices declines in Regina and Saskatoon were comparatively larger (-6.1% and -2.9%, respectively).

Benchmark home prices rose by 7.9% y-o-y in Ottawa (led by a 9.1% increase in two-storey single family home prices), by 6.4% in Greater Montreal (led by a 7.4% increase in townhouse/row unit prices) and by 6% in Greater Moncton (led by a 6.5% increase in one-storey single family home prices). 

The MLS® Home Price Index (MLS® HPI) provides the best way of gauging price trends because average price trends are 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 June 2018 was just under $496,000, down 1.3% from one year earlier. While this marked the fifth month in a row in which the national average price was down on a y-o-y basis, it was the smallest decline among them.

The national average price is heavily skewed by sales in the Greater Vancouver and GTA, two of Canada’s most active and expensive markets. Excluding these two markets from calculations cuts almost $107,000 from the national average price, trimming it to just over $389,000.

Provided by: CREA


Back On The Market - New Price: 303 1155 The High St., Coquitlam; North Coquitlam

Stunning 2 Level Home

1000+sqft of Outdoor Space

Priced at $948,800

click here for more info...

Luxurious living! Perfect for downsizer or someone looking for a spacious home. Located in concrete built M One of North Coquitlam, close to all amenities, Skytrain, all lvls of schools & much more. Don't miss this one! Quality shows through this 1332sqft/2bed+den/3bath/2lvl/3rd story townhome style condo w/1000+sqft of outdoor living oasis. Main: tons of natural light, gourmet kitchen w/high end apps, island, granite counters, plenty of storage, 2pc pwdr, living, dinning & family rms & 4 entries to patio. Up: master w/large fully organized closet, 3pc bath & balcony. 2nd bed has custom Murphy bed, den w/built shelving, 4pc bath & full-size W/D complete this lvl. Bonus: 2 parking & 5 lockers. Act Now! 

The British Columbia Real Estate Association (BCREA) reports that a total of 7,884 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in June, a 32.5 per cent decrease from the same month last year. The average MLS® residential price in BC was $716,326, down 1.3 per cent from June 2017. Total sales dollar volume was $5.6 billion, a 33 per cent decline from June 2017.

“The impact of the B20 stress test is still being felt across the province,” said Brendon Ogmundson, BCREA Deputy Chief Economist. “Lower demand as the result of higher mortgage rates and stringent mortgage qualification rules are bringing most markets around the province back into balanced conditions.”

Although the supply of active listings in the province is on the rise, inventory remains low by historical standards and markets like Vancouver Island and the Okanagan remain undersupplied.

Year-to-date, BC residential sales dollar volume was down 18 per cent to $32 billion, compared with the same period in 2017. Residential unit sales decreased 20 per cent to 43,863 units, while the average MLS® residential price was up 2.4 per cent to $730,492.

June 2018 Residential Average Price, Active Listings and Sales-to-Active-Listings Data by Board





Average Price

Active Listings


June 2018 Residential Average Price


June 2017 Residential Average Price




June 2018 Residential Active Listings


June 2017 Residential Active Listings



% change

June 2018 Residential Sales to Active

Listings (%)

June 2017 Residential Sales to Active

Listings (%)

BC Northern


















Fraser Valley









Greater Vancouver



























Okanagan Mainline









Powell River









South Okanagan









Northern Lights









Vancouver Island


















Provincial Totals*









*Numbers may not add due to rounding

Click here for more....


Provided by: BCREA


The trend in housing starts was 222,041 units in June 2018, compared to 216,701 units in May 2018, according to Canada Mortgage and Housing Corporation (CMHC). This trend measure is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.

"The national trend in housing starts increased in June, reflecting a jump in the SAAR of multi-unit dwellings in urban centres in June to a historical high," said Bob Dugan, CMHC's chief economist. "Notably, the national inventory of newly completed and unabsorbed multi-unit dwellings has remained below its 10-year historical average so far in 2018, indicating that demand for this type of unit has absorbed increased supply."

Monthly highlights


Housing starts trended lower in June 2018 as fewer multi-family projects got underway during the month. For the first half of 2018, total housing starts matched the level of activity in the same period in 2017. Particularly high home prices and strong demand from a growing population so far in 2018 have incentivized some new supply, maintaining an elevated pace of new home construction in the Vancouver Census Metropolitan Area (CMA).


Metro Victoria housing starts reached mid-year 45% ahead of 2017 levels, driven by substantially higher multi starts. Rental starts were double the rate seen in the first half of 2017 in response to low vacancy rates. Elsewhere, relatively more affordable housing types dominated construction. Condo construction was nearly 60% higher due to the relative affordability of condos over single detached units, which were down 15%. The generally lower average prices in Langford coincided with 44% of all construction in the metro area. Ground-oriented, freehold multi-unit construction was also up 41%, pointing to densification.


June housing starts were down in Calgary year-over-year, but year-to-date (YTD) there has been 8% growth over 2017. Single-detached units were on par with the previous year, while there were roughly half as many rental units initiated. The growth in total housing starts has been driven by the condo market. Condo starts grew 36% YTD over 2017.


The trend measure of housing starts declined further in June after the pace of both single-detached and multi-family starts slowed from the previous month. Following a strong performance in 2017, total housing starts in the Winnipeg CMA continued to moderate during the first half of 2018, down 32% from a year earlier. The decline was most pronounced in the multiples sector where production through June 2018 declined by 38% from the same period of 2017.

Province of Québec

For the first six months of the year, the relatively strong rate of residential construction in Quebec is attributable to the apartment market segment, including rental and condominium. Favourable economic conditions, decreasing supply in the resale market and population aging have all contributed to increased housing starts.


Housing starts in Kingston trended higher in June as more multi-unit housing starts, including starts of rental apartments, got underway. Builders have started rental projects in four out of the last six months reflecting a very low vacancy rate, which stood at 0.7% in fall 2017, the lowest among 16 Ontario CMAs.


Primarily led by apartment starts, the total number of housing starts in the Toronto CMA trended up to reach a near two year high in June. Driven by condominium apartment starts which recorded a 30 year high for the month. The majority of these apartment starts were spread evenly across the City of Toronto, Mississauga, and Vaughan, highlighting the broad spread of high rise construction in the Toronto CMA.


Apartment starts increased in June, causing overall housing starts to trend up. Apartment starts have reached a very high level in Hamilton due to strong demand from first-time buyers, downsizers, and rental property investors. Faced with fewer options in the resale market at their price point, more first-time buyers and downsizers have purchased new condominium apartments. Rental property investors are looking to take advantage of the extremely low vacancy rates in the region.

St. Catharines

Total housing starts in the St. Catharines CMA trended slightly lower in June. Nevertheless, they were nearly 50% above the ten year average. The mild slowdown was generated by the single-detached sector, while all multi-family housing types saw increases this month. Stronger migration flows from other parts of Ontario continue to fuel demand for new homes in the area.


Total housing starts trended upwards in the Kitchener-Cambridge-Waterloo CMA for the first time in the past five months. While row starts continued trending downwards, marginal increase in single-detached starts was able to pull total starts higher. The slight pickup in full-time employment and tightening resale market conditions during late 2017 supported spillover demand for single-detached units from the resale market to the new construction market.


After a slow start to 2018, multiples construction in Halifax picked up pace in June, the strongest month so far this year. While levels of construction remain strong on the Halifax Peninsula, the majority of new apartments starts this year have been located in the suburban market. Construction on the single-detached market remains elevated, recording a year-to-date growth of 10% compared to the same period last year.

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 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 of housing starts for all areas in Canada was 248,138 units in June, up from 193,902 units in May. The SAAR of urban starts increased by 29.9% in June to 228,844 units. Multiple urban starts increased by 46.4% to 172,845 units in June while single-detached urban starts decreased by 3.5% to 55,999 units.

Rural starts were estimated at a seasonally adjusted annual rate of 19,294 units.

Preliminary Housing Start Data in Centres 10,000 Population and Over
  Single-DetachedAll OthersTotal
June 2017 June 2018 % June 2017 June 2018 % June 2017 June 2018 %
Provinces (10,000+)  
N.-L. 71 82 15 43 10 -77 114 92 -19
P.E.I. 29 31 7 77 42 -45 106 73 -31
N.S. 147 184 25 53 324 ## 200 508 154
N.B. 106 121 14 63 170 170 169 291 72
Atlantic 353 418 18 236 546 131 589 964 64
Qc 740 804 9 2,708 4,061 50 3,448 4,865 41
Ont. 3,115 2,355 -24 4,173 6,871 65 7,288 9,226 27
Man. 259 209 -19 271 282 4 530 491 -7
Sask. 204 134 -34 210 102 -51 414 236 -43
Alta. 1,277 1,032 -19 1,336 1,176 -12 2,613 2,208 -15
Prairies 1,740 1,375 -21 1,817 1,560 -14 3,557 2,935 -17
B.C. 1,004 908 -10 2,274 2,055 -10 3,278 2,963 -10
Canada (10,000+) 6,952 5,860 -16 11,208 15,093 35 18,160 20,953 15
Metropolitan Areas                  
Abbotsford-Mission 34 31 -9 233 16 -93 267 47 -82
Barrie 125 40 -68 86 254 195 211 294 39
Belleville 48 51 6 2 6 200 50 57 14
Brantford 4 58 ## 45 4 -91 49 62 27
Calgary 445 360 -19 945 707 -25 1,390 1,067 -23
Edmonton 570 475 -17 261 387 48 831 862 4
Greater Sudbury 17 26 53 14 11 -21 31 37 19
Guelph 31 29 -6 29 78 169 60 107 78
Halifax 98 110 12 12 281 ## 110 391 255
Hamilton 101 48 -52 105 498 374 206 546 165
Kelowna 77 91 18 134 210 57 211 301 43
Kingston 39 47 21 201 180 -10 240 227 -5
Kitchener-Cambridge-Waterloo 93 94 1 134 203 51 227 297 31
Lethbridge 41 33 -20 17 13 -24 58 46 -21
London 229 130 -43 336 480 43 565 610 8
Moncton 42 37 -12 30 58 93 72 95 32
Montréal 314 328 4 1,121 2,484 122 1,435 2,812 96
Oshawa 160 214 34 438 129 -71 598 343 -43
Ottawa-Gatineau 319 367 15 400 812 103 719 1,179 64
Gatineau 8 25 213 73 204 179 81 229 183
Ottawa 311 342 10 327 608 86 638 950 49
Peterborough 43 54 26 11 5 -55 54 59 9
Québec 107 95 -11 1,118 812 -27 1,225 907 -26
Regina 68 37 -46 117 41 -65 185 78 -58
Saguenay 18 37 106 8 22 175 26 59 127
St. Catharines-Niagara 124 60 -52 84 87 4 208 147 -29
Saint John 20 33 65 0 0 - 20 33 65
St. John's 51 66 29 39 7 -82 90 73 -19
Saskatoon 119 88 -26 79 43 -46 198 131 -34
Sherbrooke 59 51 -14 46 114 148 105 165 57
Thunder Bay 21 22 5 24 8 -67 45 30 -33
Toronto 1,059 600 -43 2,108 4,116 95 3,167 4,716 49
Trois-Rivières 31 25 -19 31 42 35 62 67 8
Vancouver 457 422 -8 1,585 1,045 -34 2,042 1,467 -28
Victoria 85 94 11 194 418 115 279 512 84
Windsor 108 73 -32 50 23 -54 158 96 -39
Winnipeg 231 167 -28 265 239 -10 496 406 -18
Total 5,388 4,493 -17 10,302 13,833 34 15,690 18,326 17

Data for 2017 based on 2016 Census Definitions.
Data for 2018 based on 2016 Census Definitions.
Source: Market Analysis Centre, CMHC

## not calculable/extreme value

Preliminary Housing Start Data — Seasonally Adjusted at Annual Rates (SAAR)
  Single-DetachedAll OthersTotal
May 2018 June 2018 % May 2018 June 2018 % May 2018 June 2018 %
Provinces (10,000+)  
N.L. 374 659 76 138 120 -13 512 779 52
P.E.I. 277 274 -1 216 504 133 493 778 58
N.S. 1,302 1,534 18 2,032 3,917 93 3,334 5,451 63
N.B. 729 802 10 879 1,879 114 1,608 2,681 67
Qc 6,448 6,672 3 27,338 44,299 62 33,786 50,971 51
Ont. 23,145 21,455 -7 29,201 79,361 172 52,346 100,816 93
Man. 2,627 2,318 -12 2,580 3,384 31 5,207 5,702 10
Sask. 1,204 1,252 4 2,676 1,224 -54 3,880 2,476 -36
Alta. 12,627 11,313 -10 21,765 13,594 -38 34,392 24,907 -28
B.C. 9,314 9,720 4 31,270 24,563 -21 40,584 34,283 -16
Canada (10,000+) 58,047 55,999 -4 118,095 172,845 46 176,142 228,844 30
Canada (All Areas) 70,389 69,082 -2 123,514 179,057 45 193,902 248,138 28
Metropolitan Areas                  
Abbotsford-Mission 253 323 28 288 192 -33 541 515 -5
Barrie 458 249 -46 1,692 3,048 80 2,150 3,297 53
Belleville 310 452 46 636 72 -89 946 524 -45
Brantford 442 757 71 720 48 -93 1,162 805 -31
Calgary 4,790 4,079 -15 15,180 8,484 -44 19,970 12,563 -37
Edmonton 5,739 5,093 -11 5,424 4,644 -14 11,163 9,737 -13
Greater Sudbury 41 177 332 96 132 38 137 309 126
Guelph 155 188 21 96 936 ## 251 1,124 348
Halifax 487 897 84 1,644 3,372 105 2,131 4,269 100
Hamilton 478 444 -7 4,284 5,976 39 4,762 6,420 35
Kelowna 844 1,074 27 2,964 2,520 -15 3,808 3,594 -6
Kingston 313 351 12 240 2,160 ## 553 2,511 354
Kitchener-Cambridge-Waterloo 1,021 871 -15 1,044 2,436 133 2,065 3,307 60
Lethbridge 450 389 -14 288 156 -46 738 545 -26
London 1,526 1,033 -32 516 5,760 ## 2,042 6,793 233
Moncton 160 232 45 324 696 115 484 928 92
Montréal 2,815 2,832 1 17,583 29,594 68 20,398 32,426 59
Oshawa 1,583 1,513 -4 696 1,548 122 2,279 3,061 34
Ottawa-Gatineau 2,986 2,913 -2 5,832 9,744 67 8,818 12,657 44
Gatineau 460 275 -40 2,148 2,448 14 2,608 2,723 4
Ottawa 2,526 2,638 4 3,684 7,296 98 6,210 9,934 60
Peterborough 379 362 -4 288 60 -79 667 422 -37
Québec 691 791 14 5,364 9,744 82 6,055 10,535 74
Regina 421 321 -24 828 492 -41 1,249 813 -35
Saguenay 176 247 40 240 264 10 416 511 23
St. Catharines-Niagara 655 631 -4 720 1,044 45 1,375 1,675 22
Saint John 168 206 23 0 0 - 168 206 23
St. John's 249 538 116 108 84 -22 357 622 74
Saskatoon 643 785 22 1,728 516 -70 2,371 1,301 -45
Sherbrooke 256 266 4 1,512 1,368 -10 1,768 1,634 -8
Thunder Bay 59 114 93 0 96 ## 59 210 256
Toronto 8,507 6,274 -26 14,904 49,392 231 23,411 55,666 138
Trois-Rivières 304 165 -46 360 504 40 664 669 1
Vancouver 4,288 4,450 4 22,272 12,540 -44 26,560 16,990 -36
Victoria 1,097 956 -13 2,124 5,016 136 3,221 5,972 85
Windsor 586 531 -9 432 276 -36 1,018 807 -21
Winnipeg 1,994 1,773 -11 2,484 2,868 15 4,478 4,641 4

Provided by: CMHC


Just Listed: 277 Mundy St., Coquitlam, Coquitlam East

Private Elevator

Quality Workmanship & Finishing

Priced at $2,298,800

Open: July 14 & 15 from 2 to 4

Click here for more details....

Wait...Did you say ELEVATOR? Yup, you read that right! Stunning 8bed+/8bath/5915sqft/3lvl home on an 8500sqft lot; perfect for a multi-generational family. Features: 9' ceilings, engineered & tile floors, formal living & dining rms, large gourmet kitchen, spice kitchen, dble height ceilings in great rm, well-sized yard & covered patio w/gas. Convenient main lvl guest rm, 4pc, mud rm, & 1 car garage. Up: Catwalk-style layout open to the great rm: a spacious master, walk-in & 5pc ensuite on one side & 3 well sized rms w/ensuites on the other. Down: huge rec. rm, home theater, wet bar, hot tub, pool table, bedrm & 4pc bath. Bonus: large 2 car detached garage & 2 bed legal suite w/separate parking. Act Now! OPEN July 14 & 15 from 2-4 pm.


Just Sold: 306 4160 Albert St., Burnaby North, Vancouver Heights

Completely Renovated

Price at $598,000

 Click here for more details....

Absolutely Stunning! Completely renovated. Nothing to do but move right in. You won't be disappointed. Awaits you is a bright south facing 845sqft/1bed/1bath concrete constructed home in popular Carlton Terrace of Vancouver Heights. Fresh, modern & clean. Brand new: wide plank laminate floors, ceramic tiles, kitchen cupboards, quartz counters, SS apps, blinds, all fixtures, door handles & hinges, paint & W/D. Redone bathroom w/vanity, quartz counters, tub-surround & new aqua drywall. Enjoy the huge master w/loads of closet space & direct access to a covered 138sqft balcony. Bonus: in-suite storage, 1 parking & locker. Close to: schools, transit, rec & all types of amenities. Act Now!


Home seller supply grows as demand declines

With home sale activity dipping below long-term historical averages, the supply of homes for sale in Metro Vancouver* reached a three-year high in June.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,425 in June 2018, a 37.7 per cent decline from the 3,893 sales recorded in June 2017, and a 14.4 per cent decrease compared to May 2018 when 2,833 homes sold.

Last month’s sales were 28.7 per cent below the 10-year June sales average.

“Buyers are less active today. This is allowing the supply of homes for sale to accumulate to levels we haven’t seen in the last few years,” Phil Moore, REBGV president said. “Rising interest rates, high prices and more restrictive mortgage requirements are among the factors dampening home buyer activity today.”

There were 5,279 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2018. This represents a 7.7 per cent decrease compared to the 5,721 homes listed in June 2017 and a 17.2 per cent decrease compared to May 2018 when 6,375 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,947, a 40.3 per cent increase compared to June 2017 (8,515) and a 5.8 per cent increase compared to May 2018 (11,292). This is the highest this total has been since June 2015.

“With reduced demand, detached homes are entering a buyers’ market and price growth in our townhome and apartment markets is showing signs of decelerating.”

For all property types, the sales-to-active listings ratio for June 2018 is 20.3 per cent. By property type, the ratio is 11.7 per cent for detached homes, 24.9 per cent for townhomes, and 33.4 per cent for condominiums.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,093,600. This represents a 9.5 per cent increase over June 2017 and is virtually unchanged from May 2018.

Sales of detached homes in June 2018 reached 766, a 42 per cent decrease from the 1,320 detached sales recorded in June 2017. The benchmark price for a detached home is $1,598,200. This represents a 0.7 per cent increase from June 2017 and a 0.6 per cent decrease compared to May 2018.

Sales of apartment homes reached 1,240 in June 2018, a 34.9 per cent decrease compared to the 1,905 sales in June 2017. The benchmark price for an apartment is $704,200. This represents a 17.2 per cent increase from June 2017 and a 0.4 per cent increase compared to May 2018.

Attached home sales in June 2018 totalled 419, a 37.3 per cent decrease compared to the 668 sales in June 2017. The benchmark price of an attached home is $859,800. This represents a 15.3 per cent increase from June 2017 and is virtually unchanged from May 2018.

Click here for all the stats...

Provided BY: Real Estate Board of Greater Vancouver - REBGV

Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.