Steve Flynn  RE/MAX Crest Realty- Burnaby 

Cell: 604.785.3977 |

Please visit our Open House at 1806 39 SIXTH ST in New Westminster.
Open House on Saturday, October 19, 2019 3:00PM - 5:00PM
HUGE & STYLISH condo w/great views in downtown New West. 1-of-a-kind: the only condo in building w/this unique floor plan! Bosa-built, 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, 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 w/proactive strata. OPEN HOUSE: Sat. Oct 19, 3-5
Read full post

Vancouver, BC – October 15, 2019


The British Columbia Real Estate Association (BCREA) reports that a total of 6,938 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in September, an increase of 24 per cent from the same month last year. The average MLS® residential price in the province was $697,943, an increase of 2.1 per cent from September 2018. Total sales dollar volume was $4.84 billion, a 26.5 per cent increase from the same month last year.

“Markets across BC built on momentum from the summer,” said BCREA Chief Economist Brendon Ogmundson. “While the year-over-year increase in provincial sales was quite strong, home sales in most areas are simply returning to historically average levels.”

MLS® residential active listings in the province were up 4 per cent from September 2018 to 39,117 units and were essentially flat compared to August on a seasonally adjusted basis. Overall market conditions remained in a balanced range with a sales-to-active listings ratio of about 18 per cent.    
 
Year-to-date, BC residential sales dollar volume was down 12.4 per cent to $39.7 billion, compared with the same period in 2018. Residential unit sales were 8.9 per cent lower at 57,773 units, while the average MLS® residential price was down 3.9 per cent year-to-date at $687,530.



Copyright British Columbia Real Estate Association. Reprinted with permission.


Read full post

Canadian employment increased in September by 54,000 jobs, driven by Ontario (41,000). This brought the unemployment rate down from 5.7% in the previous month to 5.5% in September. Leading the increase in September was full-time employment, while part-time fell. Most of the increase was reported in healthcare, and accommodation and food services.  

Employment in BC fell by 8,400 jobs in September. This marks the fourth consecutive monthly decline, driven by a decline in part-time employment (-17,200), while full-time employment rose (+8,800). By Industry, the most significant employment losses were in information/culture/recreation. The provincial unemployment rate fell by 0.2 percentage points to 4.8%. Compared to one year ago, employment in BC is up by 1% (33,400 jobs). 



Copyright British Columbia Real Estate Association. Reprinted with permission.


 
Read full post

Please visit our Open House at 1806 39 SIXTH ST in New Westminster.
Open House on Saturday, October 12, 2019 2:00PM - 4:00PM
HUGE & STYLISH condo w/great views in downtown New West. 1-of-a-kind: the only condo in building w/this unique floor plan! Bosa-built, 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, 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 w/proactive strata. OPEN HOUSE: Sat. Oct 12, 2-4
Read full post

Home buyer demand has returned to more historically typical levels in Metro Vancouver over the last three months:

 

The Real Estate Board of Greater Vancouver* (REBGV) reports that residential home sales in the region totalled 2,333 in September 2019, a 46.3 per cent increase from the 1,595 sales recorded in September 2018, and a 4.6 per cent increase from the 2,231 homes sold in August 2019.

 

Last month’s sales were 1.7 per cent below the 10-year September sales average. “We’re seeing more balanced housing market conditions over the last three months compared to what we saw at this time last year,” Ashley Smith, REBGV president said. “Home buyers are more willing to make offers today, particularly in the townhome and apartment markets.”

 

There were 4,866 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2019. This represents a 7.8 per cent decrease compared to the 5,279 homes listed in September 2018 and a 29.9 per cent increase compared to August 2019 when 3,747 homes were listed.

 

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 13,439, a 2.7 per cent increase compared to September 2018 (13,084) and a 0.3 per cent increase compared to August 2019 (13,396).

 

For all property types, the sales-to-active listings ratio for September 2019 is 17.4 per cent. By property type, the ratio is 12.7 per cent for detached homes, 18.9 per cent for townhomes, and 21.9 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. “This is a more comfortable market for people on both sides of a real estate transaction,” said Smith. “Home sale and listing activity were both at typical levels for our region in September.”

 

The MLS® Home Price Index composite benchmark price for all residential homes in Metro Vancouver is currently $990,600. This represents a 7.3 per cent decrease over September 2018 and a 0.3 per cent decrease compared to August 2019.

 

Sales of detached homes in September 2019 reached 745, a 46.7 per cent increase from the 508 detached sales recorded in September 2018. The benchmark price for a detached home is $1,406,200. This represents an 8.6 per cent decrease from September 2018 and is virtually unchanged compared to August 2019.

 

Sales of apartment homes reached 1,166 in September 2019, a 43.6 per cent increase compared to the 812 sales in September 2018. The benchmark price of an apartment property is $651,500. This represents a 6.5 per cent decrease from September 2018 and a 0.4 per cent decrease compared to August 2019.

 

Attached home sales in September 2019 totalled 422, a 53.5 per cent increase compared to the 275 sales in September 2018. The benchmark price of an attached home is $767,500. This represents a 7.2 per cent decrease from September 2018 and a 0.6 per cent decrease compared to August 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.


Read full post

Growth in the Canadian economy was flat in July, following fourth months of growth. The goods producing industries reported a decline (-0.7%), led by mining, quarrying, and oil and gas. This was exacerbated by a facility shutdown in Newfoundland and Labrador. In contrast, the service-producers reported a gain (0.3%), leading the way was wholesale trade, professional services and real estate.

We expect growth in the Canadian economy will moderate to between 1.5 and 2 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.


 
 


Read full post

Please visit our Open House at 1806 39 SIXTH ST in New Westminster.
Open House on Sunday, September 29, 2019 2:00PM - 4:00PM
HUGE & STYLISH condo w/great views in downtown New West. 1-of-a-kind: the only condo in building w/this unique floor plan! Bosa-built, 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, 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 w/proactive strata. OPEN HOUSE: Sun. Sep 29, 2-4
Read full post

I have listed a new property at 1806 39 SIXTH ST in New Westminster.
HUGE & STYLISH condo w/great views in downtown New West. 1-of-a-kind: the only condo in building w/this unique floor plan! Bosa-built, 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, 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 w/proactive strata.
Read full post

Please visit our Open House at 1806 39 SIXTH ST in New Westminster.
Open House on Sunday, September 22, 2019 2:00PM - 4:00PM
UNIQUE & very SPACIOUS condo w/fantastic VIEWS in downtown New West! Bosa-built, 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 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. OPEN HOUSE: Sun. Sep 22, 2-4 pm.
Read full post

Canadian inflation, as measured by the Consumer Price Index (CPI) rose by 1.9 per cent in August year-over-year, down from a 2 per cent increase in the previous month. This marks 6-months of consecutive year-over-year growth in the CPI, coinciding with strong labour market conditions. Excluding the impact of lower gasoline prices, the CPI rose by 2.4 per cent year-over-year. The Bank of Canada's three measures of trend inflation remain unchanged to average 2 per cent in August.

In B.C., CPI slowed to 2 per cent year-over-year, down from 2.1 per cent in July. The decline was largely driven by gasoline prices, as global oil prices declined slightly in August due to higher production and soft international demand.  

With Canadian inflation just under 2 per cent, the Bank of Canada will have to turn to other economic indicators at their next meeting on October 28. The Bank will have to consider how to balance a stable domestic economy with continued global uncertainty.   



Copyright British Columbia Real Estate Association. Reprinted with permission.



Read full post

Please visit our Open House at 1806 39 SIXTH ST in New Westminster.
Open House on Sunday, September 15, 2019 2:00PM - 4:00PM
UNIQUE & very SPACIOUS condo w/fantastic VIEWS in downtown New West! Bosa-built, 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 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. OPEN HOUSE: Sun. Sep 15, 2-4 pm.
Read full post

Please visit our Open House at 1806 39 SIXTH ST in New Westminster.
Open House on Sunday, September 15, 2019 2:00PM - 4:00PM
UNIQUE & very SPACIOUS condo w/fantastic VIEWS in downtown New West! Bosa-built, 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 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. OPEN HOUSE: Sun. Sep 15, 2-4 pm.
Read full post

Canadian housing starts increased by 1.9% in August to 226,639 units at a seasonally adjusted annual rate (SAAR). The trend in Canadian housing starts was up, averaging 218,998 units SAAR over the past six months, continuing a robust trend. 

In BC, housing starts were down by 26% on a monthly basis to 639,266 units SAAR. This largely reflects activity that was pushed forward in previous months as developers tried to get ahead of a new development charge in Vancouver. Compared to the same time last year, provincial starts were down 17%. On a monthly basis, starts of multi-units were down by 33%, while singles were up by 4%.

Looking at census metropolitan areas in BC: 

  • Housing starts in Vancouver were down by 38% in August at 19,858 units SAAR, following a 23% decrease in the previous month. This marks the lowest level since October 2018. The decline was entirely in the multi unit segment. Compared to last year in August, housing starts in Vancouver were down by 20%. 
  • In Victoria, housing starts were down by 55% on a monthly basis to 1,645 units SAAR. Compared to a year ago, housing starts were down by 77%.
  • In Kelowna, housing starts increased by 298% in August to 5,844 units SAAR, rebounding from low levels the previous month. Year-over-year, starts were up by 47%. 
  • Monthly housing starts in Abbotsford-Mission were down by 62% at 1,125 units SAAR, down from high levels reported the previous month. Compared to this time last year, new home construction was up by 234% due to strong multi-unit starts.


Copyright British Columbia Real Estate Association. Reprinted with permission.


Read full post

Canadian employment increased in August by 81,100 jobs. An increase in the participation rate kept the unemployment rate unchanged at 5.7%. Leading the increase in August was part-time employment (57,200) and almost entirely in the private sector on the service side. Regionally, the largest gains in employment were reported in Ontario (57,800) and Quebec (19,700). 

In contrast, employment in BC fell by 8,300 jobs in August. This marks the third consecutive monthly decline. The August decline was driven by part-time employment, raising the provincial unemployment rate by 0.6 percentage points to 5%. Compared to one year ago, employment in BC is up 3% (73,800 jobs).   



Copyright British Columbia Real Estate Association. Reprinted with permission.



Read full post

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 escalated trade tensions between the US and China has resulted in weakened  business investment, lower commodity prices and heightened global risk.  While the Canadian economy posted strong growth in the second quarter of this year, the Bank attributes that growth to temporary factors unlikely to be repeated in the back half of the year. Overall, the Bank judges that the economy is operating close to its potential and inflation is in line with its target.  However, rising uncertainty in the global economy is impacting economic growth and further escalation may require additional monetary stimulus.

While the Bank of Canada, as expected, opted to not follow other central banks in lowering its policy rate, it has left the door open to lowering rates should developments in the global economy warrant doing so. Currently, economic conditions in Canada do not require further stimulus, and policymakers remain weary of re-igniting a build-up in household debt particularly after imposing policies designed to bring those debt burdens down.  We expect the  Bank will therefore remain on hold as long as current economic risk does not reach a tipping point, such as an impending recession in the United States.  As the uncertain global outlook keeps bond yields down, Canadian mortgage rates should stay near their current sub-3 per cent level for some time.



Copyright British Columbia Real Estate Association. Reprinted with permission.


 
Read full post

Please visit our Open House at 1806 39 SIXTH ST in New Westminster.
Open House on Sunday, September 8, 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. Sep 8, 2-4 pm.
Read full post

Home buyer activity increased to more typical levels in Metro Vancouver* throughout the summer months:

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,231 in August 2019, a 15.7 per cent increase from the 1,929 sales recorded in August 2018, and a 12.7 per cent decrease from the 2,557 homes sold in July 2019.

 

Last month’s sales were 9.2 per cent below the 10-year August sales average. “Home sales returned to more historically normal levels in July and August compared to what we saw in the first six months of the year,” said REBGV President Ashley Smith. 

 

There were 3,747 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2019. This represents a 3.5 per cent decrease compared to the 3,881 homes listed in August 2018 and an 18.8 per cent decrease compared to July 2019 when 4,613 homes were listed.

 

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 13,396, a 13.3 per cent increase compared to August 2018 (11,824) and a 5.9 per cent decrease compared to July 2019 (14,240).

 

For all property types, the sales-to-active listings ratio for August 2019 is 16.7 per cent. By property type, the ratio is 12 per cent for detached homes, 18.4 per cent for townhomes, and 21.2 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.

 

“With more demand from home buyers, the supply of homes listed for sale isn’t accumulating like earlier in the year. These changes are creating more balanced market conditions,” Smith said.

 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $993,300. This represents an 8.3 per cent decrease over August 2018 and a 0.2 per cent decrease compared to July 2019.

 

Sales of detached homes in August 2019 reached 706, a 24.5 per cent increase from the 567 detached sales recorded in August 2018. The benchmark price for detached homes is $1,406,700. This represents a 9.8 per cent decrease from August 2018 and a 0.7 per cent decrease compared to July 2019.

 

Sales of apartment homes reached 1,116 in August 2019, an 8.9 per cent increase compared to the 1,025 sales in August 2018. The benchmark price of an apartment property is $771,000. This represents a 7.4 per cent decrease from August 2018 and a 0.1 per cent increase compared to July 2019.

 

Attached home sales in August 2019 totalled 409, a 21.4 per cent increase compared to the 337 sales in August 2018. The benchmark price of an attached unit is $654,000. This represents a 7.8 per cent decrease from August 2018, a 0.2 per cent increase compared to July 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.



Read full post

The Canadian economy rebounded in the second quarter, surging at an annual rate of 3.7 per cent. That follows two quarters of lackluster sub-1 per cent real GDP growth.  Growth was primarily led by a recovery in export volumes which masked underlying weakness in domestic demand, which actually declined as household spending slowed and business investment declined.


Despite a solid second quarter growth, we are forecasting that the Canadian economy will expand by only 1.5 per cent this year, a slight deceleration from 1.8 per cent growth in 2018.  Moreover, inflation remains closely tied to its 2 per cent target, and unemployment remains very low, which should translate to a sidelined Bank of Canada. That said, risks to the economy are very clearly tilted to the downside. The US continues to flirt with potentially disastrous trade wars and global financial markets are anticipating a US recession in the next twelve months.  Should those fears be realized, the next move by the Bank will certainly be to lower its overnight rate.



Copyright British Columbia Real Estate Association. Reprinted with permission.






Read full post
Categories:   Abbotsford West, Abbotsford Real Estate | Brentwood Park, Burnaby North Real Estate | Burnaby | Burnaby Real Estate | Burnaby South Real Estate | Cape Horn, Coquitlam Real Estate | Central BN, Burnaby North Real Estate | Central Coquitlam, Coquitlam | Central Coquitlam, Coquitlam Real Estate | Champlain Heights, Vancouver East | Champlain Heights, Vancouver East Real Estate | Cloverdale BC, Cloverdale Real Estate | Cloverdale BC, Surrey Real Estate | Cloverdale Real Estate | Coaquitlam | College Park PM, Port Moody Real Estate | Collingwood VE, Vancouver East Real Estate | Coquitlam | Coquitlam West, Coquitlam Real Estate | Downtown NW, New Westminster Real Estate | Downtown VW, Vancouver West | Downtown VW, Vancouver West Real Estate | False Creek North, Vancouver West | Fraserview NW, New Westminster | Fraserview NW, New Westminster Real Estate | Fraserview VE, Vancouver East Real Estate | GlenBrooke North, New Westminster Real Estate | Grandview Surrey, Surrey Real Estate | Highgate, Burnaby South Real Estate | January 2014 Sales in Greater Vancouver | New Westminster Real Estate | Port Moody | Port Moody Real Estate | Quay, New Westminster Real Estate | Queensborough, New Westminster Real Estate | Sapperton, New Westminster Real Estate | Simon Fraser Univer., Burnaby North Real Estate | Surrey | The Heights NW, New Westminster | The Heights NW, New Westminster Real Estate | Uptown NW, New Westminster Real Estate | Vancouver | Videocast of January 2014 sales | West End VW, Vancouver West Real Estate | Whalley, North Surrey Real Estate | Whalley, Surrey Real Estate
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.