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Wes Kroeker

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June 2020 Market Update

 

Mortgage rates near all-time low in Canada

VANCOUVER -- Now may be a good time to refinance your home or apply for a new mortgage. Mortgage rates are approaching all-time lows. It took a while but lenders are adjusting to the new normal during the pandemic.

"They dropped, they went up and now they are trending down again," said James Laird, co-founder of RateHub.ca.

In March, we all watched as the Bank of Canada dropped the key lending rate three times to help boost the economy, yet variable mortgage rates, which are tied to the key rate, didn’t follow.

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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.

 

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

South Surrey/
White Rock

Squamish

Sunshine Coast

Surrey - Central

Tsawwassen

Vancouver - East

Vancouver - West

Victoria

Vernon

West Vancouver

Whistler

What do the new CMHC rules mean for homebuyers?

Getting mortgage default insurance is about to get harder after Canada’s federal housing agency announced stricter lending standards on Thursday.

The Canada Mortgage and Housing Corp. (CMHC) says it will no longer allow homebuyers to use borrowed funds for their down payment, will require a higher credit score from at least one borrower and will lower the threshold for how much debt applicants can carry compared to their income.

READ MORE

 
 

B.C. Real Estate News

BRITISH COLUMBIA

Housing Market Slows, but Resilient in Response to Pandemic (BCREA)

B.C. tourism readies for a staycationing summer (Business in Vancouver)

Canada no more vulnerable to money laundering than similar countries, B.C. inquiry hears (The Province)

Strata corporations urged to be cautious in facilities reopening (Business in Vancouver)

LOWER MAINLAND

Maple Ridge realtors seeing more new listings and stable prices (Maple Ridge News)

Burnaby houses still selling well above assessed value: study (Burnaby Now)

Why office real estate landlords aren't panicking just yet (Financial Post)

Greater Vancouver, Fraser Valley housing sales nudge upward as prices hold steady (Vancouver Courier)

Metro Vancouver homes sales decline in May, but prices are as high as ever (CBC)

Metro Vancouver homes sales fell 44 per cent last month, but prices are still high(CTV News)

Will real estate prices plunge? That may depend on the sellers (Financial Post)

WHISTLER & SQUAMISH

Monthly rise in home sales and prices north of Malahat (Times Colonist)

VICTORIA & VANCOUVER ISLAND

Telus to build new Victoria HQ (Western Investor)

Real estate sales show signs of ‘uptick’ (Times Colonist)

OKANAGAN

Real-estate helps Okanagan weather pandemic (Kelowna Daily Courier)

City of Kelowna purchases former McDonald’s location near bridge for $2 million (Global News)

 
 

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