In August, for the second consecutive month, Canadian real GDP was largely unchanged. A surge in sales of machinery, equipment, and supplies led to a 2.3 per cent increase in the Wholesale trade sector. Meanwhile, oil & gas extraction rose 1 per cent on higher extractions in Western Canada while mining and quarrying rose 4.2 per cent.

Manufacturing, on the other hand, fell 0.6 per cent, declining for the third consecutive month. Offices of real estate agents and brokers fell for the second consecutive month, dropping 3.8 per cent as sales softened over the late summer. Overall, Canadian real GDP is now 3.6 per cent above its pre-pandemic, February 2020 level.

Preliminary estimates suggest that output in the Canadian economy was again largely…

186 Views, 0 Comments

Read Full Post

Introduction

The Importance of Choosing the Right Realtor in Vancouver

Choosing the right realtor is like finding the right key to unlock a treasure chest, especially in a booming market like Vancouver. A top-notch realtor not only helps you navigate the real estate maze but also unlocks doors to hidden gems that you wouldn't find otherwise.

What Makes a Realtor the Best?

Is it experience, knowledge, or the ability to connect? It's a blend of all these and more. Let’s delve into what makes a realtor the "best" in Vancouver.

Why Vancouver?

Brief on Vancouver’s Real Estate Market

The real estate market in Vancouver is a kaleidoscope of opportunities. From sleek downtown condos to idyllic houses in the suburbs, the city offers something…

201 Views, 0 Comments

Read Full Post

Hawkish Hold By The Bank of Canada The Bank of Canada today held its target for the overnight rate at 5%, as was widely expected. The central bank continues to normalize its balance sheet through quantitative tightening, reducing its Government of Canada bonds holdings.

The Monetary Policy Report (MPR) detailed a slowdown in global economic growth “as past increases in policy rates and the recent surge in global bond yields weigh on demand.” Continued increases in longer-date bond yields reflect the stronger-than-expected growth in the US, where the Q3 economic growth rate, released tomorrow, is expected to be a whopping 5%. Ten-year yields in the US have risen to nearly 5%, boosting fixed mortgage rates in Canada.

Oil prices are higher than was…

183 Views, 0 Comments

Read Full Post

Increasing Mortgage Rates Weighed Heavily On Housing In September Mortgage rates continued to rise in September after BoC tightening and one of the largest bond selloffs in history.

Yields have retraced some of their rise more recently, but demand for new and existing homes has slowed. According to data released by the Canadian Real Estate Association, national home sales declined 1.9% m/m in September, its third consecutive monthly decline. At least September's drop was about half as large as in August, dominated by weakness in the Greater Vancouver and the Greater Toronto Area.

Sales gains were posted in Edmonton, Montreal, and the Kitchener-Waterloo region. The actual (not seasonally adjusted) number of transactions in September 2023 came in 1.9%…

184 Views, 0 Comments

Read Full Post

Introduction

Buying a home is a dream come true for many. However, the process involves more than just paying the price of the house. It comes with additional costs, which if not planned for, could catch you off guard.

Importance of Understanding Costs

Understanding the various costs associated with home buying will not only help you plan better but also avoid any unpleasant surprises.

Common Misconceptions

Many people often overlook or underestimate these costs which can lead to financial strain later on.

Breakdown of Costs

Property Transfer Tax

In Vancouver, one of the key costs incurred while buying a home is the Property Transfer Tax.

Rates and Exceptions

The rate of Property Transfer Tax is 1% on the first $200,000, 2%…

243 Views, 0 Comments

Read Full Post

Introduction

Buying a new house in Vancouver is an exciting venture, but it requires careful attention to detail to ensure a wise investment. It's crucial to be aware of the red flags that might indicate potential problems. Here are the five biggest red flags to watch for when purchasing a new house in this beautiful city.

1. Signs of Structural Damage

Structural integrity is vital for the safety and longevity of a home. Look out for cracks in the walls, ceilings, and foundation. Though some small cracks can be due to settling, large cracks could indicate serious structural issues.

2. Old or Damaged Roofing

A well-maintained roof is crucial to protect the home from the elements. Check for missing, loose, or damaged shingles, as well as any…

188 Views, 0 Comments

Read Full Post


Introduction

Buying a home is a monumental milestone, a dream come true for many. However, it can also be a nerve-wracking endeavor especially for first-time home buyers. The complex process, large financial commitment, and the fear of making a wrong decision can be overwhelming. This article unravels the most common fears home buyers face and provides insightful solutions to overcome them.

Understanding Home Buyer Fears

Each home buyer's journey is unique but certain fears are common among many. Let’s delve into these fears:

The Fear of Overpaying

No one wants to pay more than they should. The fear of overpaying is real and can cause anxiety especially in a competitive market.

The Fear of Buying a Money Pit

The thought of…

210 Views, 0 Comments

Read Full Post

Introduction

Buying a home is not just a financial decision, but a personal one that impacts your life for years to come. In a city like Vancouver with its diverse housing market, making this big decision can be both exciting and daunting. This guide aims to ease the process by providing a structured approach to finding your right home in this beautiful city.

Understanding the Vancouver Housing Market

The housing market in Vancouver is known for its stability and high-quality offerings. However, it's essential to grasp the market trends and neighborhood dynamics to make an informed decision.

Market Trends

Studying market trends will give you a glimpse into the future of Vancouver’s housing market. Look for patterns in price fluctuations,…

190 Views, 0 Comments

Read Full Post

Introduction

The real estate market is a complex entity, driven by a multitude of factors. In Vancouver, where the housing market is notably volatile, understanding these dynamics is crucial for both buyers and sellers. This article aims to shed light on five uncontrollable factors that significantly impact home prices in Vancouver.

Economic Trends

Economic activities have a profound impact on the real estate market.

Impact on Housing Market

A booming economy can boost the demand for homes, consequently driving up prices. Conversely, economic downturns often result in reduced demand, leading to a decline in home prices.

Government Policies and Regulations

The government plays a significant role in the real estate market through its…

191 Views, 0 Comments

Read Full Post

The process of buying or selling a home is both exciting and nerve-wracking. Each step, from listing the home to handing over the keys, is filled with anticipation, hope, and a fair share of anxiety. One crucial step in this process is the home inspection. While some might see it as an unnecessary delay or expense, the home inspection is a vital part of a successful real estate transaction. In this article, we will delve into seven compelling reasons why both buyers and sellers should never skip the home inspection.

Introduction

The home inspection is a significant step in the home buying and selling process. It provides an in-depth look at the property's condition, helping both parties make informed decisions. Some individuals might be tempted to…

170 Views, 0 Comments

Read Full Post