The Bank of Canada today raised its target interest rate by .25 percent, citing increased confidence in the Canadian economy. Mortgage rates will no doubt follow suit very soon. Read the full press release from the Bank of Canada here: http://www.cbc.ca/news/business/bank-canada-interest-rate-monetary-policy-1.4200814.
More in-depth analysis of the economy can be found in their Monetary Policiy Report press conference release, with a link to the report itself: http://www.bankofcanada.ca/2017/07/opening-statement-120717/
Condo sales are what is driving the Lower Mainland market now, especially in Vancouver, where prices for single detached homes are still climbing. The Sunshine Coast is its own unique market, and I will be reporting on that as soon as the statistics come out, but to get a feel fo the overall picture for the Lower Mainland see the Real Estate Board of Greater Vancouver's press release and report on the June market. http://www.rebgv.org/sites/default/files/REBGV-Stats-Pkg-June-2017.pdf