The BCREA Economics team has created the Housing Monitor Dashboard to help REALTORS® monitor BC’s housing market. This dashboard, which is updated monthly, provides up-to-date data on key variables for public education and use. Focuses include:
Resale Home Market
Construction
Rental Market
Borrowing Costs
Other BCREA Data
In the dashboard, the image and data are available for download under each chart, where possible.
For more information, please contact: Gino Pezzani.
Oct. 1, International Coffee Day. A global celebration to promote and appreciate this beloved beverage and recognize the millions of people involved in its production and trade.
Oct. 4, World Animal Day. A day dedicated to raising awareness about animal welfare and encouraging the protection and rights of animals worldwide.
Oct.9, Thanksgiving in Canada. It is Canadian National Statutory Holiday except NS, NL.
Oct. 10, World Mental Health Day. An internationally recognized day that aims to raise awareness about mental health issues, promote mental well-being and advocate for improved support and resources.
Oct. 14, World Food Day. A day established by the United Nations to highlight the importance of food security and sustainable agriculture, with a focus on combating hunger and malnutrition.
Oct. 31, Halloween. A popular holiday celebrated in many countries in which people dress up in costumes, engage in festive activities and go trick-or-treating. BOO!
As a man took a leisurely walk through the well-maintained pathways of a renowned wildlife sanctuary, he came across a majestic herd of elephants.
This contained and tourist-friendly location provided a perfect opportunity for visitors to experience these enormous creatures up close. Despite being in such a controlled environment, he couldn't help but wonder at the sight of the elephants being held by nothing more than a tiny rope tied around their front legs.
Curiosity got the better of him, and he approached a nearby trainer to inquire about the peculiar situation. "Why do these massive animals stay put and make no effort to break free?"
"Ah, my friend, when these elephants were just young and small, we used the same size rope to restrain them. At that tender age, it was strong enough to hold them in place. As they grew older and more formidable, their minds got conditioned to believe that the rope could still confine them.
Even though they possess the strength to break away, they never attempt it, for their belief in the rope's power keeps them anchored.
This extraordinary encounter left the man deep in thought. He realized that, like the elephants, many of us carry the weight of self-imposed limitations throughout our lives. How often do we grasp onto beliefs that we cannot accomplish something just because we encountered failure in the past?
To view the September 2023 Mortgage Rate Forecast PDF, click here.
Highlights:
1. Bank of Canada tightening sends mortgage rates to 15-year highs
2. Are high rates finally impacting economic growth?
3. How far will fixed mortgage rates fall once the Bank of Canada lowers its policy rate?
Additional economics information is available here on BCREA's website.
For more information, please contact: Gino Pezzani.
Canadian prices, as measured by the Consumer Price Index (CPI), rose 4 per cent on a year-over-year basis in August, up from 3.3 per cent in July. Excluding gasoline, CPI rose 4.1 per cent year-over-year in August, the same rate as July. Shelter costs were up 6 per cent year over year, up from 5.1 per cent in July, driven by mortgage interest costs (up 30.9 per cent from last year) along with rents (up 6.5 per cent). Grocery prices were up 6.9 per cent year over year in August, down from 8.5 per cent in July. Month over month, seasonally adjusted CPI rose 0.6 per cent. In BC, consumer prices rose 3.8 per cent year-over-year.
The annual change in CPI continued rising in August as gasoline base year effects ended (the year-over-year change in gasoline prices was positive for the first time since January). Although food price inflation continued to gradually ease, shelter and rent inflation rates rose from July. Moreover, the Bank of Canada's measures of core inflation, which strip out volatile components, remained stubbornly high; all three measures were flat or rose in August. With softening labour markets and a flat preliminary July GDP estimate following a small contraction in June, the Bank of Canada opted not to raise rates again in September. However, bond yields jumped following the unexpectedly hot August CPI release, suggesting markets think the Bank could change course again. Guiding inflation back down to 2 per cent was sure to be a bumpy ride and the possibility of another rate hike at the next meeting on October 25th or before the end of the year appears to be still on the table. 
Link: https://mailchi.mp/bcrea/canadian-inflation-august-2023
For more information, please contact: Gino Pezzani.
Canadian housing starts fell 1 per cent to 252,787 units in August at a seasonally adjusted annual rate (SAAR). Starts were down 6 per cent from the same month last year. Single-detached housing starts rose 2 per cent to 55,665 units, while multi-family and others fell 2 per cent to 197,121 (SAAR).
In British Columbia, starts were unchanged in August at 50,687 units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts rose 34 per cent m/m to 6,314 units while multi-family starts fell 4 per cent to 41,115 units. Starts in the province were 4 per cent above the levels from August 2022. Starts declined by 4.2k in Vancouver and rose by 2.6k in Victoria and 0.2k in Kelowna, while remaining unchanged in Abbotsford from the previous month. The 6-month moving average trend in BC rose by 4.1 per cent to 53,512 SAAR. 
Link: https://mailchi.mp/bcrea/canadian-housing-starts-august-2023
For more information, please contact: Gino Pezzani.
How Auckland’s housing policy success can inspire BC’s new Homes for People housing action plan
Vancouver, BC – September, 2023. As British Columbia continues to grapple with an ongoing housing crisis, a new economic report reveals how the province’s Homes for People housing plan can expand housing supply and improve housing affordability by following the blueprint of New Zealand’s Auckland Unitary Plan (AUP).
According to the latest Market Intelligence report from the BC Real Estate Association (BCREA), following the aggressive housing liberalization and upzoning policy in Auckland would eventually improve affordability in BC by slowing home price growth and allowing incomes to catch up. Additionally, expanding the housing stock would lead to healthier resale inventories and balance markets while shifting the distribution of sales toward principal owners by reducing speculative activity.
Summary Findings:
New evidence from Auckland shows that policy change can achieve a 50 per cent increase in housing permits in less than a decade and successfully soften housing costs.
BC is currently experiencing historically low per capita housing starts, and a 50 per cent boost in starts by the end of this decade would bring activity back to the level of the early 90s, but still far below the levels of the 70s.
BCREA’s Real Estate Policy Analysis Model (REPAM) predicts that such a boom in housing starts would increase home completions by 37 per cent per quarter relative to a status quo baseline by Q4 of 2030, while the total housing stock would be 2 per cent higher.
The model predicts that the increase in housing supply would pull average prices down by 4 per cent relative to a status quo baseline by Q4 of 2030, and slow long-run price growth, modestly improving affordability.
“While it is promising to see that steps can be taken, affordability in BC deteriorated due to chronic underbuilding for decades, and will not quickly be remedied,” says BCREA Chief Economist Brendon Ogmundson. “Still, if policymakers can increase housing supply quickly and extensively through a combination of measures, there is hope that affordability can improve in the province again.”
“These results are encouraging, but the scale and immediacy of the problem are considerable,” Ogmundson adds.
Since the start of the COVID-19 pandemic, average home prices in BC have risen nearly 40 per cent, with new rental costs up by a similar amount. Listings on the MLS® system have plummeted by nearly a quarter. However, the report shows that BC’s forthcoming housing plan has the potential to enable a building boom similar in magnitude to the AUP through a policy of re-zoning and incentives for new home construction. By bringing per capita starts back to a more historically normal level, the affordability ratio can gradually be bent in the right direction.
For more information, please contact: Gino Pezzani.
I have sold a property at 207 5335 HASTINGS ST in Burnaby. See details here
'The Terraces' centrally located in Capitol Hill. Spacious corner unit at almost 1000 sqft. This large 2 bed, 2 bath unit is south facing w/ a good sized covered balcony that gives you nice views of the city. Features a very large open living/dining area w/ lots of natural light & cozy gas fireplace. Large master bedroom w/ generous walk-in closet & 4 piece ensuite. Large 2nd bedroom w/ 2nd bath just outside the door. Stainless steel appliances, insuite laundry, x-large storage locker & large prime parking spot round out this great 2 bedroom home. Well maintained building w/ pro-active strata with roof replacement paid by seller. Centrally located, within minutes to Capitol Hill Elementary, Community Centre, library, shopping and more. Sorry no pets. OPEN HOUSE SAT & SUN SEP 9 & 10, 2-4PM.
Do you remember hearing the “Clean Up” song as a young child? Maybe you’ve recently played it for some little ones? The song is meant as a sweet call to action for young children to clean up communal spaces in the home. However, I suspect all adults, myself included, could use a reminder every now and again to work in harmony, to clean up our surroundings, and restore peace and order to shared community spaces.
Although National CleanUp Day falls on September 16th this year, any day this month that works in your schedule would be a good one for a revitalization project. Perhaps your town is in need of volunteers to pick up roadside trash, or maybe you want to organize something more concrete, say, replacing old crayons at a local preschool with entirely new sets, donated for the children to enjoy?
The important thing, I think, is to choose something that speaks to you, that elicits passion, a project that promotes a cleaner community, and yet also— and this is the important part— lifts you up as well.
September is a month of transition. We start with those last hot days of summer and end with leaves falling all around us, a vivid indication that we are turning a corner in life. Cleaning up the world around us is certainly practical, but there is also something soulful about it; bringing sensibility to disorder is satisfying on some innate level.
Certainly, we could use a bit of revitalization with most of this year behind us, and what better time to bring a fresh start to life than this month with its increasingly crisp days? Do reach out and let me know if you decide to take on a project. I’m looking forward to hearing what you do with September!
Gino Pezzani
RE/MAX Heights Realty
604-418-9366
For the complete news release, including detailed statistics, click here.
Vancouver, BC – September, 2023. The British Columbia Real Estate Association (BCREA) reports that a total of 6,608 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in August 2023, an increase of 15.7 per cent from August 2022. The average MLS® residential price in BC was $958,424, up 5.2 per cent compared to August 2022. The total sales dollar volume was $6.3 billion, representing a 21.7 per cent increase from the same time last year.
“Home sales are starting to settle back into a trend of below-normal activity following an unexpected surge in the spring,” said BCREA Chief Economist Brendon Ogmundson. “However, sales are in a much stronger place than expected given current mortgage qualifying difficulty.”
Active listings in the province were flat month-over-month at just over 31,000 total listings and up slightly year-over-year.
Year-to-date BC residential sales dollar volume was down 17.4 per cent to $52.7 billion, compared with the same period in 2022. Residential unit sales were down 13.4 per cent to 54,126 units, while the average MLS® residential price was down 4.6 per cent to $973,011.
For more information, please contact: Gino Pezzani.
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.