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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Unanimous motion aimed at taming real estate speculation.

West Vancouver’s mayor and council have formally called on the province and federal government to rein in real estate speculation – and they’re asking other municipalities to get on board.

Council unanimously passed a motion Monday night, recognizing the Lower Mainland’s affordability crisis and the role real estate speculation, “particularly by foreign investors,” is having on it. The motion goes on to call for “immediate action to discourage speculation” and to “ensure foreign real estate investors pay a fair share of provincial and federal taxes.”

http://www.nsnews.com/news/west-vancouver-mayor-and-council-call-to-restrict-foreign-investors-1.2284055

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Buyers investing in properties for their children as hedge against unaffordable future.

The bank of mom and dad has skipped a generation, with parents now buying houses or condos for their school-aged children or grandchildren.

Nervous upper-middle-class homeowners are hoping that the strategy will help younger generations gain a foothold in Vancouver.

http://www.nsnews.com/news/vancouver-parents-buy-property-for-young-children-to-secure-a-future-foothold-1.2272339

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Mayor touts greening of seaside in endorsement of 5-year plan.

At 40 years old, West Vancouver’s waterfront plan got its first teeth Monday.

Council endorsed a five-year plan that will swap nine buildings for a new arts centre and bistro, trade parking spots for a Spirit Trail expansion and cut off car access to the boat ramp.

http://www.nsnews.com/news/west-vancouver-council-backs-ambleside-waterfront-plan-1.2280897

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