Steve Flynn  RE/MAX Crest Realty- Burnaby 

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I have sold a property at PH22 5248 GRIMMER ST in Burnaby.
TOP FLOOR, stylish, 1 bed/1 bath, 595 sq. ft, south-facing condo in Metro 1 in Metrotown. Built in 2013, in excellent condition. Efficient floor plan & very bright w/14 ft ceilings in living room! Sleek kitchen w/granite & stainless steel appliances (brand new fridge & dishwasher). Bathroom is cheater ensuite. Very low maintenance fee & building is still under warranty. Walk to everything: Skytrain, banks, groceries, dining, etc. Google Walkscore = 92! Rentals allowed w/restrictions & 2 pets allowed. 1 parking & 1 locker. Buy with confidence!
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Vancouver, BC – January 19, 2020. 


The British Columbia Real Estate Association (BCREA) reports that a total of 77,331 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in 2019, a decline of 1.5 per cent from the 78,516 units sold in 2018. The annual average MLS® residential price in BC was $700,460, a decline of 1.6 per cent from $711,564 recorded the previous year. Total sales dollar volume was $54.2 billion, a 3 per cent decline from 2018.

“Housing markets across the province staged a strong recovery in the second half of 2019,” said BCREA Chief Economist Brendon Ogmundson. “This sets up 2020 to be a much more typical year than what markets have experienced recently.”

A total of 5,218 MLS® residential unit sales were recorded across the province in December, up 48.9 per cent from December 2018. The average MLS® residential price in BC was $755,165, an increase of 8.7 per cent from December 2018. Total sales dollar volume was $3.9 billion, a 61.8 per cent increase year-over-year.

Total active residential listings were down 10.6 per cent to 24,691 units in December. Total inventory of homes for sale have declined more than 10 per cent on a year-over-year basis for two straight months.



Copyright British Columbia Real Estate Association. Reprinted with permission.


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A good news report. Canadian employment increased by 35,200 jobs in December, partially offsetting the previous month's decline of 71,200 jobs. This brought the national unemployment rate down from 5.9% in the previous month to 5.6% in December. Regionally, the increase was led by Ontario (25,000) and Quebec (21,000). December's increase was largely driven by full time work in the private-sector, which finally broke its losing streak. Most of the increase was in accommodation and food services (25,000) and in construction (17,000), while other industries saw little change. Compared to the same month last year, Canadian employment is up 1.7%.   

Not a great report. Employment in BC fell by 7,700 jobs in December, following last month's decline of 18,200. The decline was primarily driven by part-time employment (-6,500). By Industry, employment losses were generally broad-based, with the exception of construction, health care/social assistance, and accommodation and food services. The provincial unemployment rate fell by 0.2 percentage points to 4.8%. Compared to one year ago, employment in BC is up by 0.3% (7,100) jobs.   



Copyright British Columbia Real Estate Association. Reprinted with permission.



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Canadian housing starts decreased by 3.4% in December to 197,329 units at a seasonally adjusted annual rate (SAAR). The trend in national housing starts fell, averaging about 212,000 units SAAR over the past six months. 

In BC, housing starts fell by 10% on a monthly basis to 42,791 units SAAR, largely due to contractions in the volatile multi-unit segment in regions outside of Vancouver. Compared to the same time last year, provincial starts were down by 16%. The province ended 2019 with the highest level of housing starts since 1955, the year when data collection began. 

Looking at census metropolitan areas in BC: 

-Housing starts in Vancouver were flat in December, following last month's 78% increase. Compared to last year in December, housing starts were up by 12%. In 2019, Vancouver reported record-level housing starts. 

-In Victoria, housing starts were down by 23% on a monthly basis to 3,263 units SAAR. Compared to a year ago in December, housing starts were down by 66%. Overall, housing starts in Victoria slowed by 18% in 2019 when compared to last year. 

-In Kelowna, housing starts decreased by 74% in December to 908 units SAAR. Year-over-year starts were down by 73% in the region. In 2019, housing starts were 12% lower than in 2018.

-Monthly housing starts in Abbotsford-Mission were up by 54% at 2,517 units SAAR. Compared to the same time last year, new home construction was down by 28%. Abbotsford-Mission ended 2019 on a strong note with housing starts up by 61% compared to 2018. 



Copyright British Columbia Real Estate Association. Reprinted with permission.


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Please visit our Open House at PH22 5248 GRIMMER ST in Burnaby.
Open House on Sunday, January 12, 2020 2:00PM - 4:00PM
TOP FLOOR, stylish, 1 bed/1 bath, 595 sq. ft, south-facing condo in Metro 1 in Metrotown. Built in 2013, in excellent condition. Efficient floor plan & very bright w/14 ft ceilings in living room! Sleek kitchen w/granite & stainless steel appliances (brand new fridge & dishwasher). Bathroom is cheater ensuite. Very low maintenance fee & building is still under warranty. Walk to everything: Skytrain, banks, groceries, dining, etc. Google Walkscore = 92! Rentals allowed w/restrictions & 2 pets allowed. 1 parking & 1 locker. Buy with confidence!
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I have listed a new property at PH22 5248 GRIMMER ST in Burnaby.
TOP FLOOR, stylish, 1 bed/1 bath, 595 sq. ft, south-facing condo in Metro 1 in Metrotown. Built in 2013, in excellent condition. Efficient floor plan & very bright w/14 ft ceilings in liv room! Sleek kitchen w/brand new s-s fridge & dishwasher. Bathroom is cheater ensuite. Walk to everything: Skytrain, banks, groceries, dining, etc. Google Walkscore = 92! Rentals allowed w/restrictions & 2 pets allowed. 1 parking & 1 locker. Buy with confidence!
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The Metro Vancouver* housing market experienced below average sales activity and moderate price declines in 2019:

 

The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment homes reached 25,351 in 2019, a three per cent increase from the 24,619 sales recorded in 2018, and a 29.6 per cent decrease over the 35,993 residential sales in 2017.

 

Last year’s sales total was 20.3 per cent below the region’s 10-year sales average.

 

“We didn’t see typical seasonal patterns in 2019. Home buyer demand was quieter in the normally busy spring season and it picked up in the second half of the year,” Ashley Smith, REBGV president said. “In terms of home values, prices dipped between two and four per cent across the region last year depending on property type.”

 

Home listings on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 51,918 in 2019. This is a 3.2 per cent decrease compared to the 53,614 homes listed in 2018 and a five per cent decrease compared to the 54,655 homes listed in 2017.Last year’s listings total was 7.6 per cent below the 10-year average.

 

“Home buyer confidence was a factor throughout the year. In the first quarter, many prospective buyers were in a holding pattern, waiting to see how prices would react to the mortgage stress test, new taxes, and other policy changes,” Smith said. “Confidence started to return in the summer, and we saw above average sales in the final quarter of 2019.”

 

The MLS® HPI composite benchmark price for all residential properties in Metro Vancouver ends the year at $1,001,000. This is a 3.1 per cent decrease compared to December 2018.

 

The benchmark price of apartments decreased 2.7 per cent in the region last year. Townhomes decreased 2.4 per cent and detached homes decreased four per cent.



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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REBGV reports that residential home sales in the Metro Vancouver* region totalled 2,016 in December 2019, an 88.1 per cent increase from the 1,072 sales recorded in December 2018, and a 19.3 per cent decrease from the 2,498 homes sold in November 2019.

 

Last month’s sales were 9.5 per cent above the 10-year December sales average.

 

There were 1,588 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in December 2019. This represents a 12.9 per cent increase compared to the 1,407 homes listed in December 2018 and a 46.8 per cent decrease compared to November 2019 when 2,987 homes were listed.

 

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,603, a 16.3 per cent decrease compared to December 2018 (10,275) and a 20.1 per cent decrease compared to November 2019 (10,770).

 

For all property types, the sales-to-active listings ratio for December 2019 is 23.4 per cent. By property type, the ratio is 15.2 per cent for detached homes, 25.7 per cent for townhomes, and 32.5 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.

 

Sales of detached homes in December 2019 reached 599, a 72.1 per cent increase from the 348 detached sales recorded in December 2018. The benchmark price for detached properties is $1,423,500. This represents a four per cent decrease from December 2018, and a 0.6 per cent increase compared to November 2019.

 

Sales of apartment homes reached 1,053 in December 2019, a 96.8 per cent increase compared to the 535 sales in December 2018. The benchmark price of an apartment property is $656,700. This represents a 2.7 per cent decrease from December 2018, and a 0.8 per cent increase compared to November 2019.

 

Attached home sales in December 2019 totalled 364, a 92.6 per cent increase compared to the 189 sales in December 2018. The benchmark price of an attached home is $778,400. This represents a 2.4 per cent decrease from December 2018, and a 0.7 per cent increase compared to November 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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Seasonally-adjusted Canadian retail sales fell by 1.2% in October to $50.9 billion, driven by lower sales at motor vehicle and parts dealers and at building material and garden equipment and supplies dealers. Retail sales were down in 8 of 11 sub-sectors, representing 81% of retail sales. Regionally, 6 of 10 provinces reported declines in October, led by Ontario (-2%), Quebec (-1.7%) and Saskatchewan (-1.7%). In contrast, increases in retail sales were reported in Manitoba (1.1%) and Alberta (0.4%).

In B.C., seasonally-adjusted retail sales fell by 0.9% to $7.1 billion in October, driven by a decline in home furnishing sales and sales in sporting/hobby/books/music. Vancouver also reported a monthly decrease of 1.9% in sales. Compared to the same time last year, B.C. retail sales were down by 0.7% in October.



Copyright British Columbia Real Estate Association. Reprinted with permission.



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Vancouver, BC – December 19, 2019. 


The British Columbia Real Estate Association (BCREA) reports that a total of 6,616 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November, an increase of 27.5 per cent from the same month last year. The average MLS® residential price in the province was $746,939, an increase of 5.5 per cent from November 2018. Total sales dollar volume was $4.94 billion, a 34.4 per cent increase from the same month last year. 

"After several months of strong gains, home sales are now firming around long-run averages," said BCREA Chief Economist Brendon Ogmundson. "We expect 2020 will be a much more typical year for markets compared to the
volatility of recent years."

MLS® residential active listings in the province were down 6.6 per cent from November 2018 to 31,310 units, and down for a seventh straight month on a seasonally adjusted basis. Overall market conditions remain balanced with a sales-to-active listings ratio of 21 per cent.

Year-to-date, BC residential sales dollar volume was down 6 per cent to $50.23 billion, compared with the same period in 2018. Residential unit sales were 3.9 per cent lower at 72,106 units, while the average MLS® residential price was down 2.2 per cent year-to date at $696,574. 



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Canadian inflation, as measured by the Consumer Price Index (CPI) rose by 2.2 per cent in November year-over-year, following a 1.9 per cent increase in the previous month. Excluding the impact of higher gasoline prices, national CPI rose by 2.3 per cent year-over-year. The Bank of Canada's three measures of trend inflation rose to average 2.2 per cent in November, which means the increase in prices have been relatively broad-based.

In B.C., CPI grew to 2.2 per cent year-over-year, matching growth in October. The rise was led by food, and clothing and footwear prices, while notable declines were reported in gasoline and recreation prices. 

Although the Bank of Canada has noted that inflation has been close to its target, the Bank will likely continue its cautious approach, as it continues to monitor other key economic indicators before deciding on a course of action in 2020.



Copyright British Columbia Real Estate Association. Reprinted with permission.


 


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Canadian housing starts decreased by 0.3% in November to 201,318 units at a seasonally adjusted annual rate (SAAR). The trend in national housing starts continues to be healthy, averaging about 219,000 units SAAR over the past six months. 

In BC, housing starts rose by 41% on a monthly basis to 48,840 units SAAR, largely due to a 59% increase in construction in the multi-unit segment in Vancouver, while single detached home construction was down by 13%. Compared to the same time last year, provincial starts were up by 22%.

Looking at census metropolitan areas in BC

-Housing starts in Vancouver were up by 78% in November at 27,688 units SAAR, following last month's lowest reported level of starts in 2019. The increase was driven entirely by the multi-unit segment. Compared to last year in November, housing starts in Vancouver were up by 26%. 

-In Victoria, housing starts were up by 9% on a monthly basis to 4,224 units SAAR. Compared to a year ago, housing starts were up by 44%.

-In Kelowna, housing starts decreased by 9% in November to 3,504 units SAAR. Year-over-year starts were down by 18% in the region. 

-Monthly housing starts in Abbotsford-Mission were down by 30% at 1,636 units SAAR. Compared to this time last year, new home construction was up by 154%.




Copyright British Columbia Real Estate Association. Reprinted with permission.


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The Bank of Canada held its overnight rate at 1.75 per cent this morning. In the statement accompanying the decision, the Bank noted that there is evidence that the global economy is stabilizing and that US recession concerns are waning, though trade conflicts remain the biggest threat to the Canadian economy.  The Bank expects modest growth in 2020 and for inflation to closely track its 2 per cent target.

With many central banks around the world lowering their policy rates,  why is the Bank of Canada holding firm? Simply, the Bank judges the potential of lower rates igniting a further accumulation of household debt as a greater risk to the Canadian economy than the risk from deteriorating global economic conditions.  Canadian policymakers have committed to bending the curve on the Canadian household debt-to-income ratio, through a combination of higher interest rates and stricter mortgage policy.

Balanced against the goal of restraining debt, the Bank sees the risk of a further disruption in global trade as manageable.  The outlook for Canadian economic growth is roughly in line with trend growth for the economy and inflation is expected to be well tethered to its 2 per cent target. As long as that outlook holds, we expect that the Bank will remain on the sidelines in 2020.



Copyright British Columbia Real Estate Association. Reprinted with permission.


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After a quieter first half of 2019, home buyer activity has returned to more historically typical levels in Metro Vancouver*:

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,498 in November 2019, a 55.3 per cent increase from the 1,608 sales recorded in November 2018, and a 12.6 per cent decline from the 2,858 homes sold in October 2019.

 

Last month’s sales were four per cent above the 10-year November sales average. “We started to see more home buyer confidence in the summer and this trend continues today,” says Ashley Smith, REBGV president. “It’ll be important to watch home listing levels over the next few months to see if supply can stay in line with home buyer demand.” 

 

There were 2,987 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2019. This represents a 13.7 per cent decrease compared to the 3,461 homes listed in November 2018 and a 26.7 per cent decrease compared to October 2019 when 4,074 homes were listed.

 

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,770, a 12.5 per cent decrease compared to November 2018 (12,307) and a 12 per cent decrease compared to October 2019 (12,236).

 

For all property types, the sales-to-active listings ratio for November 2019 is 23.2 per cent. By property type, the ratio is 17.2 per cent for detached homes, 24.9 per cent for townhomes, and 29.3 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.

 

“In today’s market, the intensity of home buyer demand depends on neighbourhood, property type, and price point,” Smith said. “To better understand the changing trends in your neighbourhood and property type of choice, it’s important to work with your local REALTOR®.”

 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $993,700. This represents a 4.6 per cent decrease from November 2018 and a 1.3 per cent decrease over the past six months.

 

Sales of detached homes in November 2019 reached 825, a 59.9 per cent increase from the 516 detached sales recorded in November 2018. The benchmark price for a detached home is $1,415,400. This represents a 5.8 per cent decrease from November 2018, a 0.5 per cent decrease over the past six months, and a 0.3 per cent increase compared to October 2019.

 

Sales of apartment homes reached 1,222 in November 2019, a 50.9 per cent increase compared to the 810 sales in November 2018. The benchmark price of an apartment home is $651,500. This represents a 3.8 per cent decrease from November 2018, a 1.9 per cent decrease over the past six months, and a 0.2 per cent decline compared to October 2019.

 

Attached home sales in November 2019 totalled 451, a 59.9 per cent increase compared to the 282 sales in November 2018. The benchmark price of an attached home is $772,800. This represents a 4.4 per cent decrease from November 2018, a 0.8 per cent decrease over the past six months, and a 0.2 per cent increase compared to October 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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The Canadian economy grew by 0.1% in September, following the same growth in the previous month. Services reported growth of 0.2%, slightly outpacing growth in goods (+0.1%). There were gains in 13 of 20 industries, with increases in wholesale trade and construction offset in part by lower activity in rail transportation. Activity at offices of real estate agents and brokers increased 1.2% in September, rising for the seventh consecutive month, primarily due to higher housing resale activity in Vancouver and Fraser Valley.

Rounding out the third quarter, Canada's economy grew by 1.3%, led by strong business investment (+2.6%) and household spending (+0.4%), while exports were down by 0.4% and imports were unchanged. Of note was growth in housing investment (+3.2%), which recorded the fastest pace since the first quarter of 2012. The increase was driven by both new home construction (mostly detached homes in Ontario) and higher ownership transfer costs from resales activity in B.C. and Ontario.

We expect growth in the Canadian economy will moderate to around 1.5 per cent in the second half of 2019 after posting strong second quarter growth and will post trend growth of about 1.8 per cent in 2020. Significant downside risks remain due to elevated trade tensions and their consequent impact on exports and business investment.



Copyright British Columbia Real Estate Association. Reprinted with permission.



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I have sold a property at 1806 39 SIXTH ST in New Westminster.
HUGE & STYLISH w/great views in Boutique QUANTUM building by BOSA in dt New West. 1-of-a-kind: the only condo in building w/this unique floor plan! 1456 sq. ft, 3 bed + den/2 bath corner unit w/luxury finishes. BIG rooms, perfect for a family or those looking to down-size. Great layout 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, shops, Pier Park, etc, all within 5 mins = 96 Walkscore! 2 parking stalls & 1 oversized locker. 2 pets & rentals allowed. Very well-maintained & managed w/very proactive strata. OPEN HOUSE: Sun, Nov 24, 2-4!
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Seasonally-adjusted Canadian retail sales fell by 0.1% in September to $51.6 billion (after an upwardly revised 0.1% in August), driven by lower sales at motor vehicle and parts dealers and at gasoline stations. Retail sales were down in 6 of 11 sub-sectors. Regionally, 7 of 10 provinces reported declines in September with notable declines in Alberta (-1.6%) and New Brunswick (-3.7%).

In B.C., seasonally-adjusted retail sales fell by 0.2% to $7.2 billion in September, driven by a decline in sales at motor vehicle and parts dealers and in food and beverage stores. Vancouver also reported a monthly decrease of 0.9% in sales. Declining provincial sales were reported in all sub-sectors except for building material and garden equipment. Compared to the same time last year, B.C. retail sales were down by 0.8% in September.



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, November 24, 2019 2:00PM - 4:00PM
HUGE & STYLISH w/great views in Boutique QUANTUM building by BOSA in dt New West. 1-of-a-kind: the only condo in building w/this unique floor plan! 1456 sq. ft, 3 bed + den/2 bath corner unit w/luxury finishes. BIG rooms, perfect for a family or those looking to down-size. Great layout 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, shops, Pier Park, etc, all within 5 mins = 96 Walkscore! 2 parking stalls & 1 oversized locker. 2 pets & rentals allowed. Very well-maintained & managed w/very proactive strata. OPEN HOUSE: Sun, Nov 24, 2-4!
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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.