No "doom and gloom" in store for Canadian real estate – Royal LePage’s Soper

by Ephraim Vecina29 Jul 2020


Sustained market strength, subject to supply constraints, will be the predominant dynamic in the Canadian housing sector for the rest of the year, according to Royal LePage CEO Phil Soper and Sotheby’s Canada CEO Don Kottick.


In a joint interview with The Financial Post, the two executives highlighted the major role that housing inventory will play in the period immediately after the COVID-19 pandemic eases.

Soper said that home prices largely rely on the balance between supply and buyer activity.

“There are a lot of people who are looking to put roofs over their heads,” Soper said. “We just don’t see the number of homes for sale, the supply side of this, climbing to the point where home prices will collapse.”

Royal LePage’s latest predictions have placed annual growth by year-end at 2.5%.


https://www.canadianrealestatemagazine.ca/news/no-doom-and-gloom-in-store-for-canadian-real-estate--royal-lepages-soper-331927.aspx

MORTGAGE RATE FORECAST......BCREA


As the year ends, it's worth reflecting on how significantly the Canadian interest rate environment has changed in just twelve months. One year ago, the Canadian yield curve was its usual upward sloping shape, with markets expecting gradual rate increases by the Bank of Canada. Based partly on those expectations, Canadian mortgage rates were climbing. However, within 8 months the yield curve in Canada had inverted, bond yields tumbled, and Canadian mortgage rates were once again heading lower.


https://www.bcrea.bc.ca/economics/mortgage-rate-forecast/


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B.C. Realtors to be Banned from Dual Agency as part of Rule Changes

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B.C. real estate agents will be generally banned from acting as dual agents for both buyers and sellers under tough new rules drafted by the Office of the Superintendent of Real Estate and obtained by Postmedia News. 

The draft rules were based on recommendations from the report of an independent advisory group released in June 2016 to address problems in B.C.’s real estate industry. Those problems included some realtors putting their own interests ahead of clients, some not abiding by rules around reporting requirements to prevent money laundering, realtors failing to disclose assignment of contracts (known as shadow flipping).

The draft rules will be provided to realtors and the public, with superintendent Michael Noseworthy open to feedback over the next month. 

 

http://vancouversun.com/news/local-news/b-c-realtors-to-be-banned-from-dual-agency-as-part-of-rule-changes 

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