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The following is an excerpt of an article written by VERICO’s Economic Consultant Michael Campbell and published on the VERICO blog. Read the full article on the VERICO blog What impact will the 15% foreign property tax have on the market? Virtually nothing if the concern is affordability. There’s no evidence to suggest that foreign buyers […]
Home prices across Canada are set to jump this year as interest rates are kept near record lows by economic uncertainty from the U.K. referendum to leave the European Union, according to brokerage Royal LePage. The average house price will rise 12.4 percent from 2015 to C$563,000 ($434,000), the highest year-over-year forecast from a real estate […]
The Bank of Canada just announced that it is maintaining its target for the overnight rate at 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent. Inflation in Canada is on track to return to 2 per cent in 2017 as the complex adjustment underway […]
The trend measure of housing starts in Canada was 197,918 units in June compared to 190,302 in May, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts. June saw housing starts pick up increased in Canada, especially in […]
The following is an excerpt of the Economic Update for Q3 2016 released by VERICO’s Economic Consultant Michael Campbell. Read the full report on the VERICO blog The biggest immediate impact of the UK vote and the rise of anti-EU parties will be on the currency markets because the euro will no longer be […]
The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards and Associations in 2016 and 2017. Canadian resale housing market trends that defined 2015 have intensified. National sales activity and average prices reached new heights in the first half of […]
According to statistics released today by The Canadian Real Estate Association (CREA), national home sales dropped in May 2016 after having set an all-time monthly record in April. Highlights: - National home sales dropped 2.8% from April to May - Actual (not seasonally adjusted) activity was up 9.6% compared to May 2015 - The number of newly […]
