BC and Canada Real Estate Market report
August 2019 Market Update
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CHMC sees 'moderate overvaluation' in Canada's housing market, but little vulnerability overall
After waving a red flag of warning about Canada's housing market for more than two years, Canada's national housing agency says the overall level of vulnerability has inched down from high to moderate over the past six months.
That's one of the main takeaways of a quarterly report from the Canada Mortgage and Housing Corporation on Thursday, in which the housing agency looks at some of Canada's biggest housing markets and assesses their risk level based on four factors:
- Overheating: when the number of home sales significantly outpaces the number of new listings.
- Price acceleration: when prices rise quickly, which can be a sign of speculative activity.
- Overvaluation: when prices are higher than incomes, mortgage rates and local rents can justify.
- Overbuilding: when there is a higher-than-normal vacancy rate for rentals, or a higher-than-normal amount of new buildings that have yet to sell.
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Click the link below to view the monthly market statistics for your area in an easy to understand infographic. Listings, sales and prices are summarized for condos, townhomes and single family homes in cities across BC.
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Hong Kongers are looking to buy properties in Toronto and Vancouver as protests rage
As protests continue to rock Hong Kong, real estate brokers in Canada and the U.K. are fielding a flood of inquiries from investors in the former British colony who are eager to get out.
Dan Scarrow, president of Macdonald Real Estate Group in Vancouver, said many of his Chinese agents saw an uptick in interest for both sales and rentals this month from Hong Kong.
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This entry was posted on August 13th, 2019 by Simon Hudson | Posted in General
