Lower Mainland House Price Averages
  
Abbotsford Houses
Burnaby Houses
Coquitlam Houses
Langley Houses
Maple Ridge Houses
Mission Houses
Richmond Houses
Surrey Houses
Vancouver Houses
Click the links above to view graphs showing the average detached home prices for some Lower Mainland cities.
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Bank of Canada makes sixth consecutive cut, lowering key lending rate to 3.0%
On January 29th, its first scheduled announcement of 2025, the Bank of Canada announced that it had lowered the target for the overnight lending rate by 25 basis points to 3.0%. This marks the sixth consecutive cut to rates since June 2024.
In December, Canada’s Consumer Price Index (CPI) rose 1.8% on a year-over-year basis, down from a 1.9% increase in November, once again hitting under the Bank’s 2% inflation target. In its announcement, the central bank stated that lower interest rates are helping to increase household spending, and as a result, the economy is expected to strengthen gradually and inflation to stay close to target. However, trade conflict from south of the border threatens to cause economic turmoil.
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How a trade war and U.S. tariffs could hit Canada’s housing market
A looming trade war with the United States could be “problematic” for Canada’s housing market, industry experts warn, potentially driving up construction and renovation costs on both sides of the border.
The U.S. and Canada are each other’s top trading partners and exchange homebuilding materials worth billions of dollars each year.
Homebuilders are bracing for the impact of a trade war if U.S. President Donald Trump pulls the trigger on Feb. 1 with a 25 per cent tariff on Canadian goods. Prime Minister Justin Trudeau has said he supports the “principle of dollar-for-dollar matching tariffs” if Trump follows through on his threat.
“A trade war started by U.S. tariffs would really be an unfortunate and problematic thing for housing in Canada,” said Kevin Lee, CEO of the Canadian Home Builders’ Association (CHBA).
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