Steve Flynn  RE/MAX Central 

Cell: 604.785.3977 |

Vancouver, BC – August 16, 2019.


The British Columbia Real Estate Association (BCREA) reports that a total of 7,930 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in July, an increase of 12.4 per cent from the same month last year. The average MLS® residential price in the province was $684,497, a decline of 1.6 per cent from July 2018. Total sales dollar volume was $5.43 billion, a 10.5 per cent increase from the same month last year.  
 
“BC home sales climbed higher for the first time in 18 months on a year-over-year basis in July,” said BCREA Chief Economist Cameron Muir. Housing demand has also trended higher since March, rising 21 per cent on a seasonally adjusted basis. “Households appear to be adjusting to the tighter credit environment as the shock of the B20 stress test dissipates.” 

MLS® residential active listings in the province trended lower in July, down 3 per cent from June and 6 per cent from April on a seasonally adjusted basis. Active listings were up 12.4 per cent to 41,621 units on a year-over year basis, while overall market conditions remained unchanged from 12 months ago with the sales-to-active listings ratio at 19.1 per cent.   

Year-to-date, BC residential sales dollar volume was down 18.9 per cent to $30 billion, compared with the same period in 2018. Residential unit sales decreased 14.4 per cent to 43,612 units, while the average MLS® residential price was down 5.3 per cent to $687,413.



Copyright British Columbia Real Estate Association. Reprinted with permission.

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Please visit our Open House at 1806 39 SIXTH ST in New Westminster.
Open House on Sunday, August 18, 2019 2:00PM - 4:00PM
UNIQUE & very SPACIOUS condo w/fantastic VIEWS in downtown New West! Bosa-built, 3 bed + den, 2 bath, 1456 sq. ft. corner unit w/luxury finishes. BIG rooms, perfect for a family or those looking to down-size from a house. Great floorplan w/master bedroom & ensuite separated & very private. 2 balconies! Recent updates incl: Kitchen Aid appliances, carpet in all bedrooms, roller blinds in den, living & dining room & professionally painted throughout. Amenities incl: gym, sauna, garden, playground. Amazing location w/Skytrain, schools, Douglas College, Pier Park, shops all within 5 mins = 96 Walkscore! 2 side-by-side parking stalls & 1 oversized locker. 2 pets & rentals allowed. Very well-maintained & managed building w/proactive strata. 400K in CRF. OPEN HOUSE: Sun. Aug 18, 2-4 pm.
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Canadian employment declined by 24,200 jobs in July with the largest decline reported in Alberta. The national decline was evenly split between full-time and part-time work, notably in private sector employment in the service sector (retail and wholesale trade). The national unemployment rate rose 0.2 percentage points to 5.7 per cent, as more people were looking for work in July.  


Meanwhile in BC, employment held steady for the second consecutive month in July. The unemployment rate was also little changed at 4.4 per cent.  Compared to one year ago, employment in BC is up 4.8 per cent.



Copyright British Columbia Real Estate Association. Reprinted with permission.


   

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Home buyer demand picked up across Metro Vancouver* last month, making July, a traditionally quieter month in real estate, the second highest selling month so far this year:


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,557 in July 2019, a 23.5 per cent increase from the 2,070 sales recorded in July 2018, and a 23.1 per cent increase from the 2,077 homes sold in June 2019. Last month’s sales were 7.8 per cent below the 10-year July sales average.


“While home sale activity remains below long-term averages, we saw an increase in sales in July compared to the less active spring we experienced,” Ashley Smith, REBGV president said. “Those looking to buy today continue to benefit from low interest rates, increased selection, and reduced prices compared to the heated market a few years ago.”


There were 4,613 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2019. This represents a 3.3 per cent decrease compared to the 4,770 homes listed in July 2018 and a 2.9 per cent decrease compared to June 2019 when 4,751 homes were listed. The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 14,240, a 17.3 per cent increase compared to July 2018 (12,137) and a 4.9 per cent decrease compared to June 2019 (14,968). 


For all property types, the sales-to-active listings ratio for July 2019 is 18 per cent. By property type, the ratio is 13.5 per cent for detached homes, 20 per cent for townhomes, and 22 per cent for apartments. Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.


“To better understand conditions in your property type or neighbourhood of choice, it’s important to work with your local REALTOR®. They can help you develop a strategy to reach your long-term real estate goals,“ Smith said.


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $995,200. This represents a 9.4 per cent decrease over July 2018 and a 0.3 per cent decrease compared to June 2019.


Sales of detached homes in July 2019 reached 841, a 32 per cent increase from the 637 detached sales recorded in July 2018. The benchmark price for detached properties is $1,417,000. This represents a 10.5 per cent decrease from July 2018, and a 0.5 per cent decrease compared to June 2019.


Sales of apartment homes reached 1,243 in July 2019, a 15.2 per cent increase compared to the 1,079 sales in July 2018. The benchmark price of an apartment property is $653,200. This represents an 8.8 per cent decrease from July 2018, and a 0.2 per cent decrease compared to June 2019.


Attached home sales in July 2019 totalled 473, a 33.6 per cent increase compared to the 354 sales in July 2018. The benchmark price of an attached unit is $770,000. This represents a nine per cent decrease from July 2018, and a 0.6 per cent decrease compared to June 2019.



Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.



Copyright British Columbia Real Estate Association. Reprinted with permission.





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Please visit our Open House at 1806 39 SIXTH ST in New Westminster.
Open House on Saturday, August 3, 2019 2:00PM - 4:00PM
UNIQUE & very SPACIOUS condo w/fantastic VIEWS in downtown New West! Bosa-built, 3 bed + den, 2 bath, 1456 sq. ft. corner unit w/luxury finishes. BIG rooms, perfect for a family or those looking to down-size from a house. Great floorplan w/master bedroom & ensuite separated & very private. 2 balconies! Recent updates incl: Kitchen Aid appliances, carpet in all bedrooms, roller blinds in den, living & dining room & professionally painted throughout. Amenities incl: gym, sauna, garden, playground. Amazing location w/Skytrain, schools, Douglas College, Pier Park, shops all within 5 mins = 96 Walkscore! 2 side-by-side parking stalls & 1 oversized locker. 2 pets & rentals allowed. Very well-maintained & managed building w/proactive strata. 400K in CRF. OPEN HOUSE: Sat. Aug 3, 2-4 pm.
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The Canadian economy expanded for a third consecutive month in May, growing 0.2 per cent on a monthly basis. The rise in GDP was the result of higher output in 13 of 20 industrial sectors, led by manufacturing, construction and transportation. Activity at offices of real estate agents and brokers jumped 4.8 per cent in May due to increased home sales in the Greater Toronto and Greater Vancouver.
 
With today's GDP report, we are tracking second quarter growth in the Canadian economy at 3 per cent, a major improvement from the sub-1 per cent growth of the first quarter.  Stronger growth and inflation at or near its 2 per cent target should keep the Bank of Canada sidelined in 2019. However, with the US Federal Reserve expected to lower its key policy rate this week, it is possible the Bank will follow suit. Either way, Canadian mortgage rates will likely remain near their current low levels for the foreseeable future.



Copyright British Columbia Real Estate Association. Reprinted with permission.

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Please visit our Open House at 1806 39 SIXTH ST in New Westminster.
Open House on Sunday, July 28, 2019 2:00PM - 4:00PM
UNIQUE & very SPACIOUS condo (biggest in building) w/fantastic VIEWS in downtown New West! Bosa-built, 3 bed + den, 2 bath, 1456 sq. ft. corner unit w/luxury finishes. BIG rooms, perfect for a family. Great floorplan w/master bedroom & ensuite separated & very private. 2 balconies! Recent updates incl: Kitchen Aid appliances, carpet in all bedrooms, roller blinds in den, living & dining room & professionally painted throughout. Amenities incl: gym, sauna, garden, playground. Amazing location w/Skytrain, schools, Douglas College, Pier Park, shops all within 5 mins = 96 Walkscore! 2 side-by-side parking stalls & 1 oversized locker. 2 pets & rentals allowed. Very well-maintained & managed building w/proactive strata. 400K in CRF. OPEN HOUSE: Sun. July 28, 2-4 pm.
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Canadian retail sales declined in May by 0.1% to $51.5 billion, following a 0.2% gain in the previous month. This marks the third consecutive quarter of no growth. Retail sales were down in 4 of 11 subsectors in May, represening 39% of retail sales. The main contributor to the decline was sales at food and beverage stores. Retail sales were down in eight provinces with monthly gains only reported in Quebec (0.9%) and Ontario (0.5%).


In B.C., retail sales declined 0.2% from the previous month to $7.2 billion. Meanwhile, a gain of 0.9% was reported in Vancouver. Provincial sales were down in health and personal care, electronics and appliance stores, and at funiture stores. In contrast, sales were up at gas stations. On a year-over-year basis, B.C. retail sales were flat in May.


Although retail sales were down in May, we can expect modest growth going forward, supported by a solid labour market, wage gains and reduced borrowing costs.




Copyright British Columbia Real Estate Association. Reprinted with permission.

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Please visit our Open House at 1806 39 SIXTH ST in New Westminster.
Open House on Sunday, July 21, 2019 2:00PM - 4:00PM
UNIQUE & very SPACIOUS condo (biggest in building) w/fantastic VIEWS in downtown New West! Bosa-built, 3 bed + den, 2 bath, 1456 sq. ft. corner unit w/luxury finishes. BIG rooms, perfect for a family. Great floorplan w/master bedroom & ensuite separated & very private. 2 balconies! Recent updates incl: Kitchen Aid appliances, carpet in all bedrooms, roller blinds in den, living & dining room & professionally painted throughout. Amenities incl: gym, sauna, garden, playground. Amazing location w/Skytrain, schools, Douglas College, Pier Park, shops all within 5 mins = 96 Walkscore! 2 side-by-side parking stalls & 1 oversized locker. 2 pets & rentals allowed. Very well-maintained & managed building w/proactive strata. 400K in CRF. OPEN HOUSE: Sun. July 21, 2-4.
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Canadian inflation, as measured by the Consumer Price Index (CPI), rose by 2 per cent compared to the same time last year, a deceleration from 2.4 per cent in the prior month. Excluding the impact of lower energy prices, the CPI was up 2.6 per cent year-over-year. The Bank of Canada's three measures of trend inflation were also up in June, averaging a little over 2 per cent. In B.C., CPI increased by 2.6 per cent in June compared to a year ago, marking the second highest provincial gain behind Manitoba.

With inflation sustaining above 2 per cent, the Bank of Canada will almost certainty remain on hold at its next meeting in September, particularly given a strong second quarter of real GDP growth.  The Banks decision will be complicated by a possible easing of interest rates by the US Federal Reserve, though a period of diverging monetary policy between the US and Canada remains likely.



Copyright British Columbia Real Estate Association. Reprinted with permission.


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Vancouver, BC - July 15, 2019.


The British Columbia Real Estate Association (BCREA) reports that a total of 6,960 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in June, a decline of 11.8 per cent from the same month last year. The average MLS® residential price in the province was $687,584, a decline of 4 per cent from June 2018. Total sales dollar volume was $4.8 billion, a 15.3 per cent decline from the same month last year.


BC home sales moderated lower in June after a stronger showing in May, said BCREA Deputy Chief Economist Brendon Ogmundson. While mortgage rates offered by lenders have moved below 3 per cent, a static qualifying rate has limited the impact of the lower cost of borrowing.


Total MLS® residential active listings were up 18.6 per cent to 42,625 units compared to the same month last year and were essentially flat on a seasonally adjusted basis compared to May.


Year-to-date, BC residential sales dollar volume was down 23.4 per cent to $24.5 billion, compared with the same period in 2018. Residential unit sales decreased 18.7 per cent to 35,679 units, while the average MLS® residential price was down 5.8 per cent to $688,080.



Copyright British Columbia Real Estate Association. Reprinted with permission.


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Please visit our Open House at 1806 39 SIXTH ST in New Westminster.
Open House on Sunday, July 14, 2019 2:00PM - 4:00PM
UNIQUE & very SPACIOUS condo (biggest in building) w/fantastic VIEWS in downtown New West! Bosa-built, 3 bed + den, 2 bath, 1456 sq. ft. corner unit w/luxury finishes. BIG rooms, perfect for a family. Great floorplan w/master bedroom & ensuite separated & very private. 2 balconies! Recent updates incl: Kitchen Aid appliances, carpet in all bedrooms, roller blinds in den, living & dining room & professionally painted throughout. Amenities incl: gym, sauna, garden, playground. Amazing location w/Skytrain, schools, Douglas College, Pier Park, shops all within 5 mins = 96 Walkscore! 2 side-by-side parking stalls & 1 oversized locker. 2 pets & rentals allowed. Very well-maintained & managed building w/proactive strata. 400K in CRF. OPEN HOUSE: Sun. July 14, 2-4.
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The Bank of Canada left its target for the overnight rate unchanged at 1.75 per cent this morning. In the statement accompanying the decision the Bank noted that although ongoing global trade tensions are having a negative effect on the global economy, economic growth in Canada is improving. A decline in mortgage rates is helping to stabilize housing markets still challenged by the mortgage stress test and a healthy labour market is supporting consumption growth.  The bank judges the current level of its policy rate appropriate but emphasized that it will be closely monitoring developments in the energy sector and the impact of trade conflicts.

The Canadian economy is showing signs of recovery after two consecutive quarters of sub-1 per cent growth. We are currently tracking second quarter real GDP growth at close to 3 per cent while Canadian inflation has recently bumped up above the Bank's 2 per cent target. As long as those trends hold, a rate cut by the Bank of Canada is looking less and less likely, though there may be some pressure to follow the Federal Reserve should it choose to ease monetary policy.



Copyright British Columbia Real Estate Association. Reprinted with permission.

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Canadian employment was essentially unchanged in June after adding 27,000 jobs in May.  The unemployment rate rose 0.1 percentage points to 5.5 per cent as the number of people looking for work increased. Total Canadian employment was up by 132,000 job in the second quarter, almost all of which was in full-time work. 

In BC, employment fell by 3,700 jobs, the first monthly decline in employment since October 2018. The provincial unemployment rate rose 0.2 point higher to 4.5 per cent.  Compared to one year ago, employment in BC is up 4.4 per cent or 109,000 jobs.



Copyright British Columbia Real Estate Association. Reprinted with permission.

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I have listed a new property at 1806 39 SIXTH ST in New Westminster.
UNIQUE & very SPACIOUS condo (biggest in building) w/fantastic views in downtown New West! 3 bed & den, 2 bath, 1456 sq. ft. corner unit. Excellent floor plan with master bdrm & ensuite totally separate & private. All rooms are a great size, perfect for family. Lots of outdoor space on 2 balconies. Recent updates incl: professionally painted throughout, Kitchen Aid appliances, carpet in bedrooms, roller blinds in den, living & dining rooms. Amenities incl: gym, sauna, garden & playground, meeting room. Comes w/2 side-by-side parking stalls & 1 oversized locker. Amazing location w/Skytrain, shops, dining, banks, etc, all within 1-3 blocks. Bosa- built, very well-mainatined and proactive strata. Buy with confidence! OPEN HOUSE: Sun. July 7, 2-4 pm.
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Please visit our Open House at 1806 39 SIXTH ST in New Westminster.
Open House on Sunday, July 7, 2019 2:00PM - 4:00PM
UNIQUE & very SPACIOUS condo (biggest in building) w/fantastic views in downtown New West! 3 bed & den, 2 bath, 1456 sq. ft. corner unit. Excellent floor plan with master bdrm & ensuite totally separate & private. All rooms are a great size, perfect for family. Lots of outdoor space on 2 balconies. Recent updates incl: professionally painted throughout, Kitchen Aid appliances, carpet in bedrooms, roller blinds in den, living & dining rooms. Amenities incl: gym, sauna, garden & playground, meeting room. Comes w/2 side-by-side parking stalls & 1 oversized locker. Amazing location w/Skytrain, shops, dining, banks, etc, all within 1-3 blocks. Bosa- built, very well-mainatined and proactive strata. Buy with confidence! OPEN HOUSE: Sun. July 7, 2-4 pm.
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Housing supply up, home sales and prices down in June

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,077 in June 2019, a 14.4 per cent decrease from the 2,425 sales recorded in June 2018 and a 21.3 per cent decrease from the 2,638 homes sold in May 2019. Last month’s sales were 34.7 per cent below the 10-year June sales average. This is the lowest total for the month since 2000.


“We’re continuing to see an expectation gap between home buyers and sellers in Metro Vancouver,” said Ashley Smith, REBGV president. “Sellers are often trying to get yesterday’s values for their homes while buyers are taking a cautious, wait-and-see approach.”


On the supply side, there were 4,751 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2019. This represents a 10 per cent decrease compared to the 5,279 homes listed in June 2018 and an 18.9 per cent decrease compared to May 2019 when 5,861 homes were listed.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 14,968, a 25.3 per cent increase compared to June 2018 (11,947) and a 1.9 per cent increase compared to May 2019 (14,685). “Home buyers haven’t had this much selection to choose from in five years,” Smith said. “For sellers to be successful in today’s market, it’s important to work with your local REALTOR® to make sure you’re pricing your home for these conditions.”


For all property types, the sales-to-active listings ratio for June 2019 is 13.9 per cent. By property type, the ratio is 11.4 per cent for detached homes, 15.8 per cent for townhomes, and 15.7 per cent for apartments. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $998,700. This represents a 9.6 per cent decrease over June 2018 and a 0.8 per cent decrease compared to May 2019. This is the first time the composite benchmark has been below $1 million since May 2017.


Sales of detached homes in June 2019 reached 746, a 2.6 per cent decrease from the 766 detached sales recorded in June 2018. The benchmark price for detached properties is $1,423,500. This represents a 10.9 per cent decrease from June 2018 and a 0.1 per cent increase compared to May 2019.


Sales of apartment homes reached 941 in June 2019, a 24.1 per cent decrease compared to the 1,240 sales in June 2018. The benchmark price of an apartment property is $654,700. This represents an 8.9 per cent decrease from June 2018 and a 1.4 per cent decrease compared to May 2019.


Attached home sales in June 2019 totalled 390, a 6.9 per cent decrease compared to the 419 sales in June 2018. The benchmark price of an attached unit is $774,700. This represents an 8.6 per cent decrease from June 2018 and a 0.6 per cent decrease compared to May 2019.



Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.



Copyright British Columbia Real Estate Association. Reprinted with permission.

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There are positive signs that the Canadian economy is bouncing back after six months of slow growth. Output in the the Canadian economy rose 0.3 per cent in April following growth of 0.5 per cent in March. The rise in GDP was the result higher output in the mining and oil and gas sectors and well as increasing wholesale trade and construction spending. Output of offices of real estate agents and brokers was up 1.3 per cent in April due to increased resale activity, largely in Ontario.
 
With today's GDP report, we are tracking second quarter growth in the Canadian economy at 2.5 per cent, a major improvement from the sub-1 per cent growth of the first quarter.



Copyright British Columbia Real Estate Association. Reprinted with permission.

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.