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Home prices are set to rise across BC next year, including Vancouver and the Fraser Valley, but at a slower rate than in 2015, according to a report issued October 26 by the Canada Mortgage and Housing Association (CMHC).

The average Greater Vancouver home price is expected to increase by nine per cent overall year-over-year in 2015 to $887,600, but more modest price growth of three per cent to $914,100 is expected in 2016. The CMHC forecasts a further 2.1 per cent growth in 2017 to $933,200.

 

Total Multiple Listings Service® (MLS®) sales in the Fraser Valley are forecast to reach 19,300 transactions in 2015, before edging lower in 2016 and 2017. Average MLS® home prices are expected to rise 8.8 per cent in 2015 and, like Vancouver, see smaller increases in 2016 and 2017 as higher mortgage rates and the supply of homes for sale grows over the next two years.

 

Home sales in Greater Vancouver are set to reach 41,800 by the end of 2015, the highest level in ten years, before easing back to 38,400 in 2016 and 37,400 in 2017. The CMHC added in its report that these levels would still be well above the 10-year average.

 

CMHC chief economist Bob Dugan said housing market activity in BC has benefited from sliding energy prices, record low mortgage rates and a falling Canadian dollar. However, Dugan said the CMHC expected this “counterbalancing effect" to diminish over 2016 and 17. The CMHC also predicts a “stable but elevated pace of new home construction” in 2016 and 2017, with Vancouver CMA housing starts forecast at 20,700 and 20,100 units, respectively.


“Demand for homes in Vancouver is well supported due to a strong labour market, low mortgage rates and steady population growth,” said Richard Sam, CMHC principal, market analysis for Vancouver.

 

Source: CMHC

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October 28, 2015 - The US Federal Reserve ("the Fed") opted to leave its key interest rate unchanged at its current level of between zero and 0.25 per cent. In its accompanying statement, the Fed cited that inflation continues to run below the Fed's long-run objective of 2 per cent and US economy activity was expanding at a moderate pace, hampered by a high dollar and attendant softness in exports. The Fed anticipates that it will only be appropriate to raise its target rate once the labor market shows further improvement and it can be reasonably confident that inflation will move back to its 2 per cent target over the medium term.


Most economists agreed that the Fed was unlikely to raise rates at the October meeting, preferring to wait until December before initiating a lift-off from the zero rate policy that has prevailed since 2008. A global economic slowdown since the summer has provided a significant amount of cover for the Fed to put off raising rates until it can better grasp the impact of slower global growth and a high US dollar on the US economy. The Fed also wants to be "reasonably confident" that its preferred measure of inflation, which is currently tracking at just 1.4 per cent, will  reach 2 per cent over the medium-term, usually defined as about 2 years.  Our modeling suggests a somewhat low-probability that inflation will reach 2 per cent before the end of 2016.  If that holds, and the Fed puts off tightening longer than currently expected, key bond yields in both the US and Canada should remain low, meaning low mortgage rates will continue throughout next year. 


source: BCREA

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Please visit our Open House at 4315 PRINCE ALBERT ST in Vancouver.
Open House on Saturday, October 31, 2015 2:00 PM - 4:00 PM
Fully renovated family home w/hard to find 4 bedrooms upstairs! Main floor features beautiful hardwood floors. Gorgeous renovated cook's kitchen including Jennair SS appliances & eating bar opening onto great room with gas fireplace, vaulted ceilings & surround sound speakers. Custom Eclipse doors open onto entertainment sized private back deck w/ gas connection for BBQ. Plus 2 more bedrooms/office/den on main. Downstairs is a ready to go 2 bedroom suite w/ renovated bath & separate laundry. Full sized sunny west facing lot, a full garage + carport. Tons of storage. Enjoy a stunning luxurious spa like master bath. Professionally updated throughout including high efficiency furnace, hot water tank, windows, Nuheat floors, Grohe bath fixtures, new roof and more! Excellent location in the hot Main/Fraser neighbourhood.
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We have just listed a new property at 4315 PRINCE ALBERT ST in Vancouver.
Fully renovated family home w/hard to find 4 bedrooms upstairs! Main floor features beautiful hardwood floors. Gorgeous renovated cook's kitchen including Jennair SS appliances & eating bar opening onto great room with gas fireplace, vaulted ceilings & surround sound speakers. Custom Eclipse doors open onto entertainment sized private back deck w/ gas connection for BBQ. Plus 2 more bedrooms/office/den on main. Downstairs is a ready to go 2 bedroom suite w/ renovated bath & separate laundry. Full sized sunny west facing lot, a full garage + carport. Tons of storage. Enjoy a stunning luxurious spa like master bath. Professionally updated throughout including high efficiency furnace, hot water tank, windows, Nuheat floors, Grohe bath fixtures, new roof and more! Excellent location in the hot Main/Fraser neighbourhood.
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We have just sold a property at 298 16TH AVE W in Vancouver.
Excellent town home in hot Cambie neighborhood! This large family size townhome of over 1900 square feet features a spacious open plan living & dining rooms, beautiful updated kitchen with eating bar. Upstairs offers big 2 bedrooms & a den including master bedroom with vaulted ceilings and a balcony with mountain/park views! Huge basement offers terrific flexible space as rec room + optional 3rd bedroom and plenty of storage. 3 full baths & a fully fenced yard for the kids to play. Across the street from Mt Pleasant Park & steps to Cambie / Main St, City Square Shopping, transportation and recreation.
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Please visit our Open House at 298 16TH AVE W in Vancouver.
Open House on Sunday, October 11, 2015 2:00 PM - 4:00 PM Outstanding space! Don't miss this one.
Excellent town home in hot Cambie neighborhood! This large family size townhome of over 1900 square feet features a spacious open plan living & dining rooms, beautiful updated kitchen with eating bar. Upstairs offers big 2 bedrooms & a den including master bedroom with vaulted ceilings and a balcony with mountain/park views! Huge basement offers terrific flexible space as rec room + optional 3rd bedroom and plenty of storage. 3 full baths & a fully fenced yard for the kids to play. Across the street from Mt Pleasant Park & steps to Cambie / Main St, City Square Shopping, transportation and recreation.
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