Daily Market Update

by REP27 Jan 2015
Micro-condos a welcome alternative in Surrey 
The developer of a 35-storey concrete tower in Surrey, B.C., is the latest to jump into the small-home trend, with suites as small as 316 square feet offered to buyers for $93,900. They're being billed as "affordable luxury," and a way to purchase something for under $100,000 in Greater Vancouver's hot real estate market. Read more on these developments in the full story here.

Yaffe: Immigrants to keep the good times rollin' in Vancouver 
Continuing low interest rates and a healthy stream of newcomers will ensure the good times keep rolling in 2015 for the Lower Mainland’s property development industry. But it also means pricing will continue to pose a challenge. Find out why this is in the full story here

Single family lots at all-time low in Calgary
The number of serviced, single-family lots ready for home construction has dwindled to its lowest level in at least 17 years according to a survey from the Borger Group of Companies, done late last fall, found that only 4,423 lots were available compared with 5,888 for 2014, 6,698 for 2013 and 7,575 for 2012. For 2003, the company counted 9,247 lots. Find out more about the state of Calgary's housing market in the story here

Mortgage war underway? 
And in news that could affect realtors and mortgage brokers, Mortgage brokers reported that Royal Bank of Canada dropped its five-year fixed rate for qualified borrowers to 2.84 per cent over the weekend. While smaller, non-bank lenders have started offering even cheaper rates, RBC's rate cut is likely a record for a major bank, said Drew Donaldson, executive vice-president of Safebridge Financial Group. Find out what this means for the real estate market in the full story here.

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