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August 2022 Market Update

 

'Uncharted territory': What rising rates mean for homebuyers

Whether you're a first-time homebuyer or an existing homeowner, the dynamics of the housing market are quickly changing as borrowing costs soar.

While new homebuyers are busy revising their budgets, existing homeowners with a floating-rate mortgage - or adjustable mortgage - will see their payments rise.

“Where people get kind of confused is the difference between a variable rate and an adjustable rate. An adjustable rate is a floating-rate mortgage that has a payment and interest rate that move with prime rates.”

READ MORE

 

Click the link below to view the monthly market statistics for your area in an easy to understand infographic. Listings, sales and prices are summarized for condos, townhomes and single-family homes in cities across BC. For more up-to-date market information please visit macrealty.com/blog.

 

Abbotsford

Bowen Island

Burnaby East

Burnaby North

Burnaby South

Cloverdale

Coquitlam

Kelowna

Ladner

Langley

Maple Ridge

Mission

Nanaimo

New Westminster

North Delta

North Surrey

North Vancouver

Parksville

Pitt Meadows

Port Coquitlam

Port Moody

Richmond

Saanich Peninsula

South Okanagan

South Surrey/
White Rock

Squamish

Sunshine Coast

Surrey - Central

Tsawwassen

Vancouver - East

Vancouver - West

Victoria

Vernon

West Vancouver

Whistler

Three-day cooling-off period for homebuyers coming in January

A new three-day cooling off period for homebuyers to allow time for inspections and related due diligence after an accepted offer is coming into effect in January.

The program, which applies to both resale and new homes, will be the first in Canada.

READ MORE


Sources: Zumper, Padmapper, Rentals.ca, Macdonald Commercial Real Estate Services Ltd.

 
 

B.C. Real Estate News

BRITISH COLUMBIA

Bank of Canada hikes rate to 2.5%. Here's what it means for you (CBC News)

What to know when switching your variable mortgage to a fixed rate (BNN Bloomberg)

Panicking over rising interest rates? Mortgage specialists share advice to help ease stress (CBC News)

B.C. homebuyer protection period announced amid real estate crunch (City News)

Nowhere to live: Rents in Canada surge as home prices fall (Reuters)

RBC downgrades forecast for Canadian housing market (Business in Vancouver)

Summer creates 'perfect storm' for B.C. rental scams, BBB warns (CTV News)

LOWER MAINLAND

Here's how much you'd need to earn per year to buy a home in Vancouver (CTV News)

Vancouver's housing market has entered a 'new cycle.' Here's what that means (CTV News)

$17.8M Vancouver listing includes plans and permits, encourages buyer to tear down existing home (CTV News)

Photos: These are the 10 most expensive homes in Metro Vancouver (Vancouver is Awesome)

Greater Vancouver home prices shoot up 10 percent even as sales fall due to “quieter demand” (The Georgia Straight)

Fraser Valley and Chilliwack housing markets crater as sales drop more than 50 percent (The Georgia Straight)

As real estate sales slow amid higher interest rates, a 'calmer environment for decision-making' (Time Colonist)

SQUAMISH & WHISTLER

B.C. government extends real estate speculation tax to Squamish and Duncan (Global News)

Will the speculation tax create more housing in Squamish? (Squamish Chief)

Whistler's real estate market getting 'back to normal'—but don't expect prices to drop (Pique)

VICTORIA & VANCOUVER ISLAND

Rising interest rates expected to lead to Victoria housing market correction (CTV News)

Here's how much you need to make to buy a house in Victoria (CTV News)

Owners of empty homes in these 6 areas of B.C. are about to pay more (CTV News)

Community 'collapsing' say some Salt Spring Islanders, in appeal for vacancy tax (Global News)

Nanaimo building permits surge to record high for first six months (Times Colonist)

OKANAGAN

New development next to Okanagan Golf Club swinging into action (Castanet)

Kelowna says 'no for now' for three-tower downtown development (Business in Vancouver)

 
 

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