Kootenay Connector Real Estate Blog

Monday, November 17, 2014

BCREA Housing Market Update (November 2014)

Friday, November 14, 2014

Canadian Manufacturing Sales

Canadian manufacturing sales rebounded from a poor showing in August, rising 2.1 per cent in September to $53 billion. The increase in sales was the eighth gain in the past nine months and was primarily the result of higher sales of transportation equipment.

In BC, where manufacturing employs over 160,000 people, manufacturing sales were up 1.9 cent on a monthly basis, and were 9 per cent higher year-over-year. Through the first nine months of the year, manufacturing sales are close to 7 per cent higher than last year.

Year-to-Date Home Sales Eclipse 2013 Annual Total

The British Columbia Real Estate Association (BCREA) reports that a total of 7,648 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October, up 14.6 per cent from October 2013. Total sales dollar volume was $4.4 billion, an increase of 22 per cent compared to a year ago. The average MLS® residential price in the province rose to $575,504, up 7.1 per cent from the same month last year.

“Consumer demand for housing continues at an elevated level,” said Cameron Muir, BCREA Chief Economist. “There were more homes purchased during the first ten months of the year than during all of 2013”. To the end of October, 73,001 homes have traded hands in the province compared to 72,936 for all of last year."

“Strong year-over-year increases in housing demand were experienced in Chilliwack (up 31 per cent), Victoria (up 21.9 per cent) and the Kootenay (up 19.4 per cent) market areas. Vancouver, Vancouver Island, the Fraser Valley and Okanagan Mainline also posted a marked increase in sales activity last month."

Year-to-date, BC residential sales dollar volume was up 23 per cent to $41.4 billion, compared to the same period last year. Residential unit sales were up 15.8 per cent to 73,001 units, while the average MLS® residential price was up 6.2 per cent at $566,687.

Monday, November 10, 2014

Best Rate Mortgages

This edition of the Weekly Rate Minder has the latest, best rates for Canadian mortgages. At Dominion Lending Centres, we work on your behalf to find the mortgage that suits your needs. Best of all — our service is free.* It's the selected lender that pays us and YOU get the best rate. *(O.A.C., E.&O.E.)

• Our Best National Rates

Terms	Bank Rates	Our Rates
6 Month	4.00%	3.95%
1 YEAR	3.09%	2.69%
2 YEARS	3.04%	2.59%
3 YEARS	3.44%	2.69%
4 YEARS	3.94%	2.87%
5 YEARS	4.79%	2.89%
7 YEARS	6.04%	3.79%
10 YEARS	6.50%	4.39%
Rates are subject to change without notice. *OAC E&OE

Prime Rate is 3.00%

Variable rate mortgages from as low as Prime minus 0.65%

Please note that rates shown above are subject to change without notice. The rates shown are posted rates and the actual rate you receive may be different, depending upon your personal financial situation. “Some conditions may apply. Rates may vary from Province to Province. Rates subject to change without notice. *O.A.C. E.& O.E.” Check with your Dominion Lending Centres Mortgage Professional for full details and to determine what rate will be available for you.

*O.A.C., E.& O.E.

CREA Housing Market Report 9th ed. 2014 /

BCREA Housing Market Update (October 2014)

CREA Housing Market Report 8th ed. 2014 / Rapport sur le marché du logem...

Sunday, November 9, 2014

Canadian and US Employment

October was another big month for job growth as the Canadian economy added 43,000 jobs. The national unemployment rate dropped 0.3 points to 6.5 per cent, the lowest rate since November 2008. Total hours worked, which is closely associated with economic growth, rose 0.4 per cent.

In BC, employment grew by 4,600 jobs in October. Full-time employment expanded by 6,600 jobs while part-time employment fell by 2,000. The provincial unemployment rate remained unchanged at 6.1 per cent. Year-to-date, total employment in BC is up just 0.7 per cent.

The US economy added 214,000 jobs in October while estimates of previous months job growth was revised higher by 30,000 jobs. Over the past 3 month, US payroll growth has averaged a healthy 233,000 jobs. The US unemployment rate fell to 5.8 per cent, the lowest level since July 2008.

Canadian Building Permits

The value of Canadian building permits increased 12.7 per cent in September, rebounding from a steep decline in the previous month.

Building permits also rebounded in BC, rising 9.8 per cent on a monthly basis and 3.8 per cent year-over-year to $879.4 million. Both non-residential and residential permits were higher in September, but growth was primarily the result of a 12.1 per cent increase in residential permits.

Construction intentions were mixed in BC's four census metropolitan areas (CMA). Permits in the Abbotsford-Mission CMA posted a second consecutive month of steep declines, falling 45.7 per cent on a monthly basis, and 37.4 per cent compared to September 2013. Construction intentions in the Kelowna CMA were also lower, with permits dipping 14.1 per cent from August, but were 12.5 per cent higher year-over-year. In the Victoria CMA, permit activity increased 15.8 per cent on a monthly basis and was up 24.9 per cent year-over-year. In the Vancouver CMA, permits were up 8.5per cent on a monthly basis and were 1 per cent higher year-over-year.

Canadian Monthly GDP (August)

Halloween brought a ghastly GDP report for August. The Canadian economy contracted 0.1 per cent in August following an essentially flat July. Declines at the industry level were led by manufacturing, and oil and gas extraction.

Based on the first two months of GDP data for the third quarter, we would estimate that the Canadian economy grew a modest 2 per cent from July to September. That would mark a significant slowdown from second quarter growth of 3.2 per cent and provides additional cover for the Bank of Canada to keep rates unchanged for a considerable amount of time.