Karel Palla & Darryl Sjerven

Bank of Canada Holds Key Rate

The Bank of Canada announced today that it is holding the benchmark rate steady for the sixth straight time, noting that “the Canadian economy’s complex structural adjustment to the oil price shock is ongoing,” although “it does appear that the positive forces in the economy are starting to outweigh those that are negative.”

Growth in the global economy is expected to strengthen but with a weaker outlook than the Bank projected in January. The U.S. economy is also expected to regain momentum after a slow start in 2016. Inflation in Canada is evolving as anticipated. Taking into account all of these considerations, the Bank “judges that the overall balance of risks remains within the zone for which the current stance of monetary policy is appropriate.” 

Great news if you’ve got a variable-rate mortgage, need a new mortgage, are renewing, or want to consolidate debt at the lowest cost funds. The next rate-setting...

March sales set an all-time record

Metro Vancouver home sales eclipsed 5,000 in March for the first time on record.

Residential property sales in the region totalled 5,173 in March 2016, an increase of 27.4 per cent from the 4,060 sales recorded in March 2015 and an increase of 24 per cent compared to February 2016 when 4,172 homes sold.

Last month’s sales were 56 per cent above the 10-year sales average for the month.

"March was the highest selling month the REBGV has ever recorded,” Dan Morrison, REBGV president said. “Today's demand is broad based. Home buyers are active in neighbourhoods across our region."

New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,278 in March 2016. This represents an increase of 5.2 per cent compared to the 5,968 units listed in March 2015 and an 8 per cent increase compared to February 2016 when 5,812 properties were listed.

The total number of properties currently listed for sale on the MLS® system...