Steve Flynn  RE/MAX Crest Realty- Burnaby 

Cell: 604.785.3977 |

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Canadian prices, as measured by the Consumer Price Index (CPI), rose 3.1% on a year-over-year basis in June, down from the prior two months. The downward pull of "base-year effects" are no longer influencing the year-over-year CPI values, as June 2020 prices had recovered from dips in the early months of the pandemic. On a seasonally adjusted month-over-month basis, the CPI was up just 0.1% in June. The Bank of Canada's preferred measures of core inflation (which use techniques to strip out volatile elements) rose an average of 2.3% year-over-year in June. In BC, consumer prices were up 0.5% month-over-month, and up 2.4% on a year-over-year basis in June.

While inflation is currently running higher than the Bank of Canada's 2 per cent target, many economists expect this elevated rate of price increases to be transitory as economies emerge from the pandemic and supply chains normalize. Base-year effects from falling prices during the early months of the pandemic had exaggerated year-over-year changes in CPI, but these effects have now ended, and the rate of increase in CPI is correspondingly lower. The rate of inflation as measured by CPI is very important for the Bank of Canada's monetary policy stance over the next year. If higher inflation is not transitory but instead the result of an over-stimulated economy, the central bank could act to raise interest rates sooner than expected. However, if the uptick in inflation continues to fade in the coming months, we expect the Bank will stay its current course.



Copyright British Columbia Real Estate Association. Reprinted with permission.


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Check out this awesome condo this Sun, 12-2pm at my Open House (masks & sanitizer provided):


MODERN, stylish 850 s.f, 2 bed/2 bath in The Sapperton in New West's hip Brewery District. This north-east corner unit has great river & mountain VIEWS & stays cool in the summer. Bright, open concept kitchen, dining & living room. Kitchen has LUXURY features: s/s appliances, quartz countertop & gas stove. Both bedrooms are good size. Approx 100 s.f. balcony. Proactive strata!


Amenities incl: common rooftop deck w/bbq, lobby lounge, mini-park w/garden plots + access to Club Central w/gym, squash, sauna, steam, social kitchen + rec room. 1 parking, 1 locker. Within 10 min walk: McBride Elementary, Sapperton Skytrain, Royal Columbian Hospital, Save-On, Shoppers, Browns, TD Bank, etc. 2 PETS & RENTALS allowed (no AirBnB).

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I have listed a new property at 1203 3096 WINDSOR GATE in Coquitlam.
BEAUTIFUL, big & bright 1260 s.f, 3 bed/2 bath condo in Mantyla in lovely Windsor Gate neighbourhood. This 2 y.o, south-east CORNER unit has amazing mountain & park VIEWS. Open floor plan w/chef's kitchen, dining & living room is perfect for entertaining. Master bedroom is BIG w/luxurious ensuite bath & walk-in closet. 2 other bedrooms are good size. Approx 140 s.f. balcony! Manytla has party room, gym & outdoor bbq/playground area + access to RESORT-style Nakoma Club w/gym, squash, ping pong, basketball courts, HUGE party room, theatre + o/d pool & hot tub! 2 pets & rentals allowed (no AirBnB). Schools, Skytrain, Coquitlam Centre, parks, etc, all within 10 min walk! 1 parking. 1st SHOWINGS this Sat, Jul. 24, 12-2pm, by appointment.
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Please visit our Open House at 1207 200 NELSON'S CRES in New Westminster.
Open House on Sunday, July 25, 2021 12:00PM - 2:00PM
MODERN, stylish 850 s.f, 2 bed/2 bath in The Sapperton in New West's hip Brewery District. This north-east corner unit has great river & mountain VIEWS & stays cool in the summer. Bright, open concept kitchen, dining & living room. Kitchen has LUXURY features: s/s appliances, quartz countertop & gas stove. Both bedrooms are good size. Approx 100 s.f. balcony. Proactive strata! Amenities incl: common rooftop deck w/bbq, lobby lounge, mini-park w/garden plots + access to Club Central w/gym, squash, sauna, steam, kitchen + rec room. 1 parking, 1 locker. Within 10 min walk: McBride Elementary, Sapperton Skytrain, Royal Columbian Hospital, Save-On, Shoppers, Browns, TD Bank, etc. 2 pets & rentals allowed (no AirBnB). Check the VIRTUAL Tour! OPEN HOUSE, Sun. Jul 25, 12-2pm.
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Canadian housing starts continued at a historically high level in June. Although housing starts decreased to 282.1k units (-1.5% m/m) in June at a seasonally adjusted annual rate (SAAR), on a year-over-year basis starts were still 33% above their June 2020 levels. The six-month moving average of SAAR housing starts rose 3.1% to 293.6k units in June. Single-detached housing starts declined 6.9% from May, while all other housing starts rose 0.9%. 

In BC starts rose faster than any other province in June, up 43% m/m to 68k units SAAR in all areas of the province. The level remains just below a record March when new units were constructed at a 71K unit annualized pace. In terms of the six-month moving average, BC is at a record level of housing starts. In centres with at least 10,000 residents, single-detached starts were flat, but multi-unit starts were up 56% from last month. Compared to the same time last year, housing starts in June were up 74%. In Vancouver, housing starts were 91% higher than June of 2020, while in Victoria starts were up 78% from the same month last year. 



Copyright British Columbia Real Estate Association. Reprinted with permission.


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I have listed a new property at 1207 200 NELSON'S CRES in New Westminster.
MODERN, stylish 850 s.f, 2 bed/2 bath in The Sapperton in New West's hip Brewery District. This north-east corner unit has great river & mountain VIEWS & stays cool in the summer. Bright, open concept kitchen, dining & living room. Kitchen has LUXURY features: s/s appliances, quartz countertop & gas stove. Both bedrooms are good size. Approx 100 s.f. balcony! Proactive strata. Amenities incl: common rooftop deck w/bbq, lobby lounge, mini-park w/garden plots + access to 10,000 s. f. Club Central w/gym, squash, sauna, steam, party kitchen & rec room. 1 parking, 1 locker. Within 10 min walk: Sapperton Skytrain, Royal Columbian Hospital, Save-On, Shoppers, TD Bank, etc. 2 pets & rentals allowed (no AirBnB). 1st SHOWINGS start Sat, July 17, 1-5pm, by appointment. Check the VIRTUAL Tour
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The British Columbia Real Estate Association (BCREA) reports that a total of 11,070 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in June 2021, an increase of 34.7 per cent over June 2020. The average MLS® residential price in BC was $910,445, a 22.2 per cent increase from $745,194 recorded in June 2020. Total sales dollar volume was $10.1 billion, a 64.6 per cent increase from last year.

“As expected, housing market activity is calming to start the second half of 2021,” said BCREA Chief Economist Brendon Ogmundson. “That said, while down from record highs earlier this year, home sales across the province remain well above long-run average levels"

Total active residential listings were down 23.4 per cent year-over-year in June and continued to fall on a monthly seasonally adjusted basis.

Year-to-date, BC residential sales dollar volume was up 161.6 per cent to $64.7 billion, compared with the same period in 2020. Residential unit sales were up 114.3 per cent to 70,690 units, while the average MLS® residential price was up 22.1 per cent to $915,563. 



Copyright British Columbia Real Estate Association. Reprinted with permission.


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Canadian employment grew by 231,000 jobs in June (1.2%, m/m) to 18.79 million, led by a 264,000 rise in the number of part-time jobs (offsetting a small decline in the number of full-time jobs). This growth brings employment back to nearly the levels in March, prior to two consecutive months of decline amid third-wave restrictions. The level of Canadian employment is now -1.8% (-340k) below its February 2020 pre-pandemic level. Ontario and other provinces eased third-wave restrictions in June. As a result, the industries driving growth in June across Canada were in accommodation & food services (+101k) and retail trade (+75k). The unemployment rate declined 0.4% to 7.8%.

In BC, employment rose by 42,000 (+1.6% m/m), following declines in April and May. The unemployment rate fell slightly from 7.0% to 6.6%, driven by growth in part-time work and the food & accommodation sector (+19k). BC is the lone province with employment above its pre-pandemic level. 



Copyright British Columbia Real Estate Association. Reprinted with permission.


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While still elevated, home sale and listing activity in Metro Vancouver* has eased back from the record-setting pace seen in March and April of this year.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,762 in June 2021, a 54 per cent increase from the 2,443 sales recorded in June 2020, and an 11.9 per cent decrease from the 4,268 homes sold in May 2021.


Last month’s sales were 18.4 per cent above the 10-year June sales average. 
“Metro Vancouver’s housing market continues to experience strong seller’s market conditions, although the intensity of demand has eased from what we saw throughout most of the spring,” Keith Stewart, REBGV economist said. “The past two months have shown a market that’s shifting toward more historically typical conditions.”


There were 5,849 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2021. This represents a 1.1 per cent increase compared to the 5,787 homes listed in June 2020 and a 17.9 per cent decrease compared to May 2021 when 7,125 homes were listed. 
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,839, a 5.1 per cent decrease compared to June 2020 (11,424) and a 1.2 per cent decrease compared to May 2021 (10,970).


“With low interest rates, a growing economy and an improving job market, the Metro Vancouver housing market continues to enjoy solid economic fundamentals,” Stewart said. “We’re now seeing a market that’s beginning to normalize from the torrid pace in the spring. This is making multiple offers less common, allowing subjects to be seen on offers more frequently again, and is making new price records less likely.”


For all property types, the sales-to-active listings ratio for June 2021 is 34.7 per cent. By property type, the ratio is 27.5 per cent for detached homes, 49.2 per cent for townhomes, and 37.1 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.


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,175,100. This represents a 14.5 per cent increase over June 2020 and a 0.2 per cent increase compared to May 2021.


Sales of detached homes in June 2021 reached 1,262, a 45.7 per cent increase from the 866 detached sales recorded in June 2020. The benchmark price for detached properties is $1,801,100. This represents a 22 per cent increase from June 2020 and is virtually unchanged from May 2021.


Sales of apartment homes reached 1,774 in June 2021, a 60.5 per cent increase compared to the 1,105 sales in June 2020. The benchmark price of an apartment is $737,600. This represents a 8.9 per cent increase from June 2020 and a 0.1 per cent increase compared to May 2021.


Attached home sales in June 2021 totalled 726, a 53.8 per cent increase compared to the 472 sales in June 2020. The benchmark price of an attached home is $946,900. This represents a 17.4 per cent increase from June 2020 and a 1.1 per cent increase compared to May 2021.




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 contracted for the first time in 12 months in April as monthly real GDP fell 0.3 per cent due to restrictions put in place to contain the third wave of COVID-19. The largest declines were felt in high-touch services sector industries like retail trade and food services.  Output of the real estate sector also dipped in April, though coming off a record month of sales in March.

Many sectors are currently dealing with the complexities of recovering from a pandemic that has produced significant shortages of materials and labour. As a result, there is an adjustment process underway, highlighted by rapidly rising costs, as businesses scramble to recover back to pre-pandemic levels of production and service. That process will continue to create some ups and downs as the economy moves into a post-pandemic environment but the overall trend in the economy is overwhelmingly positive. Statistics Canada estimates that strong growth resumed in May and we anticipate the Canadian economy will expand at a 6 per cent rate this year.  The same is true of the BC economy, where we are tracking economic growth for 2021 at 6.2 per cent.



Copyright British Columbia Real Estate Association. Reprinted with permission.



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Canadian retail sales decreased 5.7% m/m to $54.8 billion on a seasonally-adjusted basis in April. This was the largest monthly decline since April of last year. Sales declined in 9 of 11 sub-sectors, with the largest declines in clothing and general merchandise. Excluding the more volatile sectors like motor-vehicles and gasoline sales, retail sales were down 7.6% in April. Drops in sales were driven by third wave restrictions implemented across the country in April. One in twenty Canadian retailers were closed for at least one business day in April due to lockdowns.  

In BC, seasonally-adjusted retail sales declined just 0.2% m/m as COVID-19 cases peaked in the middle of April. Retail sales rose 0.7% m/m in Metro Vancouver. On a non-seasonally adjusted basis, BC retail sales were up by 47% compared to the same time last year.   

In April, Canadian e-commerce sales were up 58.7% year-over-year to $4 billion. E-commerce accounted for 7% of total retail sales, up from 6.6% in March. In April of last year, in the midst of the first wave, e-commerce accounted for 10.2% of retail sales. 



Copyright British Columbia Real Estate Association. Reprinted with permission.


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Canadian inflation, as measured by the Consumer Price Index (CPI), rose to 3.6% year-over-year in May, up from 3.4% in April. This is the highest level since May of 2011. Much of the increase in inflation was the result of base-year effects, as prices remained depressed in May of last year due to pandemic-induced shutdowns. On a seasonally adjusted month-over-month basis, the CPI was up 0.5% in May. The Bank of Canada's preferred measures of core inflation (which strip out volatile elements) rose an average of 0.2% from April, to 2.3% year-over-year. In BC, consumer prices were unchanged month-over-month and down from 3% year-over-year in April to 2.7% year-over-year in May.

While inflation is currently running higher than the Bank of Canada's 2 per cent target, much of the increase looks to be temporary and is likely to fade as base-year effects become less significant in coming months. Base-year effects are now beginning to fall out of the inflation statistics, as April was the CPI's nadir last year. How inflation evolves over the next 3 to 6 months will be very important for the stance of monetary policy over the next year. If higher inflation is not just a temporary phenomenon but is being driven by an over-stimulated economy, than we could see the Bank of Canada act on interest rates prior to 2023. However, if the uptick in inflation starts to fade in coming months, we expect the Bank will stay its current course.



Copyright British Columbia Real Estate Association. Reprinted with permission.


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Canadian housing starts increased by 3.2% m/m to 275.9k units in May at a seasonally adjusted annual rate (SAAR). Starts hit a record in March of 333.3k before declining somewhat in April. Single-detached housing starts declined 12% from April, while all other housing starts rose 11%. National housing starts were up by 41% compared to the same time last year and the six-month moving average level of starts is trending at an elevated level of 281,000 units SAAR. 

In BC, housing starts rose 19% m/m to 45.2k units SAAR in all areas of the province, but remains below a record March that saw new homes constructed at a nearly 71K unit annualized pace. Building activity was up 30% in the multi-unit segment, while single-detached starts were down by 10%. Compared to the same time last year, housing starts were up by 17% in BC. 



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The British Columbia Real Estate Association (BCREA) reports that a total of 12,638 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in May 2021, an increase of 178.2 per cent over May 2020 when the onset of the COVID-19 pandemic prompted a lockdown of the provincial economy. The average MLS® residential price in BC was $916,340, a 26.2 per cent increase from $726,335 recorded in May 2020. Total sales dollar volume was $11.6 billion, a 251 per cent increase from last year.

“Provincial housing markets continue to calm after peaking in March,” said BCREA Chief Economist Brendon Ogmundson. “The implementation of a stricter mortgage stress test in June may have a minor impact on home sales but we expect strong market activity over the second half of the year."

Total active residential listings were down 17 per cent year-over-year in May and dipped lower on a seasonally adjusted basis following two prior months of rising active listings.

“On the supply side, markets in the Lower Mainland are seeing a strong supply response, with new listings rising,” said Ogmundson, “however, new listings in markets outside of Metro Vancouver have started to flatten out.” 



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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.