what's happening in real estate?

Did you know? 

  • Stats Canada is working on a national data base of real estate statistics.  The Housing Statistics Framework will collect data on prices, foreign ownership, mortgage and more.  The project is expected to be complete by the end of the year.
  • Bank of Canada increased interest rates to 3/4% from 1/2%, the first increase since 2010.  British Columbia Real Estate Association expects, by the end of the year, interest rats will rise to 1% and mortgage rates will near 3% for a five year fixed rate.
  • 93% of all condos listed in June on the Real Estate Board of Greater Vancouver MLS were sold that month.  Demand for condos continues to outstrip supply as listings for condos were near at all time low.  Meanwhile, listings for detached homes have increased every month this year.
  • Port Moody could be home to up to 15,000 new residents.  Old industrial sites close to Skytrain stations may become high density residential neighborhoods as part of the official community plan.  So far, Port Moody city council appears favorable to change.

Now you know!