A third of Canadian Millennials would rather live in the city than the ‘burbs but for two thirds of those, they are willing to sacrifice that wish to buy the home they want.
A new TD survey finds that 81% of Millennials say they want to own their own home but with affordability (78%) and home size (60%) beating neighbourhood (58%) as the top factors informing homebuying decisions, a move to the suburbs is the right choice for many.
"We're now seeing Millennials looking beyond the city for their housing needs, particularly as they start thinking about their needs for the future, like having more space to raise a family," said Pat Giles, Vice President, Real Estate Secured Lending at TD. "As a result, many are choosing the suburbs to either make the move to a new home or upsize from their current one, a shift from just a few years ago when city living was this generation's preference."
Affordability and space, both inside and outside, are the main reasons for relocation from the city to the suburbs but this may clash with the desire of 45% to live close to work.
CUTTING SPENDING TO BUY A HOME
Millennials are willing to curb their day-to-day spending to further their homeownership dreams.
Most said they would limit eating out, shopping, and entertainment, to be able to afford a home.
"Although homes in today's housing market cost much more than they used to, the desire to own the right home hasn't wavered, especially for Millennials," said Giles
Mortgage lenders are less likely to approve same-sex couples according to a new study.
Iowa State University's Ivy College of Business studied US mortgage application data from 1990-2015 and found approval rates for same-sex couples were between 3% and 8% lower than for heterosexual couples.
When more detail about applicants' work history and credit worthiness was included in a subset study, same-sex couples were 73% less likely to be approved.
Even for those that were offered a mortgage, rates and fees were higher.
"Lenders can justify higher fees, if there is greater risk," said Lei Gao, assistant professor of finance. "We found nothing to indicate that's the case. In fact, our findings weakly suggest same-sex borrowers may perform better."
There is requirement for borrowers to disclose their sexual orientation on mortgage applications and the Fair Housing and Equal Credit Opportunity acts prohibit discrimination. For the study, same-sex couples were identified as co-applicants of the same gender.
"Policymakers need to guarantee same-sex couples have equal access to credit," said co-author Hua Sun. "Using our framework, credit monitoring agencies also can take steps to investigate unfair lending practices."
Your HVAC (heating, ventilation, and air-conditioning) system keeps your home breathing – consider it the lungs of your house. A strong, durable HVAC system keeps your home nice and healthy throughout the year. Homeowners play a big role when it comes to maintaining healthier homes, and it’s important to understand what’s in your mechanical room and how it’s affecting your indoor air.
The furnace (or utility) room is my favourite room in the house. It is the lifeline to your home and it often gets no attention. All the ductwork in your home is like the veins in your body. Cycling air throughout the house is the most important thing. If you unbalance the system, that will create a problem. 80% of all homes have poor indoor air quality. If you have spent your money correctly and invested in a house built by a good builder, you are protecting the health of your family. So what’s in your furnace room..
Heat Recovery Ventilator
A healthy home is one that has features that get rid of excess moisture. Although opening up windows is a good option for air exchange, that’s not practical during the winter. That’s why an HRV (Heat Recovery Ventilator) is just plain smart, and is part of the building code in most areas. It brings in air from outside, conditions it to the temperature inside the house and then feeds it throughout your home. That means a constant supply of fresh air. On top of that, an HRV is also wired to the furnace so it actually REMOVES stale air.
Some HRVs have a humidistat which should be installed in a central spot in the house. It’s usually set at around 35-40%. If the humidistat detects that there is too much moisture in the air, it starts up the HRV. How simple is that?
When it’s running well, your HRV can recover up to 80 per cent of the heat from the outgoing stream — which can go a long way to reducing your ventilation and space-heating costs. Now that’s smart.
Your Furnace Is The Heart Of Your Home
Think of your furnace as the beating heart of your home. Ducts are the blood vessels that carry heat to all parts of your home, and return cold air back to the furnace to be reheated. It’s important that you don’t restrict the airflow from your furnace through your home. A clogged furnace filter, furniture blocking cold air returns and heat registers will all help do that. A lot of people think that filters were created to help clean your air, but they were actually made to protect your furnace.
NOTE: A clean furnace filter will let your furnace work more efficiently, and work to protect the unit against circulating dust. If your filter is clogged, that means your furnace fan has to work overtime to pull in air through the filter. You’ll be making your furnace work overtime to compensate – and that means more energy output every month causing wear and tear on the unit more quickly, and a higher energy bill at the end of the month.
Managing Moisture In The Air with an ERV
ERVs manage the moisture in the air that’s being pulled into your home. Some builders install an ERV instead of an HRV. In the winter, your ERV will transfer humidity from the air being extracted from your house, keeping your humidity levels relatively stable. During the hot summer months, the opposite happens, where moisture is pulled out from the incoming air — which reduces the work your air conditioner and dehumidifier have to do to keep things even.
I love ERVs for Canadian winters, when the air coming into your house is dry. In extreme climates like ours, an ERV can take some of the load off your HVAC system.
Maintenance Tip: Pay attention to your HVAC filters. I change mine every three months – but during the summer and winter months (when our systems tend to work harder), I change them monthly. A clean filter really does make a difference in how well your unit works. That means money saved on your monthly energy bills.
By Mike Holmes
Mike’s Advice / Home Safety & Maintenance
The Internet of things, or IoT, is all about connecting smart devices for people’s comfort, convenience and efficiency. What began a few years ago as mostly a technical phenomenon is today a social trend: connected devices change the way we behave, live, interact and think of our privacy and safety.
IoT is here to stay. The research firm Gartner says that 2019 is the year in which IoT adoption becomes mainstream, with practically most devices and gadgets becoming connected.
For example, the number of wearable devices will increase 25.8% to 225 million in 2019.
Global shipments of wearable devices are forecast to increase by 25.8% year over year to $225 million (GBP 176.3 million) in 2019, according to the latest figures from Gartner. The research firm also predicted that that the end-user spending on wearable devices will reach to $42 billion (GBP 32.9 million) in 2019.
As for smart speakers such as the Amazon Echo and Google Home, they will be the fastest rising category, with a five-year CAGR of 39.1%.
IoT includes all connected devices from smart cars, kitchen appliances, surveillance cameras, locks and doorbells, light bulbs, heat sensors to smart toys and baby monitors.
Gartner predicts the number of connected devices will exceed 50 billion by 2020.
What could these numbers (and IoT statistics) mean for you?
The bigger the smart home market gets, the greater the chance that smart gadgets get into your home, one by one. You start living in a smart home without even thinking of it that way. But, as long as you have devices that ”talk” to you or each other, that connect to your wifi and have an app to control them, you are there. New sensors, new algorithms and new experiences will make your life more connected, more productive and more comfortable.
Even if your devices are smarter, it’s still your job to make sure they’re safe.
2018 was the year in which people started to pay attention to “data protection” and privacy. Beyond the legal concerns, people want their privacy to be respected, and they started to push for a change in businesses approach of using their data. Although this problem is far from being solved, people are at least aware of it.
Why would anyone hack your family?
Another challenge that IoT brings for this year is safety. Connecting your devices to the internet creates a gateway into your home and family. Like a real door, it can be used by people who want to force their way in – and many of the smart devices available aren’t even protected by security software and thus are vulnerable to hackers.
They want to take control of your devices to steal your money, use your identity, spy on you or use the processing power of your fancy smart appliance to take down web targets.
You may have read news about IoT devices being infected and exploited, but never thought it could happen to you.
What you can do to secure your smart home
- Buy IoT devices only from reputable manufacturers and vendors.
- Choose devices with built-in security.
- Change the default login and password.
- Check for security software updates.
- Keep an eye out for sudden spikes in internet traffic or slowdowns in devices — they may be signs of trouble.
- Get a security solution for your entire home network to safeguard all the smart devices that share your wifi connection.
APRIL 8th to APRIL 21st -
Look who’s hopping into Whimsical Willowbrook at the Majestic Meadows! It’s the Easter Bunny! You are invited to marvel in the Majestic Meadows and with a fantastic photo package worth only $19.99 + tax, you can enjoy cookie decorating activities, floral crowns to take pictures with, complimentary chocolate eggs and even a chance to win a 2.5 kg chocolate bunny!
Plus, we are hosting Sensory Friendly and Pet Friendly photo sessions on Sunday, April 14th! You can find out more here: Event Website
We are open for business 47 Sundays of the year, rain or shine. We are the largest garage sale in town and a great place to meet friends, have a coffee and something to eat at our Snack Bar.
But most of all, people come to shop for new, used, and vintage items of all kinds, produce and plants, collectibles and antiques, electronics, clothing, books, and the list goes on!
We have over 200 indoor tables and an average of 75 outdoor sellers every Sunday at the Abbotsford Exhibition Grounds..
#fleamarket #market #abbotsford
Visit Event Website
Come to our HAWAIIAN BOWLING FOR CHARITY at the Abbotsford Galaxy Bowl on Friday, April 5, 2019 in support of S.A.R.A. for Women & Shape Your World Society.
FAMILY FUN for all ages. Door prizes – 50/50 – liquor draws – silent auction! Chance to win a $350 dinner at the Canadian Brew House & Grill.
Dress Hawaiian style or come as you are. Get prepared for crazy style bowling & having FUN!
TICKETS are $20 by etransfer to email@example.com. RSVP by April 3, 2019. Thanks for your support.
#shapeyourworld #bowlforcharity #familyfun
Visit event website
You've probably heard the expression, "The early-bird gets the worm." It refers, of course, to those who get in early and reap the rewards. For example, if you arrive early to a retail store for a big blowout sale, you're likely to get the deals before the inventory runs out. The stragglers who come later miss out.
Well, this same wisdom can be applied to selling your home. Starting the process early — even if that means simply doing some initial planning — gives you the edge in several ways.
First of all, you get extra time for preparation. That means you can get your home cleaned, uncluttered and staged without feeling rushed. You also get more time to find out how much your property will likely sell for on today's market. That's important information, especially if you're also looking to finance a new home.
Secondly, there's less stress. You'll have more time to make the right decisions. The last thing you want is to be scrambling around, last minute, trying to get your home ready for sale.
Finally, with your initial preparations done, you'll be able to put your home on the market at a moment's notice. That's a huge advantage that's likely to lead to selling your property more quickly and for the best price. In fact, by getting an early start on the process, you might even find that right now is the best time to list -- and you'll be able to do so, with confidence.
Want help getting an early start on selling your home? Call me.
Last month, buyers in the Fraser Valley took advantage of the continued stability in home prices and the highest inventory levels for March since 2015.
The Fraser Valley Real Estate Board processed 1,221 sales of all property types on its Multiple Listing Service® (MLS®) in March, a 24.3 per cent increase compared to sales in February 2019
, and a 26.6 per cent decrease compared to the 1,664 sales in March of last year
. Of the 1,221 total sales, 462 were residential detached homes, 300 were townhouses, and 346 were apartments. This was the lowest sales total for the Board during March since 2013.
Darin Germyn, President of the Board, said of the market: “From a buyer’s perspective, there are more opportunities available as we move deeper into spring. Many of our communities are seeing higher inventory levels, especially in the attached market with the number of available townhomes almost doubling and Fraser Valley condos more than doubling compared to last year.
There were 7,011 active listings available in the Fraser Valley at the end of March, an increase of 9.4 per cent compared to February 2019’s inventory and an increase of 46.2 per cent year-over-year.
The Board received 2,872 new listings during the month, a 29.6 per cent increase compared to February 2019’s intake of 2,216 new listings and a 0.2 per cent increase compared year-over-year. “One of the reasons our market has remained stable is simply due to affordability. Although prices have increased dramatically over the last ten years, during the last twelve months we've seen prices for all major residential property types in the Fraser Valley decrease between four and five per cent. This is good news for buyers,”
continued Germyn. For the Fraser Valley region, the average number of days to sell an apartment in March was 38, and 29 for townhomes. Single family detached homes remained on the market for an average of 38 days before selling.
Whether it's noisy neighbours, bleeping garbage trucks or thudding footsteps, unwanted outside noise at home can be infuriating. Thankfully, there are several ways we can minimize those sounds so our home is a peaceful, tranquil oasis. Here are some of our favourite soundproofing solutions..read article here
There could be a spike in mortgage applications in the third quarter if a rate forecast from the British Columbia Real Estate Association is realized.
The association’s economists are expecting interest rates to ease during much of 2019 as weaker economic conditions force a hold-steady from the Bank of Canada.
If 5-year bonds maintain their current level, there should be a move for the 5-year qualifying mortgage rate, which has not moved for almost a year.
Their forecast calls for 5-year qualifying mortgage rates to fall from 5.34% in the first quarter of 2019, to 4.99% in the second quarter, and reaching a year-low of 4.84% in the third quarter.
Rates are then predicted to climb to 5.15% in the last quarter of 2019 and early 2020 before plateauing at 5.34% for the rest of 2020.
The 5-year average discounted rate is set for a drop to 3.44% in Q2 2019 (from 3.60% in Q1), then a low of 3.30% in Q3 before climbing back to 3.44% in Q4, 3.64% in Q1/2 2020, and 3.74% in Q3/4 2020.
BoC to cut rates?
There are some economists predicting that the BoC may actually cut rates in 2019 rather than just maintain their current level.
However, BCREA’s economists do not expect this, favouring a rate freeze in their outlook.
The outlook also notes that longer term, when the BoC moves towards a ‘neutral’ interest rate, its stated intention, the corresponding hike in the level at which mortgage borrowers are stress-tested will make that policy unsustainable under its current methodology.
The traditional option of a condo as a cheaper alternative to a single-family detached home is less attractive in the hottest cities.
RBC says that demand for condos has driven prices higher and their affordability measure has increased (become less affordable) by far more than single-family homes (2.9% vs. 0.9%) over the past year.
Buyers of an average condo in Vancouver, Toronto, Victoria, and Montreal pay a premium of more than $900 per month relative to renting a two-bedroom apartment, a figure that has ballooned in the past three years.
Buying a condo is a bigger step up from renting than it's ever been in these cities.
Interest rate outlook
RBC Economics is not expecting rates to rise anytime soon but does forecast a continuation of the strong labour market, helping boost household income.
OTTAWA _ On the eve of a federal election this fall, the Liberal government is looking to help more Canadians buy their first homes by picking up a portion of their mortgage costs and increasing the amount they can borrow from their retirement savings for a down payment.
Helping people enter the housing market has been a growing preoccupation for the Liberals ever since they were elected in 2015, with soaring real-estate prices in some of Canada's largest cities putting home ownership beyond the reach of many.
An estimated 1.6 million Canadian households are considered in ``core housing need,'' meaning people who are living in places that are either too expensive or don't suit their needs.
The means-tested incentive the Liberals unveiled Tuesday would only be available to
households with incomes under $120,000 _ roughly $50,000 more than the median household income as calculated by Statistics Canada _ and on mortgages no more than four times the household's total income.
Eligible buyers would see the government pick up part of the costs of their mortgages to lower their monthly payments, with the amount of help determined by their incomes and whether they're buying an existing or newly built home.
The government also plans to raise the maximum amount a first-time buyer can withdraw from an RRSP: $35,000, up from $25,000. And while the program has long been restricted to new would-be homeowners, those who are recovering from the breakup of a marriage or common-law relationship would also be allowed to take part.
The measure, expected to cost $1.25 billion over three years beginning this fiscal year, would target Canadians ``that face legitimate challenges entering housing markets'' after qualifying for a mortgage, the budget document says. An additional $100 million would flow to the Canada Mortgage and Housing Corporation to help organizations that already provide the so-called ``shared equity mortgages.''
The government would recoup its costs when the house is sold, although the budget document isn't clear what would happen if the home is sold for a loss.
The program, some details of which are yet to be finalized, is part of a tranche of spending that includes establishing a national expert panel on housing supply and affordability, better data collection, and $300 million for a contest to encourage cities to come up with new ways of expanding housing stock.
The new measures could increase the annual number of new homebuyers nationally to 140,000 from 100,000 by lowering monthly payments without creating higher household debt loads, said Finance Minister Bill Morneau, who was confident the measures won't cause a spike in housing prices.
``We're recognizing that it is challenging for people in the housing market; it's a real issue, but what we've done is we've carefully looked at what's the best way to deal with that issue,'' Morneau told a news conference.
``It's not going to make an impact on the overall market from a pricing standpoint, meaning people are actually going to be better off, more optimism in terms of housing, and it's the reason we're very excited about this measure.''
Economists and experts had been concerned that Morneau's focus on helping millennials, in particular, get footholds in the market could juice home prices after years of trying to cool demand in places like Toronto and Vancouver. Federal efforts, such as a new financial ``stress test'' to make sure a buyer can afford a mortgage, have slowed prices from where they might have been.
Scotiabank economist Marc Desormeaux said the Liberals opted for a relatively modest measure, considering the options they have.
``This is providing additional support for individuals who have already qualified for homes, helps them relieve some of their monthly payments once they've qualified for a mortgage and entered into the contract,'' Desormeaux said.
``The concerns about stoking demand from some of these measures aren't concerns that we would raise at this time.''
What the measures should do is increase supply _ one of the measure's stated goals. The government plans to cover five per cent of the cost of the purchase of an existing home and 10 per cent of a new build, hoping to ``encourage the home construction needed to address some of the housing supply shortages'' across the country, the budget document says.
Mathieu Laberge, an expert with Deloitte, said the measures appear to target people who would be willing to rent or buy smaller condominium units, for example, outside a major urban centre.
``It may shift the decision-making of some buyers in larger cities,'' said Laberge, a former policy adviser to Social Development Minister Jean-Yves Duclos. ``You're changing the relevant price between rental and home ownership in those areas, like the immediate suburbs of, for example, Vancouver and Toronto, which is a way to provide more options to households that would otherwise be priced out of the market.''
Tuesday's budget also includes $10 billion more for a program to fund the construction of new rental units _ the third time the Liberals have expanded the program, which aims to create 14,000 units over 10 years and now carries a $50-billion price tag.
The Canadian Press-Jordan Press
BCREA calls for B-20 review, return to 30-year amortizations
The body representing real estate agents in BC is urging the federal government to review the B-20 mortgage guidelines and the stress test in particular.
British Columbia Real Estate Association says that the requirements of the rules are negatively affecting housing affordability in the province and harming the ability of credit-worth British Columbians to own their own home.
“We would like to see a review and reconsideration of the current mortgage underwriting ‘stress test,” says BCREA chief executive officer Darlene Hyde. “These rules must be changed now before BC families are left further behind.”
Although the B-20 stress test provision has led to an 18% drop in home sales nationwide, it has hit Vancouver the hardest with a 45% decline since the rule was introduced. In Toronto sales were down 25%.
“The B-20 stress test is also having a negative impact on homeowner equity, family spending and the housing stock itself,” adds Hyde. “There’s a knock-on effect to the overall economy as families who are worried about declining home equity cut back on retail spending, home renovations and other products and services.”
BCREA warns that as housing demand weakens, builders pull back from the market, with a resulting supply crunch down the road.
Vancouver, BC – March 13, 2019. The British Columbia Real Estate Association (BCREA) reports that a total of 4,533 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in February, a decline of 27 per cent from the same month last year. The average MLS® residential price in the province was $678,625, a decline of 9.3 per cent from February 2018.
Total sales dollar volume was $3.08 billion, a 33.8 per cent decline from the same month last year.
“Prospective homebuyers continue to be sidelined by the mortgage stress test,” said Brendon Ogmundson, BCREA Deputy Chief Economist. “As a consequence, and despite a strong BC labour market, sales remained slow in February.”
Total MLS® residential active listings increased 36.5 per cent to 30,891 units compared to the same month last year. The ratio of sales to active residential listings declined from 27.4 per cent to 14.7 per cent over the same period.
“Falling mortgage rates should provide some relief for homebuyers, providing a small boost to affordability heading into the spring,” added Ogmundson.
Master-planned communities have the obvious advantage of elaborate planning that standalone developments don’t, and that makes them superior investments.
“Master-planned communities have the advantage in that you know how the community will change over time,” said Brad Jones, VP of development at Wesgroup in Vancouver. “You know how the community will grow and which retailers are coming on board. There are also parks, schools and a clear ability to understand how your neighbourhood, and your investment, will change over time.”
Wesgroup is in the midst of developing River District, the largest master-planned community in Vancouver, that has 54 development parcels over approximately 130 acres. In total, the community expects about 15,000 residents will be spread across 7,000 units of housing.
“River District has the unique advantage of one company doing all the buildings, doing all the master-planning work and owning all the retail and commercial space,” said Jones. “Your investment is going to be looked after by us because we’re looking after our own investment, too. We’re buying into the future of the community, like every buyer is, rather than just a few buildings. We’re the landlord for the grocery store, the bank and the liquor store. We’re looking after the community’s reputation by building and thinking long-term.”
There are three major phases, the second of which is under construction to build out what Jones calls the town centre, where roughly 250,000 square feet of retail is going, as well as a condominium called Mode. The mixed-use project will also have schools and a daycare, which is sure to help valuations surge, added Jones.
“The community plan includes an elementary school, a secondary school, and a community centre.”
The development’s demography will be as diverse as its offerings. Jones says growing families, downsizers, and everyone in between, are already moving into River District. Another one of its draws is that it’s nestled close to downtown, Richmond, Burnaby, and other employment hubs in the region.
“That gives us a broad buyer and resident group to pull from,” said Jones. “We’re focused on the big picture and ensuring that every building contributes to the whole rather than developing one or two buildings, then leaving. It is important to us that the housing is fully occupied, just as it’s important to us that the retail components are fully occupied with the right tenants. It’s about the big picture.”
Despite housing affordability concerns across the country, homeownership rates in Canada remain among some of the highest in the world.
As of 2016 (the most recent data available), Canada boasts an overall homeownership rate of 67.8%, down slightly from a peak of 69% in 2011, according to research from RBC Economic Research. Comparatively, the U.S. has a homeownership rate of 63.4%.
Even for those aged 35 and under, more than 40% of households own their own homes.
“We take issue with the notion that Canada has a homeownership problem,” reads the RBC report. “…the proportion of all Canadian households who own a home is one of the highest among advanced economies.”
The report cautions the federal government to “tread carefully” when considering measures to address the issue of affordability.
It argues that those measures—such as relaxing the mortgage stress test, extending amortizations for insured mortgages or increasing the allowable RRSP takeout for first-time homebuyers—would only bring short-term relief to homeowners and do nothing to address the issue of high household debt.
RBC adds that the measures focus on boosting demand and increasing buyers’ purchasing power, which on their own would likely inflate prices and lead to a further deterioration of affordability down the road.
Addressing the Supply Issue
“[Those measures alone] do nothing to address what we believe is the root of Canada’s housing woes: gaps in the mix of housing options in some of Canada’s larger markets,” reads the report. “In our view, the longer-lasting remedy to Canada’s affordability crisis lies first and foremost on the supply side of the equation.”
It adds that solving supply isn’t the federal government’s responsibility alone, and calls on all levels of government to work together to develop solutions.
“What millennials in Vancouver and Toronto really need is more inventory of homes they can afford, and a better mix of housing options—be it to own or rent,” the report says.
“At the very least, the collective goal should be to remove barriers (regulatory, administrative or otherwise) inhibiting home developers and builders to respond quickly to the demand for new housing—especially when that demand is rising rapidly.”
via Steve Huebl - Canadian Mortgage Trends
The declining trend of home sales in British Columbia is expected to end in 2019 with a modest climb in forecasted sales, although conditions will remain subdued.
The British Columbia Real Estate Association expects MLS residential sales in the province to gain 2% in 2019 to 80,000 units, up from 78,345 in 2018.
By 2020, the forecast is 85,500 units, a 6.9% increase to take sales just above the 10-year average of 85,800 units.
READ FULL STORY
“Extending the amortization period on insured mortgages, easing the stress test introduced last year or increasing the $750 tax credit for first-time buyers might encourage more millennials to purchase a condo, the only type of property within financial reach,” he added. “But since most millennials ultimately aspire to purchase of a single-family home, it’s worthwhile asking whether Canada needs any more condos right now.”
“Attempts by urban planners and policy-makers to condition Canadians into accepting condo living as a permanent state in life have not stopped millennials from dreaming the suburban dream,”
READ FULL STORY
Listen closely when people are throwing around stats about home prices. First thing to ask is, which kind of price are they talking about?
Average home price: The average of all house prices within a category, for example, the total of all condo sale prices in a given area divided by the number of condos sold there.
Median home price: The midpoint of sales prices where an equal number of properties were sold above and below this sales price.
Benchmark home price: MLS® estimate of the value of a “typical” home in a community, based on the most popular combination of features, e.g., age, size, number of bedrooms and bathrooms. You’ll find separate benchmark prices for detached, attached and condo homes.
House Price Index (HPI): Ongoing record tracking aggregate sales of similar homes. MLS® has its own HPI which traces the price trends for detached, attached and apartment properties. The baseline of 100 was set on Jan. 2005 prices. Some highly populated areas have been broken down for more complete data.
Two Canadian companies also publish HPIs. The Teranet National Bank House Price Index covers eleven cities including Metro Vancouver and Victoria. There’s also the Brookfield RPS House Price Index, starting in 2005 and covering 13 cities, including Metro Vancouver and Victoria.
One thing these indicies don’t tell us is the distribution of prices, i.e., how many homes sell at the different price points. See the Urban Futures report Trends in Lower Mainland Housing Prices to understand this important factor in our real estate markets.
What other real estate terms are as clear as mud? Let me know in a comment below and I'll endeavour to respond with an explanation just for you!