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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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1881 Esquimalt Ave, West Vancouver, BC

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One of the most sought after pocket neighbourhoods in West Vancouver. This property is tucked away beside Memorial Park on Esquimalt Ave. It's a very quiet street with little traffic and walking distance to shopping, the library, rec. centre and the seawall. The floor plan has great flow; 2600sq.ft. with an abundance of natural light. A curved staircase leads into a spacious living & dining room with french doors onto a large deck with some ocean view. There are four bedrooms and four bathrooms, an open style kitchen family room as well as a summer kitchen and 3 fireplaces. This home was designed and built with great forethought and many features ahead of their time, right to the heat recovery system. Great Location! Great Convenience!

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