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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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Real Estate Board of Greater Vancouver donates $10,000 to support Fort McMurray residents

Due to a devastating wildfire, a state of emergency has been declared in Fort McMurray, Alberta. All 80,000 residents have been evacuated from their homes and some neighbourhoods have been destroyed.To help those displaced by this event, the Real Estate Board of Greater Vancouver has made a $10,000 donation to the Red Cross. Many other real estate boards and associations across the country have also made donations. We ask everyone to do what you can to support this cause.The Canadian REALTORS Care® Foundation is accepting donations to the Canadian Red Cross’ Alberta Fires Appeal. Click here to make your tax-receiptable contribution now. Donations will provide relief for those affected in the form of emergency food, clothing, shelter, personal services and other necessities to assist with recovery and resiliency.By donating through the Foundation, you’ll help show fellow REALTORS® and Canadians in Fort McMurray that Realtors from across the country are here to help in their time of need. The more money we raise together, the stronger that message will be.In addition to making a donation, we urge you to spread the word about this disaster and how others can help. 

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