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Mortgage Rate Outlook

The once bright outlook for the Canadian economy darkened toward the end of 2018 amidst disruptions in Alberta oil production and a policy-induced slowdown in the Canadian housing market. This slowdown, along with global economic growth concerns, prompted a dramatic revision in market expectations for future Bank of Canada rate tightening. As a result, key benchmarks for bank borrowing costs plummeted, reversing course after a year of steady increases.


While those key benchmarks were falling, Canadian lenders delayed passing on savings to borrowers as the B20 mortgage stress test stifled growth in mortgage credit. However, as we move into the traditionally competitive spring housing market, mortgage rates are heading downward. The average contract rate for 5-year mortgages has declined about 30 basis points from its peak in 2018, reaching 3.44 per cent in March. Unfortunately, this still means a stress test rate of 5.44 per cent, even for the highest quality borrowers.


While contract rates are falling, the posted 5-year qualifying rate for insured mortgages has not budged in 11 months at 5.34 per cent. If 5-year bond yields sustain at their current level, a 5-year qualifying rate under 5 per cent should follow suit.


We are forecasting that lower mortgage rates will prevail for all of 2019 with the average 5-year contract rate falling to 3.30 per cent through the spring and early summer and the 5-year qualifying rate finally moving below 5 per cent for the remainder of the year. While there is an outside chance of a rate cut from the Bank of Canada, our baseline is for the Bank to remain on hold in 2019. Therefore, we are forecasting no change in the prime rate, from which variable rates are discounted.


Economic Outlook

The Canadian economy sputtered to the finish line in 2018, growing just 0.4 per cent in the final quarter of the year and contracting in the final month. This weak hand-off to the first quarter, drag from lower Alberta oil production and the ongoing negative impact of the mortgage stress test, compounded by rising interest rates last year, mean that slow growth will continue into the first half of this year.


We expect the Canadian economy will expand just 1.5 per cent in 2019 as it struggles to rotate from consumption and residential investment led growth to export and business investment led growth. The latter will be a particularly difficult shift as the Alberta energy sector continues to face significant challenges.


Of note, the Canadian yield curve has inverted, with the 10-year rate falling below the yield on a 3-month Treasury bill. This means that the average bond market investor expects an economic slowdown, substantial enough for the Bank of Canada to decrease its policy rate. While not always a reliable indicator of recession, an inverted yield curve does often portetend slower growth ahead. 


Interest Rate Outlook
As 2018 drew to a close, it was widely expected that the Bank of Canada would continue on its rate tightening path this year, with the ultimate goal of returning the overnight rate to its “neutral” level of between 2.5 and 3.5 per cent. While slowing economic conditions have caused those expectations to be dramatically revised, the Bank’s ultimate goal remains. Policymakers would very much like to see the Bank’s overnight rate return to its estimated neutral level, meaning an interest rate that stabilizes Canadian inflation at its 2 per cent target. Our own estimate of the neutral rate is toward the low end of the Bank’s range. Using a standard model, we estimate that the real neutral rate, adjusted for inflation, is close to 0.5 per cent. Adding a 2 per cent rate of inflation brings the estimated neutral Bank of Canada rate to 2.5 per cent, or 75 basis points from where it stands today.


From that neutral rate, we can build an estimate of the neutral, or long-run, 5-year mortgage rate and, more importantly, we can gauge what the B20 stress test rate will be when the Bank of Canada returns to neutral. From that exercise, we can determine that when the Bank returns to its preferred level of policy rates, Canadians with more than 20 per cent in home equity will be stress tested at a rate much higher than what we estimate as a long-run equilibrium mortgage rate. Given the disruption caused in Canadian housing markets by the stress test at the presently lower rates, the stress test is not likely to be sustainable in the long-run as currently constituted.

nd slower growth ahead.


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Provided by: BCREA

“Copyright British Columbia Real Estate Association. Reprinted with permission.” 

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Buying a home? CMHC could soon kick in 10% of the cost — for a price


The 2019 federal budget includes a tantalizing pitch for prospective first-time home buyers — one that could see Canada's housing agency contribute up to 10 per cent of the purchase price of a home and bring down the mortgage load for borrowers.


The budget offers the program, known as the First Time Home Buyer Incentive, as a way to help with housing affordability. The government is earmarking $1.25 billion over three years for something it's calling a "shared equity mortgage."


Functionally, it's more like an almost interest-free loan — one where the repayment plan doesn't require any payback until years in the future. In order to qualify, an applicant must have a household income of less than $120,000 per year and be able to come up with a five per cent down payment — the minimum requirement for an insured mortgage with the Canada Mortgage and Housing Corporation (CMHC).


CMHC is the Crown corporation that backstops the vast majority of Canada's housing market by insuring the loans that finance it. This new program will make its role in the market even larger than it already is.


In addition to those stipulations, the program also caps out at four times the applicant's annual income, which means it can only help home owners looking to buy properties where the mortgage value plus the CMHC loan don't exceed $480,000.


But if a would-be buyer meets the conditions described above, under the program the CMHC would kick in up to 10 per cent of the value of a newly built home, or five per cent of the value of a resale.


The CMHC would contribute that much to the home purchase in exchange for a corresponding equity stake in the home. That has the effect of bringing down the size of the homeowner's mortgage — but comes with a bill to be paid down the line.


Precise details of how the program works won't come out until later in the fall, but today the government provided a rough breakdown of how it might work for a prospective buyer. If a first-time buyer wants to buy a home that costs $400,000, they'd have to come up with a $20,000 down payment, under both the new rules and the old ones.


Normally, they'd have to take out a loan for $380,000 to cover the rest of the purchase price — but under the new program (if it's a newly constructed home), CMHC could kick in $40,000 toward the purchase price, in exchange for a 10 per cent stake in the home.


That brings the buyer's mortgage down to just $340,000 for the home, instead of $380,000. On a standard mortgage at 3.5 per cent interest, that translates into a monthly mortgage payment more than $200 lower than it would have been for the 25-year life of the loan. That's more than $2,700 a year in potential savings.


The catch is that the homeowner eventually has to pay back the CMHC's stake in the property — but they don't have to do that until they sell (or sooner, but only if they want to).


The budget is far from clear on how much the buyer would owe; is it the same dollar amount the CMHC provided up front, or does the bill go up based on how much the house has appreciated in value?


Government officials say details of the plan will be hashed out in the coming months. Craig Alexander, chief economist with accounting consultancy Deloitte, calls the program a "clever idea" and says the benefits should outweigh the downsides.


"You want to be mindful that the government doesn't put in policies that end up bidding up prices," he said, adding that, on the whole, the plan could help more Canadians start climbing the housing ladder.


The government is estimating that the plan could create about 100,000 new first time buyers over the next three years.


But not everyone agrees there's nothing but upside. Craig Wright, chief economist with the Royal Bank of Canada, calls the program "a solution looking for a problem."


He cites research from the most recent government census in 2016: roughly 67.8 per cent of Canadians owned their own homes that year.


That's higher than ownership rates in other countries — including the U.S., where the rate is 63.4 per cent and falling swiftly. Other world capitals such as Paris (33 per cent home ownership rate), Berlin (37 per cent) and London (47 per cent) stand in stark contrast to Canadian cities like Calgary (73 per cent) and Toronto (66 per cent).


Even rent-happy Montreal has an ownership rate of 55 per cent, which is why Wright said he's not convinced Canada has a home ownership problem in the aggregate.


He argues the program "is more about politics than policy." In fact, if done poorly Wright said the program has the potential to undo some of the sensible market cooling measures Ottawa has implemented in recent years: capping loan terms, setting minimum down payment levels and introducing mortgage 'stress tests' last year.


"Demand will show up now, while supply will show up later," he said. "And in the near term prices could move higher so ... you may make it less affordable to own a home."


Economist David MacDonald with the Canadian Centre for Policy Alternatives says the plan doesn't really do much to help people buy a home more affordably.


"Taking out new loans from CMHC or retirement savings doesn't make housing more affordable," he said. "It just allows for another source of debt financing that must be repaid."


The government says program details will be hashed out later but, for buyers, the repayment terms are the real wild card. Exactly how much will they have to repay CMHC? And will that sum be affected by changes in the home's value?

"If your house goes up 20 per cent, does what you pay them go up?" Wright asks. "On the flip side, what if it goes down — do you have to make them whole?"


Wright says he suspects the CMHC will have a stake both on the upside and the down, but that's the million-dollar question for home owners that federal officials weren't answering today.

Other housing measures

The first-time buyers' program wasn't the only housing-related announcement in the budget.


The government also is increasing the amount that a first-time buyer can withdraw from an RRSP, without penalty — $35,000, up from the current level of $25,000 where it has been for the last decade. And Ottawa also will amend the RRSP withdrawal rules to help people who have been through family crises.


Starting this year, Canadians who have seen their marriages or common law partnerships break down will be able to participate in the Home Buyer's Plan, even if they don't meet the technical requirement of being a first-time buyer.

There's something in the budget for renters, too.


The government says it will expand a program it launched in 2017 to fund construction of rental units with low-cost loans. Last year, it beefed up the Rental Construction Financing Initiative to add 14,000 more units to the program, and this year's budget will add nine years of funding to the program.


For an added cost of $10 billion on to the existing program, the government says 42,500 new rental units will be added to Canada's housing stock by 2028.


And the government also is cracking down on what it calls financial crime in the housing sector.


Recent increases to the budgets of tax and other regulatory agencies have uncovered $100 million worth of addition taxes assessed due to increasingly complicated home sales — something that has convinced the government to keep digging for more.


Ottawa will give the Canada Revenue Agency another $50 million over five years to root out tax avoidance in matters such as:

  • reporting the sale of a primary residence;
  • ensuring proper taxes are paid on the sale of a second property;
  • reporting gains from real estate 'flipping';
  • reporting commissions on home sales as taxable income, and;
  • builders charging and remitting GST or HST on new home sales.

The government says those crackdowns are expected to pay for themselves and then some, bringing in $68 million worth of revenue over the next half decade.


Provided by: Pete Evans for MSN Money

Photo credit:  Ty Wright/Bloomberg

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Federal budget includes first-time buyer incentives


On the eve of a federal election this fall, the Liberal government is looking to help more Canadians buy their first homes by picking up a portion of their mortgage costs and increasing the amount they can borrow from their retirement savings for a down payment.


Helping people enter the housing market has been a growing preoccupation for the Liberals ever since they were elected in 2015, with soaring real-estate prices in some of Canada's largest cities putting home ownership beyond the reach of many.


An estimated 1.6 million Canadian households are considered in ``core housing need,'' meaning people who are living in places that are either too expensive or don't suit their needs.


The means-tested incentive the Liberals unveiled Tuesday would only be available to households with incomes under $120,000 _ roughly $50,000 more than the median household income as calculated by Statistics Canada _ and on mortgages no more than four times the household's total income.


Eligible buyers would see the government pick up part of the costs of their mortgages to lower their monthly payments, with the amount of help determined by their incomes and whether they're buying an existing or newly built home.


The government also plans to raise the maximum amount a first-time buyer can withdraw from an RRSP: $35,000, up from $25,000. And while the program has long been restricted to new would-be homeowners, those who are recovering from the breakup of a marriage or common-law relationship would also be allowed to take part.


The measure, expected to cost $1.25 billion over three years beginning this fiscal year, would target Canadians ``that face legitimate challenges entering housing markets'' after qualifying for a mortgage, the budget document says. An additional $100 million would flow to the Canada Mortgage and Housing Corporation to help organizations that already provide the so-called ``shared equity mortgages.''


The government would recoup its costs when the house is sold, although the budget document isn't clear what would happen if the home is sold for a loss.


The program, some details of which are yet to be finalized, is part of a tranche of spending that includes establishing a national expert panel on housing supply and affordability, better data collection, and $300 million for a contest to encourage cities to come up with new ways of expanding housing stock.


The new measures could increase the annual number of new homebuyers nationally to 140,000 from 100,000 by lowering monthly payments without creating higher household debt loads, said Finance Minister Bill Morneau, who was confident the measures won't cause a spike in housing prices.


``We're recognizing that it is challenging for people in the housing market; it's a real issue, but what we've done is we've carefully looked at what's the best way to deal with that issue,'' Morneau told a news conference.


``It's not going to make an impact on the overall market from a pricing standpoint, meaning people are actually going to be better off, more optimism in terms of housing, and it's the reason we're very excited about this measure.''


Economists and experts had been concerned that Morneau's focus on helping millennials, in particular, get footholds in the market could juice home prices after years of trying to cool demand in places like Toronto and Vancouver. Federal efforts, such as a new financial ``stress test'' to make sure a buyer can afford a mortgage, have slowed prices from where they might have been.


Scotiabank economist Marc Desormeaux said the Liberals opted for a relatively modest measure, considering the options they have.


``This is providing additional support for individuals who have already qualified for homes, helps them relieve some of their monthly payments once they've qualified for a mortgage and entered into the contract,'' Desormeaux said.

``The concerns about stoking demand from some of these measures aren't concerns that we would raise at this time.''


What the measures should do is increase supply _ one of the measure's stated goals. The government plans to cover five per cent of the cost of the purchase of an existing home and 10 per cent of a new build, hoping to ``encourage the home construction needed to address some of the housing supply shortages'' across the country, the budget document says.


Mathieu Laberge, an expert with Deloitte, said the measures appear to target people who would be willing to rent or buy smaller condominium units, for example, outside a major urban centre.


``It may shift the decision-making of some buyers in larger cities,'' said Laberge, a former policy adviser to Social Development Minister Jean-Yves Duclos. ``You're changing the relevant price between rental and home ownership in those areas, like the immediate suburbs of, for example, Vancouver and Toronto, which is a way to provide more options to households that would otherwise be priced out of the market.''


Tuesday's budget also includes $10 billion more for a program to fund the construction of new rental units _ the third time the Liberals have expanded the program, which aims to create 14,000 units over 10 years and now carries a $50-billion price tag.


Provided by: The Canadian Press


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Canadian home sales drop sharply in February 2019


Statistics released today by the Canadian Real Estate Association (CREA) show national home sales dropped sharply from January to February 2019.

Highlights:

  • National home sales plummeted 9.1% month-over-month (m-o-m) in February.
  • Actual (not seasonally adjusted) activity was down 4.4% year-over-year (y-o-y).
  • The number of newly listed homes fell 3.2% m-o-m.
  • The MLS® Home Price Index (HPI) was virtually unchanged (-0.1% y-o-y).
  • The national average sale price fell by 5.2% y-o-y.

Home sales via Canadian MLS® Systems plunged 9.1% m-o-m in February 2019 to the lowest level since November 2012. The month-over-month decline was the largest recorded since the B-20 stress test came into effect in January of last year. (Chart A)


The number of homes trading hands was down from the previous month in three-quarters of all local markets, including all major cities.


Actual (not seasonally adjusted) sales activity was down 4.4% to reach the lowest level for month of February since 2009. It was also almost 12% below the 10-year February average. In British Columbia, Alberta as well as Newfoundland and Labrador, sales were more than 20% below their 10-year average for the month.


“For aspiring homebuyers being kept on the sidelines by the mortgage stress-test, it’s a bitter pill to swallow when policy makers say the policy is working as intended,” said Barb Sukkau. “Fewer qualified buyers means sellers are affected too. The impact of tighter mortgage regulations differs by local housing market and a professional REALTOR® remains your best source for information and guidance in negotiating the purchase or sale of a home during these changing times,” added Sukkau.


“February home sales declined across a broad swath of large and smaller Canadian cities,” said Gregory Klump, CREA’s Chief Economist. “The housing sector is on track to further reduce waning Canadian economic growth. Only time will tell whether successive changes to mortgage regulations went too far, since the impact of policy decisions becomes apparent only well after the fact. Hopefully policy makers are thinking about how to fine tune regulations to better keep housing affordability within reach while keeping lending risks in check.”


The number of newly listed homes declined by 3.2% in February, led by GTA regional municipalities that surround the City of Toronto, in addition to Hamilton-Burlington, Calgary, Edmonton and Winnipeg.


With sales down by more than new listings in February, the national sales-to-new listings ratio eased to 54.1% compared to 57.6% in January. Looking beyond its monthly volatility, this measure of market balance has remained close to the long-term average of 53.5% since early 2018.


Considering the degree and duration to which market balance readings are above or below their long-term averages is the best way of gauging 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 the long-term average, about 70% of all local markets were in balanced market territory in February 2019.


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


There were 5.7 months of inventory on a national basis at the end of February 2019, a three-and-a-half-year high and a little above its long-term average of 5.3 months. That said, there are significant regional differences. The number of months of inventory has swollen far above its long-term average in Prairie provinces and Newfoundland & Labrador; as a result, homebuyers there have an ample choice of listings available for purchase. By contrast, the measure remains well below its long-term average in Ontario and the Maritimes.

The Aggregate Composite MLS® Home Price Index (MLS® HPI) was little changed (-0.1%) y-o-y in February 2019. That said, it still marked the first decline in almost a decade (Chart B).


Apartment units recorded a y-o-y price increase of 2.4% in February, while townhouse/row unit prices were up 1%. By comparison, one and two-storey single-family home prices were down 1.7% and 1% y-o-y in February.


Trends continue to vary widely among the 17 housing markets tracked by the MLS® HPI. Results remain mixed in British Columbia, with prices down on a y-o-y basis in Greater Vancouver (-6.1%) and the Fraser Valley (-2.8%). By contrast, prices posted a y-o-y increase of 3% in Victoria and were up 7.7% elsewhere on Vancouver Island.


Among Greater Golden Horseshoe housing markets tracked by the index, MLS® HPI benchmark home prices were up from year-ago levels in Guelph (+6.8%), the Niagara Region (+6.5%), Hamilton-Burlington (+5%) and the GTA (+2.3%). By contrast, home prices were little changed (+0.2%) on a y-o-y basis in Oakville-Milton, while in Barrie and District prices remain below year-ago levels (-4.3%).


Across the Prairies, supply is historically elevated relative to sales and home prices are down from year-ago levels. Benchmark prices were down by 4.4% in Calgary, 4.5% in Edmonton, 5.1% in Regina and 3% in Saskatoon. The home pricing environment will likely remain weak in these cities until demand and supply come back into better balance.


Home prices rose 7.4% y-o-y in Ottawa (led by a 10.8% increase in townhouse/row unit prices), 6.2% in Greater Montreal (led by a 7.8% increase in apartment unit prices) and 1.6% in Greater Moncton (led by a 7.9% increase in townhouse/row unit prices). (Table 1)


The MLS® HPI provides the best way to gauge price trends, as averages 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 February 2019 was $468,350, down 5.2% from the same month in 2018.


The national average price is heavily skewed by sales in Greater Vancouver and the GTA, two of Canada’s most active and expensive markets. Excluding these two markets from calculations cuts close to $100,000 from the national average price, trimming it to just under $371,000.


Provided by: CREA

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Mortgage Stress Test Continues to Dampen Home Sales in February

The British Columbia Real Estate Association (BCREA) reports that a total of 4,533 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in February, a decline of 27 per cent from the same month last year. The average
MLS® residential price in the province was $678,625, a decline of 9.3 per cent from February 2018. Total sales dollar volume was $3.08 billion, a 33.8 per cent decline from the same month last year.


“Prospective homebuyers continue to be sidelined by the mortgage stress test,” said Brendon Ogmundson, BCREA
Deputy Chief Economist. “As a consequence, and despite a strong BC labour market, sales remained slow in February.”


Total MLS® residential active listings increased 36.5 per cent to 30,891 units compared to the same month last year. The ratio of sales to active residential listings declined from 27.4 per cent to 14.7 per cent over the same period.


“Falling mortgage rates should provide some relief for homebuyers, providing a small boost to affordability heading into the spring,” added Ogmundson.


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Provided by: BCREA

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The Bank of Canada today maintained its target for the overnight rate at 1 ¾ per cent. The Bank Rate is correspondingly 2 per cent and the deposit rate is 1 ½ per cent. 


Recent data suggest that the slowdown in the global economy has been more pronounced and widespread than the Bank had forecast in its January Monetary Policy Report (MPR). While the sources of moderation appear to be multiple, trade tensions and uncertainty are weighing heavily on confidence and economic activity. It is difficult to disentangle these confidence effects from other adverse factors, but it is clear that global economic prospects would be buoyed by the resolution of trade conflicts. 


 Many central banks have acknowledged the building headwinds to growth, and financial conditions have eased as a result. Meanwhile, progress in US-China trade talks and policy stimulus in China have improved market sentiment and contributed to firmer commodity prices. 


For Canada, the Bank was projecting a temporary slowdown in late 2018 and early 2019, mainly because of last year’s drop in oil prices. The Bank had forecast weak exports and investment in the energy sector and a decline in household spending in oil-producing provinces. However, the slowdown in the fourth quarter was sharper and more broadly based. Consumer spending and the housing market were soft, despite strong growth in employment and labour income. Both exports and business investment also fell short of expectations. After growing at a pace of 1.8 per cent in 2018, it now appears that the economy will be weaker in the first half of 2019 than the Bank projected in January. 


Core inflation measures remain close to 2 per cent. CPI inflation eased to 1.4 per cent in January, largely because of lower gasoline prices. The Bank expects CPI inflation to be slightly below the 2 per cent target through most of 2019, reflecting the impact of temporary factors, including the drag from lower energy prices and a wider output gap. 


Governing Council judges that the outlook continues to warrant a policy interest rate that is below its neutral range. Given the mixed picture that the data present, it will take time to gauge the persistence of below-potential growth and the implications for the inflation outlook. With increased uncertainty about the timing of future rate increases, Governing Council will be watching closely developments in household spending, oil markets, and global trade policy. 


Provided by: Bank of Canada

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Housing market conditions continue to favour home buyers


The Metro Vancouver* housing market saw increased supply from home sellers and below average demand from home buyers in February.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,484 in February 2019, a 32.8 per cent decrease from the 2,207 sales recorded in February 2018, and a 34.5 per cent increase from the 1,103 homes sold in January 2019.


Last month’s sales were 42.5 per cent below the 10-year February sales average.


“For much of the past four years, we’ve been in a sellers’ market. Conditions have shifted over the last 12 months to favour buyers, particularly in the detached home market,” Phil Moore, REBGV president said. “This means that home buyers face less competition today, have more selection to choose from and more time to make their decisions.”


There were 3,892 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2019. This represents a 7.8 per cent decrease compared to the 4,223 homes listed in February 2018 and a 19.7 per cent decrease compared to the 4,848 homes listed in January 2019.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,590, a 48.2 per cent increase compared to February 2018 (7,822) and a 7.2 per cent increase compared to January 2019 (10,808).


For all property types, the sales-to-active listings ratio for February 2019 is 12.8 per cent.


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.


“Homes priced well for today’s market are attracting interest, however, buyers are choosing to take a wait-and-see approach for the time being,” Moore said. “REALTORS® continue to experience more traffic at open houses. We’ll see if this trend leads to increased sales activityduring the spring market.”


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,016,600. This represents a 6.1 per cent decrease over February 2018, a 6.2 per cent decrease over the past six months, and a 0.3 per cent decrease compared to January 2019.


Sales of detached homes in February 2019 reached 448, a 27.9 per decrease cent from the 621 detached sales recorded in February 2018. The benchmark price for detached properties is $1,443,100. This represents a 9.7 per cent decrease from February 2018, a 7.6 per cent decrease over the past six months, and a 0.7 per cent decrease compared to January 2019.


Sales of apartment homes reached 759 in February 2019, a 35.9 per cent decrease compared to the 1,185 sales in February 2018. The benchmark price of an apartment property is $660,300. This represents a four per cent decrease from February 2018, a 5.1 per cent decrease over the past six months, and a 0.3 per cent increase compared to January 2019.


Attached home sales in February 2019 totalled 277, a 30.9 per cent decrease compared to the 401 sales in February 2018. The benchmark price of an attached unit is $789,300. This represents a 3.3 per cent decrease from February 2018, a 6.7 per cent decrease over the past six months, and a 1.4 per cent decrease compared to January 2019.


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Provided by: REBGV

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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.