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December 2019 Real Estate Update

February 5th, 2020|

The Canadian job market reversed some of its losses from November, gaining 35,200 jobs in December. Overall, the Canadian economy added 320,000 jobs in 2019, including 282,800 full time jobs and 37,500 part time jobs. Experts say this confirms the Bank of Canada’s current policy stance that the economy remains resilient making further interest rate cuts unnecessary, and they predict the Bank of Canada will hold its interest rate steady at 1.75%. Assessment BC has released its 2020 property assessments, with many houses across Metro Vancouver seeing double-digit drops in value.

August 2019 Real Estate Update

September 22nd, 2019|

Fort St. John is experiencing a rise in commercial and residential real estate values after approval of the TransCanada Coastal GasLink pipeline. While prices in the Vancouver area continue to decline, sales have risen, and the Real Estate Board of Greater Vancouver believes this is a sign of a normalizing market. While some developers have had to cancel or delay real estate development in Metro Vancouver, others are experiencing some success by shifting their focus to purpose-build rental housing. Although observers have warned that the recent downturn in B.C.’s real estate market could result in catastrophic wealth destruction, the B.C. government believes the market is returning to normal conditions.