The Broadway corridor SkyTrain extension is set to revolutionize transportation in Vancouver, providing a faster and more convenient way for commuters to travel to and from work. However, the impact of this extension will extend far beyond just transportation, affecting various aspects of life in Vancouver, including the city's real estate market. As a Vancouver real estate agent, it is essential to understand the impact this extension will have on the real estate market.


In 2025, the Broadway corridor SkyTrain extension will be fully operational, and this will have a significant impact on real estate in the area. One of the most significant effects will be the increase in property values along the route. Properties located near SkyTrain stations tend to appreciate in value faster than properties located further away. This is because of the convenience that these properties offer, especially to commuters who want to avoid the hassle of driving in traffic.


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The Housing Obse ...

 

































Metro Vancouver home buyers compete for fewer home listings in October
 
Home sale activity in Metro Vancouver remained above historical averages in October while the overall supply of homes for sale dipped to levels not seen in three years.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,494 in October 2021, a 5.2 per cent decrease from the 3,687 sales recorded in October 2020, and an 11 per cent increase from the 3,149 homes sold in September 2021.

Last month’s sales were 22.4 per cent above the 10-year October sales average.

“Home sale activity continues to outpace what’s typical for this time of year and the pool of homes available for sale is in decline. This dynamic between supply and demand is causing home prices to continue to edge up across the region,&rdquo ...

Bank of Canada Interest Rate Announcement - October 27, 2021









The Bank of Canada maintained its overnight rate at 0.25 per cent this morning, a level it considers its effective lower bound. The Bank reiterated what it calls "extraordinary forward guidance" in committing to leaving the overnight rate at 0.25 per cent until slack in the economy is absorbed and inflation sustainably returns to its 2 per cent target. The  Bank projects that will not occur until near the third quarter of 2022.  Of note, the Bank is ending its quantitative easing program of bond purchases and moving into what it terms the reinvestment phase where its Government of Canada bond purchases will be made solely to replace currently maturing bonds. In its statement, the Bank noted that growth in Canada is robust and it expects the economy will grow 5 per cent this year and 4.5 per cent in 2022.  However, shortages of manufacturing inputs and labour are limiting the economy's ...

Canadian Inflation (September 2021) - October 20, 2021









Canadian prices, as measured by the Consumer Price Index (CPI), rose 4.4% on a year-over-year basis in September, rising at the fastest rate since 2003. On a month-over-month basis, the CPI was up 0.2% in September. The Bank of Canada's preferred measures of core inflation (which use techniques to strip out volatile elements) rose an average of 2.7% year-over-year in September. Major drivers of the year-over-year price increase included transportation prices (+9.1%), shelter (+4.8%) and food prices (+3.9%) partly on continuing supply-chain difficulties. The homeowner replacement cost index, which measures the cost of replacing home structures, rose 14.4% year-over-year in September, which was the fastest rate since the 1980s. In BC, consumer prices were up 0.15% month-over-month, and up 3.5% on a year-over-year basis. 
Inflation continues to run ahead of the Bank of Canada's ...