As the Spring Market Comes to a Close, Canadian Housing is Still White Hot

Hey everyone, and happy Friday! It’s been a few weeks since my last post, so I thought I’d catch you all up on what’s been going on in the world of mortgages. And at the risk of jumping the gun – it’s not a lot.

That’s pretty standard for this time of year, as the Spring Housing Market is starting to come to a close. And given just how awesome this past season has been for the housing market, it’s no wonder that things seem slower right now. A case in point comes from an article published just the other day on The Globe and Mail, whose headline pretty much says it all: “Housing starts hit 11-month high in June.” That means that more housing units were started last month than in the previous ten, which is a pretty good indicator that Canadian real estate is doing great.

Take this quote from the article provided by Nick Exarhos, CIBC’s World Markets economist: “Despite worries tied to other parts of the Canadian economy, housing continues to post solid readings.” Even better for readers of is that this housing stability is led in Canada by British Columbia, where “the seasonally adjusted annual rate of urban starts increased… by 45.1 per cent.” Some of this can be attributed to Vancouver’s ever-growing housing market, but not all of it: remember that Northern BC is doing absolutely phenomenal right now.

One last thing I’ll point out from the Globe and Mail piece is that according to Statistics Canada, “new home prices in Canada also rose higher than expected.” Higher prices go hand in hand with a booming marketplace, of course, but I thought it would be especially pertinent to my readers – or at least those readers who are in the market for a new house or mortgage. If you fall into that category, I would like to again urge you to think about acting fast. The Spring Market may be on its way out, but this is still a damn fine time to be getting a mortgage – especially if you live in Northern BC.

Finally, I’d like to remind everyone (but especially those people whose interest was piqued with that last paragraph) that my phone is always on, I’m always willing to help, and I don’t charge for my mortgage services.

Have a great weekend everybody!

Lori Lalonde, Your Northern BC Mortgage Broker


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