OSFI Announcement of Change to Mortgage Underwriting – October, 2017

The Office of the Superintendent of Financial Institutions (OSFI) announced new restrictions on uninsured mortgages today. Effective January 1, 2018, all home-buyers with a down-payment of more than 20 per cent will have to qualify at the higher of the posted 5-year qualifying rate and their contractual rate plus 200 basis points (2 per cent). This is in addition to policy announced in October of 2016 that required all insured borrowers qualify at the posted 5-year qualifying rate.

In addition to the new stress test for uninsured mortgages, OSFI is also requiring lenders to establish and adhere to appropriate loan-to-value limits reflective of risk and the current economic environment and is prohibiting s lending arrangements designed to circumvent loan-to-value limits such as combing mortgages with other lending products.

These new residential mortgage underwriting requirements will apply to all Federally regulated financial institutions.

The impact of the new stress test requirement will be to lower the purchasing power of households by up to 20 cent. Like past tightening of mortgage regulations, we anticipate that the market impact will be sharp but temporary. In the past, we have seen home sales decline in the 3 to 9 months following the implementation of tighter mortgage lending standards, with the severity of the impact fading within one year. However, these new regulations impact a larger pool of mortgages and so the impact could be more significant than in the past.

For more information, please contact: Gino Pezzani.

Government adds new qualifying requirements for uninsured mortgages

Effective January 1, 2018, first-time home buyers who don’t require mortgage insurance — those with a down payment of 20 per cent or more — must qualify for their mortgage at a higher rate.

This new stress test won’t apply to people renewing their uninsured mortgage.

Canada’s Office of the Superintendent of Financial Institutions (OSFI) announced these rule changes today. Draft changes were released in the summer for public feedback. (The Canadian Real Estate Association submitted this response to the draft rules in August on behalf of REALTORS® across the country.)

Under the new rules, the minimum qualifying rate for uninsured mortgages will be the greater of the Bank of Canada’s five-year benchmark rate or the contractual mortgage rate plus two per cent.

OSFI will also require lenders to enhance their loan-to-value (LTV) limits and restrict certain lending arrangements designed to circumvent LTV limits.

These changes apply to all federally regulated financial institutions.

This is the seventh time since 2008 that the federal government has made mortgage policy changes.

Read the government’s full announcement here.

Economic analysis from the BC Real Estate Association (BCREA):

“The impact of the new stress test requirement will be to lower the purchasing power of households by up to 20 per cent. Like past tightening of mortgage regulations, we anticipate that the market impact will be sharp but temporary. In the past, we’ve seen home sales decline in the three to nine months following the implementation of tighter mortgage lending standards, with the severity of the impact fading within one year. However, these new regulations impact a larger pool of mortgages and so the impact could be more significant than in the past,” said Cameron Muir, BCREA chief economist

Contact Gino Pezzani for more details on these changes in an upcoming News.

JUST SOLD!! 9243, 128 Street, Surrey

Price Rankings by City of Price per Square Meter to Buy Apartment in City Centre (Buy Apartment Price)

Currency:


Chart: Price per Square Meter to Buy Apartment in City Centre, Buy Apartment Price
1. Hong Kong, Hong Kong 32,657.69 C$
2. Singapore, Singapore 23,944.08 C$
3. London, United Kingdom 22,621.28 C$
4. Beijing, China 19,725.45 C$
5. Tel Aviv-Yafo, Israel 19,347.76 C$
6. Shanghai, China 18,030.17 C$
7. Zurich, Switzerland 17,724.02 C$
8. Tokyo, Japan 17,528.40 C$
9. Shenzhen, China 16,344.18 C$
10. Geneva, Switzerland 16,323.71 C$
11. New York, NY, United States 16,040.18 C$
12. Stockholm, Sweden 14,710.71 C$
13. San Francisco, CA, United States 14,489.09 C$
14. Paris, France 14,322.81 C$
15. Jerusalem, Israel 13,792.08 C$
16. Seoul, South Korea 13,724.43 C$
17. Sydney, Australia 13,143.53 C$
18. Munich, Germany 13,082.82 C$
19. Rome, Italy 12,859.04 C$
20. Taipei, Taiwan 12,491.39 C$
21. Oslo, Norway 12,409.36 C$
22. Boston, MA, United States 12,133.58 C$
23. Luxembourg, Luxembourg 11,576.79 C$
24. Vancouver, Canada 11,562.34 C$
25. Santa Barbara, CA, United States 10,883.82 C$
26. Milan, Italy 10,681.10 C$
27. Vienna, Austria 9,923.61 C$
28. Helsinki, Finland 9,875.31 C$
29. Gothenburg, Sweden 9,104.10 C$
30. Mumbai, India 8,824.43 C$
31. Dusseldorf, Germany 8,788.38 C$
32. Honolulu, HI, United States 8,765.71 C$
33. San Jose, CA, United States 8,745.24 C$
34. Oakland, CA, United States 8,606.65 C$
35. Amsterdam, Netherlands 8,565.45 C$
36. Auckland, New Zealand 8,533.60 C$
37. Copenhagen, Denmark 8,484.83 C$
38. Ramat Gan, Israel 8,349.77 C$
39. Fremont, CA, United States 8,294.04 C$
40. Los Angeles, CA, United States 8,245.50 C$
41. Trondheim, Norway 8,178.27 C$
42. Melbourne, Australia 8,145.74 C$
43. Frankfurt, Germany 8,069.33 C$
44. Toronto, Canada 7,814.89 C$
45. Hamburg, Germany 7,765.63 C$
46. Dublin, Ireland 7,700.32 C$
47. Queens, NY, United States 7,556.84 C$
48. Washington, DC, United States 7,512.67 C$
49. Seattle, WA, United States 7,421.78 C$
50. Jersey City, NJ, United States 7,393.57 C$
51. Stavanger, Norway 7,318.98 C$
52. Bergen, Norway 7,073.94 C$
53. Moscow, Russia 7,009.96 C$
54. Guangzhou, China 7,009.14 C$
55. Arlington, VA, United States 6,887.36 C$
56. Brisbane, Australia 6,822.62 C$
57. Irvine, CA, United States 6,771.91 C$
58. Stuttgart, Germany 6,702.32 C$
59. Florence, Italy 6,609.59 C$
60. Barcelona, Spain 6,605.27 C$
61. Beirut, Lebanon 6,604.25 C$
62. Berlin, Germany 6,601.23 C$
63. Reykjavik, Iceland 6,486.79 C$
64. Long Beach, CA, United States 6,444.44 C$
65. Haifa, Israel 6,421.03 C$
66. Bellevue, WA, United States 6,345.17 C$
67. Canberra, Australia 6,334.67 C$
68. San Diego, CA, United States 6,312.94 C$
69. Boulder, CO, United States 6,279.88 C$
70. Lyon, France 6,221.44 C$
71. Miami, FL, United States 6,164.59 C$
72. Suzhou, China 5,974.74 C$
73. Madrid, Spain 5,941.57 C$
74. Perth, Australia 5,879.93 C$
75. Bologna, Italy 5,756.39 C$
76. Prague, Czech Republic 5,744.43 C$
77. Lund, Sweden 5,525.69 C$
78. Utrecht, Netherlands 5,377.65 C$
79. Edinburgh, United Kingdom 5,376.06 C$
80. Linz, Austria 5,335.80 C$
81. Dubai, United Arab Emirates 5,280.75 C$
82. Doha, Qatar 5,172.29 C$
83. Tampere, Finland 5,130.32 C$
84. Bangkok, Thailand 5,114.07 C$
85. Abu Dhabi, United Arab Emirates 5,103.36 C$
86. Portland, OR, United States 5,100.31 C$
87. Graz, Austria 5,077.73 C$
88. Anaheim, CA, United States 5,054.26 C$
89. Denver, CO, United States 5,022.82 C$
90. Wellington, New Zealand 5,002.22 C$
91. Victoria, Canada 4,972.35 C$
92. Mississauga, Canada 4,893.98 C$
93. Ottawa, Canada 4,856.90 C$
94. Malmo, Sweden 4,839.82 C$
95. Montreal, Canada 4,828.84 C$
96. Brussels, Belgium 4,764.67 C$
97. Lisbon, Portugal 4,744.39 C$
98. Ljubljana, Slovenia 4,540.66 C$
99. Turin, Italy 4,410.50 C$
100. Calgary, Canada 4,393.73 C$
101. Rotterdam, Netherlands 4,381.98 C$
102. Fort Lauderdale, FL, United States 4,367.97 C$
103. Austin, TX, United States 4,319.37 C$
104. Sevilla, Spain 4,268.64 C$
105. Marseille, France 4,247.72 C$
106. Grenoble, France 4,137.86 C$
107. Split, Croatia 4,060.87 C$
108. Sao Paulo, Brazil 4,029.47 C$
109. Genoa, Italy 4,028.01 C$
110. Antwerp, Belgium 4,028.01 C$
111. Eindhoven, Netherlands 3,995.46 C$
112. Chicago, IL, United States 3,985.40 C$
113. Treviso, Italy 3,905.95 C$
114. Chengdu, China 3,866.03 C$
115. Sacramento, CA, United States 3,852.37 C$
116. Vilnius, Lithuania 3,837.41 C$
117. Philadelphia, PA, United States 3,829.83 C$
118. Rio De Janeiro, Brazil 3,820.21 C$
119. Stamford, CT, United States 3,810.79 C$
120. Bratislava, Slovakia 3,756.25 C$
121. Warsaw, Poland 3,661.72 C$
122. Edmonton, Canada 3,649.81 C$
123. Brasilia, Brazil 3,619.64 C$
124. Delhi, India 3,458.79 C$
125. Tallinn, Estonia 3,439.73 C$
126. Atlanta, GA, United States 3,421.66 C$
127. Hanoi, Vietnam 3,406.66 C$
128. Kelowna, Canada 3,381.57 C$
129. New Orleans, LA, United States 3,378.54 C$
130. Zagreb, Croatia 3,350.39 C$
131. Valencia, Spain 3,317.32 C$
132. Salt Lake City, UT, United States 3,283.54 C$
133. Riverside, CA, United States 3,254.75 C$
134. Budapest, Hungary 3,247.21 C$
135. Nashville, TN, United States 3,239.35 C$
136. Brno, Czech Republic 3,237.07 C$
137. Kuala Lumpur, Malaysia 3,236.95 C$
138. Trieste, Italy 3,209.09 C$
139. Minneapolis, MN, United States 3,201.33 C$
140. Krakow (Cracow), Poland 3,188.25 C$
141. Buenos Aires, Argentina 3,184.42 C$
142. Bellingham, WA, United States 3,168.48 C$
143. Belgrade, Serbia 3,167.01 C$
144. Tampa, FL, United States 3,157.49 C$
145. Virginia Beach, VA, United States 3,148.00 C$
146. Providence, RI, United States 3,081.26 C$
147. Kitchener, Canada 3,052.35 C$
148. Saint Petersburg, Russia 3,050.95 C$
149. Istanbul, Turkey 3,004.40 C$
150. Montevideo, Uruguay 3,001.47 C$
151. Gdansk, Poland 2,936.86 C$
152. Kaunas, Lithuania 2,931.06 C$
153. Pattaya, Thailand 2,923.37 C$
154. Santiago, Chile 2,915.74 C$
155. Manila, Philippines 2,906.76 C$
156. Ho Chi Minh City, Vietnam 2,880.00 C$
157. Cape Town, South Africa 2,876.65 C$
158. Charlotte, NC, United States 2,866.51 C$
159. Porto, Portugal 2,852.82 C$
160. Navi Mumbai, India 2,837.67 C$
161. Anchorage, AK, United States 2,833.81 C$
162. Dallas, TX, United States 2,811.66 C$
163. Madison, WI, United States 2,804.14 C$
164. Tacoma, WA, United States 2,775.68 C$
165. Everett, WA, United States 2,768.48 C$
166. Algiers, Algeria 2,759.36 C$
167. Thane, India 2,756.86 C$
168. Jakarta, Indonesia 2,755.50 C$
169. Malaga, Spain 2,742.71 C$
170. Vancouver, WA, United States 2,733.03 C$
171. Gdynia, Poland 2,719.14 C$
172. Belo Horizonte, Brazil 2,711.22 C$
173. Panama City, Panama 2,707.43 C$
174. Raleigh, NC, United States 2,680.85 C$
175. Fort Collins, CO, United States 2,658.85 C$
176. Lima, Peru 2,642.18 C$
177. Richmond, VA, United States 2,596.02 C$
178. Wroclaw, Poland 2,548.97 C$
179. Porto Alegre, Brazil 2,548.42 C$
180. San Juan, Puerto Rico 2,543.11 C$
181. Poznan, Poland 2,530.04 C$
182. Mexico City, Mexico 2,517.69 C$
183. Chennai, India 2,484.36 C$
184. Casablanca, Morocco 2,475.13 C$
185. Riga, Latvia 2,470.51 C$
186. Tehran, Iran 2,464.15 C$
187. Olympia, WA, United States 2,460.16 C$
188. Campinas, Brazil 2,458.92 C$
189. Limassol, Cyprus 2,421.38 C$
190. Phoenix, AZ, United States 2,412.55 C$
191. Orlando, FL, United States 2,380.13 C$
192. Gurgaon, India 2,363.78 C$
193. Houston, TX, United States 2,352.58 C$
194. Reno, NV, United States 2,313.32 C$
195. Baghdad, Iraq 2,303.00 C$
196. Baltimore, MD, United States 2,296.99 C$
197. Bogota, Colombia 2,296.21 C$
198. Boise, ID, United States 2,270.55 C$
199. Podgorica, Montenegro 2,270.33 C$
200. Cluj-napoca, Romania 2,225.00 C$
201. Penang, Malaysia 2,209.90 C$
202. Pune, India 2,197.52 C$
203. Kosice, Slovakia 2,197.09 C$
204. Columbus, OH, United States 2,188.29 C$
205. Thessaloniki, Greece 2,182.73 C$
206. Bangalore, India 2,181.93 C$
207. Curitiba, Brazil 2,160.02 C$
208. Bucharest, Romania 2,159.44 C$
209. Nicosia, Cyprus 2,142.17 C$
210. Rijeka, Croatia 2,138.23 C$
211. Tirana, Albania 2,137.10 C$
212. Milwaukee, WI, United States 2,120.67 C$
213. Las Vegas, NV, United States 2,098.30 C$
214. Sarajevo, Bosnia And Herzegovina 2,095.61 C$
215. Fresno, CA, United States 2,076.45 C$
216. Lublin, Poland 2,070.55 C$
217. Athens, Greece 2,062.52 C$
218. Cebu, Philippines 2,055.77 C$
219. Salem, OR, United States 2,022.23 C$
220. Pristina, Kosovo (Disputed Territory) 2,016.82 C$
221. Minsk, Belarus 1,988.65 C$
222. Cincinnati, OH, United States 1,981.65 C$
223. Bakersfield, CA, United States 1,953.77 C$
224. San Jose, Costa Rica 1,945.18 C$
225. Quito, Ecuador 1,943.19 C$
226. Novi Sad, Serbia 1,935.78 C$
227. Saint Louis, MO, United States 1,922.77 C$
228. Colorado Springs, CO, United States 1,898.70 C$
229. Kiev, Ukraine 1,891.17 C$
230. Sofia, Bulgaria 1,880.54 C$
231. Iasi, Romania 1,873.18 C$
232. Albuquerque, NM, United States 1,863.95 C$
233. Novosibirsk, Russia 1,847.83 C$
234. Bydgoszcz, Poland 1,847.69 C$
235. Melbourne, FL, United States 1,844.64 C$
236. Baton Rouge, LA, United States 1,844.49 C$
237. Spokane, WA, United States 1,821.68 C$
238. Fort Worth, TX, United States 1,816.38 C$
239. Yekaterinburg, Russia 1,799.91 C$
240. Banja Luka, Bosnia And Herzegovina 1,795.91 C$
241. Omaha, NE, United States 1,793.55 C$
242. Overland Park, KS, United States 1,790.87 C$
243. Kansas City, MO, United States 1,781.36 C$
244. Pittsburgh, PA, United States 1,777.33 C$
245. Albany, NY, United States 1,776.14 C$
246. Skopje, Macedonia 1,774.66 C$
247. Jaipur, India 1,769.15 C$
248. Columbia, SC, United States 1,759.28 C$
249. Baku, Azerbaijan 1,749.35 C$
250. Des Moines, IA, United States 1,740.97 C$
251. Kazan, Russia 1,739.96 C$
252. Ad Dammam, Saudi Arabia 1,739.73 C$
253. San Antonio, TX, United States 1,723.13 C$
254. Louisville, KY, United States 1,721.35 C$
255. Almaty, Kazakhstan 1,690.25 C$
256. Grand Rapids, MI, United States 1,686.74 C$
257. Timisoara, Romania 1,680.26 C$
258. Lexington, KY, United States 1,664.29 C$
259. Tucson, AZ, United States 1,658.46 C$
260. Szczecin, Poland 1,649.22 C$
261. Nizhny Novgorod, Russia 1,638.51 C$
262. Kolkata, India 1,631.99 C$
263. Jacksonville, FL, United States 1,601.22 C$
264. Savannah, GA, United States 1,600.67 C$
265. Birmingham, AL, United States 1,582.81 C$
266. Amman, Jordan 1,579.64 C$
267. Windhoek, Namibia 1,573.99 C$
268. Lodz, Poland 1,568.15 C$
269. Osijek, Croatia 1,565.13 C$
270. Katowice, Poland 1,556.60 C$
271. Noida, India 1,545.64 C$
272. Oklahoma City, OK, United States 1,535.92 C$
273. Monterrey, Mexico 1,519.63 C$
274. Izmir, Turkey 1,500.67 C$
275. Brasov, Romania 1,498.37 C$
276. Cordoba, Argentina 1,487.43 C$
277. Jeddah (Jiddah), Saudi Arabia 1,476.65 C$
278. Dhaka, Bangladesh 1,466.81 C$
279. Indianapolis, IN, United States 1,461.42 C$
280. Odesa, Ukraine 1,453.56 C$
281. Oradea, Romania 1,441.43 C$
282. Little Rock, AR, United States 1,438.32 C$
283. Santo Domingo, Dominican Republic 1,437.52 C$
284. Sibiu, Romania 1,435.63 C$
285. Lviv, Ukraine 1,430.27 C$
286. Ulaanbaatar, Mongolia 1,425.79 C$
287. Riyadh, Saudi Arabia 1,421.30 C$
288. Guayaquil, Ecuador 1,401.84 C$
289. Debrecen, Hungary 1,385.18 C$
290. Surabaya, Indonesia 1,384.03 C$
291. Nis, Serbia 1,377.23 C$
292. Yerevan, Armenia 1,359.65 C$
293. Goa, India 1,358.94 C$
294. Knoxville, TN, United States 1,353.98 C$
295. Tulsa, OK, United States 1,352.50 C$
296. Medellin, Colombia 1,349.35 C$
297. Ankara, Turkey 1,332.67 C$
298. Hartford, CT, United States 1,324.80 C$
299. Visakhapatnam, India 1,308.33 C$
300. Ahmedabad, India 1,302.09 C$
301. Winston-salem, NC, United States 1,298.45 C$
302. Wichita, KS, United States 1,287.18 C$
303. Indore, India 1,278.37 C$
304. Varna, Bulgaria 1,271.38 C$
305. Shreveport, LA, United States 1,257.17 C$
306. Johannesburg, South Africa 1,256.54 C$
307. Tbilisi, Georgia 1,241.44 C$
308. Kochi, India 1,223.60 C$
309. Mobile, AL, United States 1,217.27 C$
310. Islamabad, Pakistan 1,203.13 C$
311. El Paso, TX, United States 1,192.96 C$
312. Chisinau, Moldova 1,191.91 C$
313. Greenville, SC, United States 1,170.36 C$
314. Buffalo, NY, United States 1,152.69 C$
315. Antalya, Turkey 1,150.17 C$
316. Hyderabad, India 1,140.27 C$
317. Plovdiv, Bulgaria 1,128.88 C$
318. Mysore, India 1,117.00 C$
319. Bursa, Turkey 1,094.16 C$
320. Memphis, TN, United States 1,087.98 C$
321. Kharkiv, Ukraine 1,087.09 C$
322. Dnipropetrovsk, Ukraine 1,084.62 C$
323. Tunis, Tunisia 1,068.79 C$
324. Syracuse, NY, United States 1,057.44 C$
325. Guadalajara, Mexico 1,056.79 C$
326. Akron, OH, United States 1,018.82 C$
327. Karachi, Pakistan 1,008.09 C$
328. Augusta, GA, United States 1,004.60 C$
329. Toledo, OH, United States 998.92 C$
330. Bhubaneswar, India 990.01 C$
331. Fort Wayne, IN, United States 984.78 C$
332. Coimbatore, India 932.40 C$
333. Surat, India 896.21 C$
334. Cleveland, OH, United States 865.53 C$
335. Chandigarh, India 846.73 C$
336. Vadodara, India 800.99 C$
337. Detroit, MI, United States 714.54 C$
338. Pretoria, South Africa 685.91 C$
339. Alexandria, Egypt 616.16 C$
340. Cairo, Egypt 615.90 C$

Cost of Living in Vancouver

Compare Vancouver with:

Summary about cost of living in Vancouver:

  • Four-person family monthly costs: 3,677.74C$ without rent (using our estimator).
  • A single person monthly costs: 994.93C$ without rent.
  • Cost of living index in Vancouver is 1.06% lower than in Toronto.
  • Cost of living rank 183th out of 518 cities in the world.
  • Vancouver has a cost of living index of 73.94.
Restaurants [ Edit ] Range
Meal, Inexpensive Restaurant 15.00 C$ 12.0020.00
Meal for 2 People, Mid-range Restaurant, Three-course 65.00 C$ 50.0086.40
McMeal at McDonalds (or Equivalent Combo Meal) 9.00 C$ 7.8510.74
Domestic Beer (0.5 liter draught) 6.00 C$ 5.007.00
Imported Beer (0.33 liter bottle) 7.00 C$ 5.508.00
Cappuccino (regular) 4.11 C$ 3.115.00
Coke/Pepsi (0.33 liter bottle) 2.10 C$ 1.503.00
Water (0.33 liter bottle) 1.84 C$ 1.002.75
Markets [ Edit ]
Milk (regular), (1 liter) 2.39 C$ 1.323.70
Loaf of Fresh White Bread (500g) 3.12 C$ 2.004.00
Rice (white), (1kg) 3.95 C$ 1.906.00
Eggs (regular) (12) 3.69 C$ 2.856.00
Local Cheese (1kg) 13.07 C$ 8.0020.00
Chicken Breasts (Boneless, Skinless), (1kg) 15.88 C$ 11.0022.05
Beef Round (1kg) (or Equivalent Back Leg Red Meat) 14.65 C$ 8.8221.00
Apples (1kg) 3.64 C$ 2.205.00
Banana (1kg) 1.68 C$ 1.482.00
Oranges (1kg) 3.21 C$ 2.004.41
Tomato (1kg) 3.56 C$ 2.205.27
Potato (1kg) 2.17 C$ 1.503.31
Onion (1kg) 2.05 C$ 1.303.00
Lettuce (1 head) 2.15 C$ 1.503.50
Water (1.5 liter bottle) 2.50 C$ 1.803.00
Bottle of Wine (Mid-Range) 18.00 C$ 15.0025.00
Domestic Beer (0.5 liter bottle) 3.77 C$ 2.305.28
Imported Beer (0.33 liter bottle) 3.59 C$ 2.655.00
Pack of Cigarettes (Marlboro) 12.16 C$ 11.5014.00
Transportation [ Edit ]
One-way Ticket (Local Transport) 2.75 C$ 2.753.00
Monthly Pass (Regular Price) 93.00 C$ 91.00125.00
Taxi Start (Normal Tariff) 3.50 C$ 3.203.90
Taxi 1km (Normal Tariff) 1.85 C$ 1.802.50
Taxi 1hour Waiting (Normal Tariff) 33.00 C$ 32.0040.00
Gasoline (1 liter) 1.32 C$ 1.251.40
Volkswagen Golf 1.4 90 KW Trendline (Or Equivalent New Car) 20,500.00 C$ 19,195.0024,000.00
Toyota Corolla 1.6l 97kW Comfort (Or Equivalent New Car) 18,620.83 C$ 16,390.0022,000.00
Utilities (Monthly) [ Edit ]
Basic (Electricity, Heating, Cooling, Water, Garbage) for 85m2 Apartment 78.00 C$ 34.00150.00
1 min. of Prepaid Mobile Tariff Local (No Discounts or Plans) 0.33 C$ 0.250.50
Internet (60 Mbps or More, Unlimited Data, Cable/ADSL) 64.03 C$ 40.0083.00
Sports And Leisure [ Edit ]
Fitness Club, Monthly Fee for 1 Adult 46.10 C$ 20.0070.00
Tennis Court Rent (1 Hour on Weekend) 15.18 C$ 0.0030.00
Cinema, International Release, 1 Seat 13.50 C$ 12.0015.00
Childcare [ Edit ]
Preschool (or Kindergarten), Private, Monthly for 1 Child 1,241.09 C$ 700.001,500.00
International Primary School, Yearly for 1 Child 18,000.00 C$ 16,000.0024,000.00
Clothing And Shoes [ Edit ]
1 Pair of Jeans (Levis 501 Or Similar) 71.78 C$ 50.00100.00
1 Summer Dress in a Chain Store (Zara, H&M, …) 46.54 C$ 30.0075.00
1 Pair of Nike Running Shoes (Mid-Range) 112.40 C$ 90.00150.00
1 Pair of Men Leather Business Shoes 133.64 C$ 100.00200.00
Rent Per Month [ Edit ]
Apartment (1 bedroom) in City Centre 1,797.59 C$ 1,300.002,300.00
Apartment (1 bedroom) Outside of Centre 1,336.45 C$ 1,000.001,700.00
Apartment (3 bedrooms) in City Centre 3,688.00 C$ 3,000.004,500.00
Apartment (3 bedrooms) Outside of Centre 2,519.57 C$ 1,900.003,200.00
Buy Apartment Price [ Edit ]
Price per Square Meter to Buy Apartment in City Centre 11,562.34 C$ 9,687.5215,069.47
Price per Square Meter to Buy Apartment Outside of Centre 8,347.03 C$ 6,458.3510,763.91
Salaries And Financing [ Edit ]
Average Monthly Net Salary (After Tax) 3,162.52 C$
Mortgage Interest Rate in Percentages (%), Yearly 2.79 2.403.74

Prices in Vancouver

These data are based on 3160 entries in the past 12 months from 423 different contributors.
Last update: October 2017

BC Home Sales Ratchet Higher in September

Vancouver, BC – October, 2017. The . The British Columbia Real Estate Association (BCREA) reports that a total of 8,340 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in September, an increase of 9.9 per cent from the same period last year. Total sales dollar volume was $5.8 billion, up 30.2 per cent from September 2016. The average MLS® residential price in the province was $693,774, up 18.5 per cent from September 2016.

“BC home sales rose nearly 5 per cent from August on a seasonally adjusted basis,” said Cameron Muir, BCREA Chief Economist. “Total active listings on the market continue to trend at ten-year lows in most BC regions, limiting unit sales and pushing home prices higher. While the economic fundamentals support elevated housing demand, rising home prices are eroding affordability, particularly for first-time buyers.”

Year-to-date, BC residential sales dollar volume was down 12.8 per cent to $57.6 billion, when compared with the same period in 2016. Residential unit sales declined 13 per cent to 81,608 units, while the average MLS® residential price was down 0.2 per cent to $705,501.

For more information, please contact: Gino Pezzani.

Canadian Housing Starts – October, 2017

Canadian housing starts decreased by 4 per cent in September to 217,118 units at a seasonally adjusted annual rate (SAAR). The six-month trend in Canadian housing starts also declined to 214,821 units SAAR.

New home construction in BC rose 6 per cent on a monthly basis to 37,470 units SAAR but was down 18 per cent on a year-over-year basis. Single detached starts were flat compared to one year ago while multiple unit starts declined 24 per cent year-over-year.

Looking at census metropolitan areas (CMA) in BC:
• Total starts in the Vancouver CMA fell 13 per cent from August and were down about half compared to September 2016. Multiple unit starts were down 58 per cent from one year ago as record levels of units under construction weigh on new projects.
• In the Victoria CMA market, housing starts continue to surge, rising 127 per cent year-over-year. Multiple unit starts continue to drive new home construction, with starts more than triple levels seen last September.
• New home construction in the Kelowna CMA jumped more than 200 per cent year-over-year as close to 350 new multiple unit starts were recorded.
• Housing starts in the Abbotsford-Mission CMA also more than doubled year-over-year due to strong growth in both single and multiple starts.

For more information, please contact: Gino Pezzani.

Be Thankful

These words from an unknown poet remind me to be thankful on Thanksgiving and all the other days, too.

Be thankful that you don’t already have everything you desire.
If you did, what would there be to look forward to?

Be thankful when you don’t know something,
for it gives you the opportunity to learn.

Be thankful for the difficult times.
During those times, you grow.

Be thankful for your limitations,
because they give you opportunities for improvement.

Be thankful for each new challenge,
because it will build your strength and character.

Be thankful for your mistakes.
They will teach you valuable lessons.

Be thankful when you’re tired and weary,
because it means you’ve made a difference.

It’s easy to be thankful for the good things.
A life of rich fulfillment comes to those who are also thankful for the setbacks.

Gratitude can turn a negative into a positive.
Find a way to be thankful for your troubles, and they can become your blessings.

I love the thought that Thanksgiving is less of a meal and more of a mindset. May your Thanksgiving be filled with friends, family, love and all that is important to you.

Canadian Employment – September 2017

Canadian employment increased by 10,000 jobs in September while the the national unemployment rate remained steady at 6.2 per cent. In the twelve months to August, employment in Canada is up 1.8 per cent, or 320,000 jobs. Somewhat tepid job growth along with slumping exports and flat real GDP in recent months means the Bank of Canada will very likely hold off on raising rates at its October meeting.

In BC, employment declined for a third consecutive month, falling by 6,700 jobs in September. Full-time employment was up by 5,000 jobs but an 11,600 decrease in part-time work more than offset those gains. Over the past twelve months, the level of employment in BC is up 3.6 per cent. Despite three months of falling employment, the provincial unemployment rate continued to slide lower due to declining participation in the labour market. The BC unemployment rate fell 0.2 points to 4.9 per cent, the lowest rate since September 2008.

For more information, please contact: Gino Pezzani.

JUST SOLD!! 331 9979 140 Street, Surrey