Real Estate News

Latest interest rate hike will soften housing market activity, but home prices are not likely to go down

Posted on Aug 03, 2023 in Market Trends

Canadians continue to grapple with the increased cost of living, and the Bank of Canada’s latest hike to interest rates this week will add more pressure to variable rate mortgage holders, as well as those looking to qualify for lending. While buyers who have secured a rate hold are anxious to make a purchase before it expires, some sellers have hit...

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Here’s how much house $1 million can buy in Canada’s major real estate markets today

Posted on Feb 23, 2023 in Market Trends

Despite several consecutive hikes in interest rates over the past year, home prices in Canada have remained relatively stable thanks to low inventory. In major housing markets across the country, a $1-million price tag is not uncommon, but the type of property available at this price point can vary from one city to another.
In examining what a budge...

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What you need to know about British Columbia’s cooling-off period

Posted on Feb 08, 2023

The first resale policy of its kind in Canada, homes bought and sold in British Columbia will now be automatically enrolled in a mandatory multi-day rescission period, according to new legislation.
The Homebuyer Protection Period took effect in British Columbia on January 3rd, 2023. Also known as the Homebuyer Rescission Period (HBRP) or cooling-off...

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Canadian home prices wrap up 2022 down slightly over previous year, but remain above pre-pandemic levels

Posted on Jan 16, 2023 in Market Trends

For the first time in more than a decade, the aggregate price of a home in Canada posted a year-over-year decline in the fourth quarter of 2022. According to the Royal LePage House Price Survey, the aggregate price of a home in Canada decreased 2.8% year-over-year to $757,100 in the final quarter of 2022; the first year-over-year decline recorded s...

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National 2022 home price forecast lowered to 5% to reflect softening markets in Ontario and B.C.

Posted on Sep 06, 2022 in Market Trends

Royal LePage is forecasting that the aggregate price of a home in Canada will increase 5.0 per cent in the fourth quarter of 2022, compared to the same quarter last year. The forecast has been revised downward from the previous quarter following more aggressive than expected interest rate hikes by the Bank of Canada, resulting in an expected tempor...

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