B.C. posts dramatic drop in July real estate sales

The Vancouver Sun- A year ago, British Columbia’s real estate markets were rising to a peak in sales. In July, they dramatically fell off it.

Sharp drops in sales in B.C.’s biggest markets led the province to a 42-per-cent decline in July sales through the Multiple Listing Service compared with the same month a year ago, the B.C. Real Estate Association reported Thursday.

"What we’ve seen is that the province was buoyed up by Vancouver, Victoria and to some extent the Fraser Valley earlier in the year as those markets were very strong indeed," Cameron Muir, the association’s chief economist, said in an interview.

"Now of course, those markets have shifted back toward being more in favour of buyers, so they’ve brought the entire province into that category…”

B.C. posts dramatic drop in July real estate sales

HST contributing to double-digit decline in B.C. housing starts

Biv Business Today- The number of B.C. housing starts fell 13.3% in July, according to data released Tuesday morning by the Canada Mortgage and Housing Corporation (CMHC).

The number of starts fell to 1,817 in July, down from 2,096 in June. The most significant decline was in Metro Vancouver with a 10% decline to 1,124 units from 1,250 in June.

From a seasonally adjusted basis, B.C. housing starts fell 14.8% in July, slipping to an average annual rate of 20,100 from 23,500 in June. The average annual rate in Metro Vancouver fell to 12,900 units from 14,100…

www.bivinteractive.com – HST contributing to double-digit decline in B.C. housing starts

Household worth rebounds after recession

Times Colonist- Rising stocks and home prices have helped restore almost all of the value Canadians lost in household net worth during the economic downturn.

Household net worth rose 1.3%, or by $74-billion, to $6-trillion, as the growth in the value of assets, particularly equities and residential real estate, exceeded the increase in liabilities, Statistics Canada reported Monday.

“This marks the fourth consecutive quarterly improvement in household net worth and reflects a 96 per cent recovery off the net worth lost during the recent economic downturn,” David Onyett-Jeffries, economist at RBC Economics Research, wrote in an analysis.

“The increase of household net worth continues to repair the cumulative $552-billion decline.”

Household debt has also risen as low interest rates have encouraged Canadians to increase borrowings, but that has led to strengthening in demand and asset prices, particularly housing, said Mr. Onyett-Jeffries…

Household worth rebounds after recession

May home sales fall 9.5% on new mortgage rules

Financial Post- Home sales fell by 9.5% in May across the country, according to the Canadian Real Estate Association.

The Ottawa-based group, which represents 100 boards across the county, said sales activity was down in 70% of local markets but it was the Toronto, Vancouver and Ottawa markets that pulled the national number down.

The group says new mortgage rules which make it harder to borrow and kicked in April 19 pushed people to make a purchase ahead of the spring market. Rising mortgage rates were another reason given for the decline.

“May was the first full month in which sales activity was affected by these changes,” said Georges Pahud, president of CREA. “An accompanying decline in new listings and housing starts means these changes are also affecting the supply side, which will keep the market balanced and Canadian home prices stable…”

May home sales fall 9.5% on new mortgage rules

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