The government released the regulations supporting the federal foreign buyer ban now, defining what the ban will look like.

These regulations outline:

  • The definition of a residential property, foreign buyer, and purchase;

  • Exceptions for temporary residents that meet specific obligations that include students or workers, refugees, and accredited members of foreign missions in Canada; and

  • Penalties for non-compliance applicable to Non-Canadians, as well as any person or entity knowingly assisting a Non-Canadian in violating the prohibition

There’s still little information on how this law and its regulations will be interpreted and enforced.

Please read it carefully using the link above if you are interested, or contact Gino Pezani, for further questions. 

Read

Canadian real GDP edged up by 0.1 per cent in October, following a 0.2 per cent increase in September. Growth in services-producing industries (+0.3 per cent) offset declines in goods-producing industries (-0.7 per cent) as real GDP grew in 11 of 20 subsectors. Canadian real GDP is now roughly 2.9 per cent above its pre-pandemic, February 2020 level. Preliminary estimates suggest that output in the Canadian economy grew again by 0.1 per cent in November.

Recent GDP growth figures, while not strong, have tended to outpace expectations. With 0.1 per cent increases expected for October and November, at this rate fourth quarter GDP growth could come in at an annualized rate of around 1.2 per cent. This would be well-above the Bank of Canada's forecast of 0.5 per cent for Q4 as of the October monetary policy report. Alongside higher than expected core CPI figures released Wednesday, today's GDP figures could make it more challenging for the central bank to avoid an additional rate hike at its meeting on January 25th. 

Link: https://mailchi.mp/bcrea/canadian-economic-growth-real-gdp-oct-2022

For more information, please contact: Gino Pezzani.

Read

Canadian prices, as measured by the Consumer Price Index (CPI), rose 6.8 per cent on a year-over-year basis in November, a slight decrease from the 6.9 per cent rate in October. Despite rising food and shelter costs, falling gasoline and furniture prices softened the pressure on prices. Rising interest rates contributed to an increase in mortgage interest costs, which were up 14.5 per cent year-over-year as Canadians renewed or initiated higher-rate mortgages. Month-over-month, on a seasonally-adjusted basis, prices were up 0.4 per cent in November, down from 0.6 per cent in October. In BC, consumer prices rose 7.2 per cent year-over-year, down from 7.8 per cent last month. Average hourly wages grew 5.6 per cent year-over-year in November, indicating a decline in purchasing power. 

November's CPI numbers were lower than October, but this was largely driven by volatile gasoline prices and base-year effects in furniture prices. Food and shelter costs continued to rise strongly in November and the Bank's preferred measures of core inflation, which strip out volatile components, ticked up in November. Overall, inflation remains well above the Bank of Canada's 2 per cent target and we will need to see more positive news in core inflation over the next several months before the Bank changes direction on interest rates. 



Link: https://mailchi.mp/bcrea/canadian-inflation-november-2022

For more information, please contact: Gino Pezzani.

Read

Canadian seasonally-adjusted retail sales rose 1.4 per cent in October to $62 billion. Sales rose in 6 of 11 subsectors, but were led by higher sales at gasoline stations (+6.8 per cent) and food and beverage stores (+2.2 per cent). Core retail sales, which strips out gasoline and motor vehicle and parts dealers, rose 0.9 per cent in October. In volume terms, sales were unchanged.

In BC, seasonally-adjusted sales rose 1.3 per cent in October. Compared to the same month last year, retail sales were up 3.6 per cent in the province. In the Greater Vancouver region, sales rose 1.3 per cent month-over-month and were up 3.1 per cent year-over-year. 

In October, Canadian e-commerce sales fell 4.4 per cent to $3.4 billion, corresponding to 5.2 per cent of retail sales. This percentage remains elevated relative to pre-pandemic levels, but is lower than during core months of the pandemic in 2020 and 2021. 

Link: https://mailchi.mp/bcrea/canadian-retail-sales-october-2022-december-20-2022

For more information, please contact: Gino Pezzani.

Read

Canadian housing starts were essentially flat in November, declining just 0.2 per cent to 264.2k units at a seasonally-adjusted annual rate (SAAR). Comparing year-over-year, starts were down from November of 2021 (14 per cent). Single-detached housing starts fell 5 per cent to 67.8k, while multi-family and others rose 2 per cent to 196.4k (SAAR). 

In British Columbia, starts rose by 9 per cent in November to 50.5k units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts fell 4 per cent m/m to 7.4k units while multi-family starts rose 13 per cent to 39.6k units. Starts in the province were 28 per cent above the levels from November 2021. Starts were up by 2k in Vancouver and 0.9k in Kelowna, but were down by 0.1k in Abbotsford and unchanged in Victoria. The 6-month moving average trend rose 3 per cent to 50.7k in BC in November. 

Link: https://mailchi.mp/bcrea/canadian-housing-starts-november-2022

For more information, please contact: Gino Pezzani.

Read

For the complete news release, including detailed statistics, click here.

Vancouver, BC – December, 2022. The British Columbia Real Estate Association (BCREA) reports that a total of 4,512 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November 2022, a decrease of 50.8 per cent from November 2021 and about 30 per cent below a historical average November. The average MLS® residential price in BC was $906,785 an 8.6 per cent decrease from $992,245 recorded in November 2021. Total sales dollar volume was $4.1 billion, a 55 per cent decline from the same time last year. 


“A lot has changed in 2022,” said Brendon Ogmundson, Chief Economist. “This time last year, home sales were near a record for November, home prices were accelerating, and mortgage rates were less than half of current levels. Elevated mortgage rates will continue to constrain sales activity, though with the Bank of Canada nearing the end of its tightening cycle and benchmark bond yields falling, mortgage rate relief may be on the horizon.”

Year-to-date, BC residential sales dollar volume was down 28.7 per cent from the same period in 2021 to $77.4 billion. Residential unit sales were down 34.4 per cent to 77,376 units, while the average MLS® residential price was up 8.6 per cent to $1 million.   

For more information, please contact: Gino Pezzani.

Read

The Bank of Canada raised its overnight policy rate by 50 basis points, bringing it to 4.25 per cent, its highest level since 2008. In the statement accompanying the decision, the Bank noted that the Canadian economy continues to operate in excess demand with tight labour markets and as a result inflation remains elevated. There is increasing evidence that tighter monetary policy is restraining the domestic economy, with household spending declining in the third quarter while interest-rate sensitive sectors like housing continue to sharply contract. The Bank continues to expect economic growth to stall through the end of 2022 and into the first half of 2023. Inflation is expected to ease over the next year, falling to 3 per cent in 2023 and returning to the 2 per cent inflation target in 2024. The next rate announcement is on January 25th, 2023. 

After a year of aggressive tightening that now appears to be at or very close to an end, the Bank may reverse course in the second half of 2023 as the economy slows significantly or even tips into recession. Crucially, any loosening of monetary policy will only occur if we see a sustained decline in inflation. Given weakening economic growth, falling gasoline and other commodity prices, and fading effects from pandemic driven supply chain problems, we could see a significant downward trajectory for inflation in 2023, which would provide the Bank with the necessary support to begin lowering its policy rate.

Link: https://www.bankofcanada.ca/2022/12/fad-press-release-2022-12-07/

For more information, please contact: Gino Pezzani.

Read

Canadian employment rose by a hair to 19.666 million in November, up by 10,000 (0.05 per cent). The Canadian unemployment rate fell by 0.1 to 5.1 per cent, hovering just above all-time lows. Average hourly wages were up 5.6 per cent from this time last year. Wage gains remain below the inflation rate, however, which hit 6.9 per cent year-over-year in the most-recent data. Total hours worked were up 1.8 per cent year-over-year. 

Employment in BC fell by 0.5 per cent to 2.748 million in November, while Metro Vancouver's employment rose by 0.1 per cent month over month. BC's unemployment rate rose in November to 4.4 per cent, still near record lows, while Metro Vancouver's rate rose to 4.7 per cent. Among the provinces, only Quebec and Saskatchewan currently have a lower unemployment rate. 

Link: https://mailchi.mp/bcrea/canadian-employment-november-2022-december-2-2022

For more information, please contact: Gino Pezzani.

Read
Categories:   Albion, Maple Ridge Real Estate | April 2023 Newsletter | April 2024 Newsletter | April Newsletter 2022 | Arbutus, Vancouver West Real Estate | August 2021 News | August 2022 Newsletter | August 2023 Newsletters | Bank | Blueridge NV, North Vancouver Real Estate | Brentwood Park, Burnaby North Real Estate | Brighouse South, Richmond Real Estate | Brighouse, Richmond Real Estate | British Properties, West Vancouver Real Estate | Burke Mountain, Coquitlam Real Estate | Burnaby Lake, Burnaby South Real Estate | Cambie, Vancouver West Real Estate | Canadian Employment | Canadian Inflation | Canyon Heights NV, North Vancouver Real Estate | Canyon Springs, Coquitlam Real Estate | Capitol Hill BN, Burnaby North Real Estate | Central Lonsdale, North Vancouver Real Estate | Central Park BS, Burnaby South Real Estate | Champlain Heights, Vancouver East Real Estate | Citadel PQ, Port Coquitlam Real Estate | Cloverdale BC, Cloverdale Real Estate | Coal Harbour, Vancouver West Real Estate | Collingwood VE, Vancouver East Real Estate | Coquitlam West, Coquitlam Real Estate | COVID-19 Recovery Dashboard | December 2021 Newsletter | December 2022 Newsletter | December 2023 Newsletter | Delta Manor, Ladner Real Estate | Downtown NW, New Westminster Real Estate | Downtown VW, Vancouver West Real Estate | Downtown, Vancouver West Real Estate | Dunbar, Vancouver West Real Estate | Eagle Harbour, West Vancouver Real Estate | East Burnaby, Burnaby East Real Estate | East Newton, Surrey Real Estate | East Richmond, Richmond Real Estate | Fairview VW, Vancouver West Real Estate | False Creek, Vancouver West Real Estate | February Newsletter 2022 | February Newsletter 2023 | February Newsletter 2024 | Forest Hills BN, Burnaby North Real Estate | Fraser VE, Vancouver East Real Estate | Fraserview NW, New Westminster Real Estate | Fraserview VE, Vancouver East Real Estate | GDP | Grandview VE, Vancouver East Real Estate | Grandview Woodland, Vancouver East Real Estate | Greentree Village, Burnaby South Real Estate | Hamilton RI, Richmond Real Estate | Hamilton, Richmond Real Estate | Hastings, Vancouver East Real Estate | Highgate, Burnaby South Real Estate | House Marketing | Housing Starts | Interest Rate | Ironwood, Richmond Real Estate | January Newsletter 2022 | January Newsletter 2023 | January Newsletter 2024 | July 2021 Newsletter | July 2022 Newsletter | July 2023 Newsletter | July 2024 Newsletter | June 2022 Newsletter | June 2023 Newsletter | June 2024 Newsletter | Killarney VE, Vancouver East Real Estate | Kitsilano, Vancouver West Real Estate | Knight, Vancouver East Real Estate | Letter From The Heart | Lions Bay, West Vancouver Real Estate | Lower Lonsdale, North Vancouver Real Estate | Maillardville, Coquitlam Real Estate | Main, Vancouver East Real Estate | March Newsletter 2022 | March Newsletter 2023 | March Newsletter 2024 | May 2022 Newsletter | May 2023 Newsletter | May 2024 Newsletter | Meadow Brook, Coquitlam Real Estate | Metrotown, Burnaby South Real Estate | Mount Pleasant VE, Vancouver East Real Estate | Mount Pleasant VW, Vancouver West Real Estate | New Horizons, Coquitlam Real Estate | Newsletter November 2021 | North Coquitlam, Coquitlam Real Estate | North Vancouver Real Estate | November 2021 Newsletter | November 2022 Newsletter | November 2023 Newsletter | November Newsletter 2021 | October 2021 Newsletter | October 2022 Newsletter | October 2023 Newsletter | Pebble Hill, Tsawwassen Real Estate | Pictures and thoughts to share | Point Grey, Vancouver West Real Estate | Quay, New Westminster Real Estate | Queen Mary Park Surrey, Surrey Real Estate | Queensborough, New Westminster Real Estate | Quilchena, Vancouver West Real Estate | Richmond Real Estate | S.W. Marine, Vancouver West Real Estate | Sapperton, New Westminster Real Estate | September 2021 News | September 2022 Newsletter | September 2023 Newsletter | Silver Valley, Maple Ridge Real Estate | Simon Fraser Univer., Burnaby North Real Estate | Sold listings | South Granville, Vancouver West Real Estate | South Marine, Vancouver East Real Estate | South Slope, Burnaby South Real Estate | South Surrey White Rock Real Estate | Squamish Real Estate | Steveston South, Richmond Real Estate | Sullivan Heights, Burnaby North Real Estate | The Crest, Burnaby East Real Estate | Tsawwassen Central, Tsawwassen Real Estate | University VW, Vancouver West Real Estate | Upper Eagle Ridge, Coquitlam Real Estate | Uptown NW, New Westminster Real Estate | vancouver island Real Estate | Vancouver Real Estate | Victoria VE, Vancouver East Real Estate | Victoria VE, Vancouver West Real Estate | WALL CENTRE FALSE CREEK, Vancouver West Real Estate | West End VW, Vancouver West Real Estate | Westwood Plateau, Coquitlam Real Estate | Whalley, North Surrey Real Estate | Whalley, Surrey Real Estate | Willoughby Heights, Langley Real Estate | Yale - Dogwood Valley, Vancouver West Real Estate | Yaletown, Vancouver West Real Estate | Yel | Yelllow Newsletter July 2022 | Yellow Newletter December 2021 | Yellow Newletter June 2022 | Yellow Newsletter | Yellow Newsletter April 2022 | Yellow Newsletter April 2023 | Yellow Newsletter April 2024 | Yellow Newsletter August 2021 | Yellow Newsletter August 2022 | Yellow Newsletter August 2023 | Yellow Newsletter December 2021 | Yellow Newsletter December 2022 | Yellow Newsletter December 2023 | Yellow Newsletter February 2022 | Yellow Newsletter February 2023 | Yellow Newsletter February 2024 | Yellow Newsletter January 2022 | Yellow Newsletter January 2023 | Yellow Newsletter January 2024 | Yellow Newsletter July 2022 | Yellow Newsletter July 2023 | Yellow Newsletter July 2024 | Yellow Newsletter June 2022 | Yellow Newsletter June 2023 | Yellow Newsletter June 2024 | Yellow Newsletter March 2022 | Yellow Newsletter March 2023 | Yellow Newsletter March 2024 | Yellow Newsletter May 2022 | Yellow Newsletter May 2023 | Yellow Newsletter May 2024 | Yellow Newsletter November 2021 | Yellow Newsletter November 2022 | Yellow Newsletter November 2023 | Yellow Newsletter October 2021 | Yellow Newsletter October 2022 | Yellow Newsletter October 2023 | Yellow Newsletter October, 2021 | Yellow Newsletter September 2021 | Yellow Newsletter September 2022 | Yellow Newsletter September 2023
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.