Steve Flynn  RE/MAX Crest Realty- Burnaby 

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New property listed in Brentwood Park, Burnaby North

I have listed a new property at 1708 4888 BRENTWOOD DR in Burnaby.
FANTASTIC south-facing, 831 sq ft, 2 bed/2 bath unit in The Fitzgerald in Brentwood Park w/2 parking stalls! This condo is bright & modern w/granite finishes, laminate flooring & tons of UPDATES incl: popcorn ceiling removal, new paint & lighting throughout, new s/s fridge & dishwasher, new full-sized washer-dryer & new blinds. Pro-active strata & 1.8M in CRF! Fitzgerald has great amenities: party room, gym, o/d hot tub area & meeting room. EXCELLENT location w/Skytrain & Brentwood Park shopping, dining, banks, etc, within 2 blocks. 2 pets allowed (1 dog & 1 cat) & rentals allowed (no short-term). 1 locker. Dynamic neighbourhood undergoing exciting changes - the place to be in Burnaby! Showings start immediately. OPEN HOUSE: Sat. June 3 & Sun. June 4, 2-4 pm.
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Open House. Open House on Saturday, June 3, 2023 2:00PM - 4:00PM

Please visit our Open House at 1708 4888 BRENTWOOD DR in Burnaby.
Open House on Saturday, June 3, 2023 2:00PM - 4:00PM
FANTASTIC south-facing, 831 sq ft, 2 bed/2 bath unit in The Fitzgerald in Brentwood Park w/2 parking stalls! This condo is bright & modern w/granite finishes, laminate flooring & tons of UPDATES incl: popcorn ceiling removal, new paint & lighting throughout, new s/s fridge & dishwasher, new full-sized washer-dryer & new blinds. Pro-active strata & 1.8M in CRF! Fitzgerald has great amenities: party room, gym, o/d hot tub area & meeting room. EXCELLENT location w/Skytrain & Brentwood Park shopping, dining, banks, etc, within 2 blocks. 2 pets allowed (1 dog & 1 cat) & rentals allowed (no short-term). 1 locker. Dynamic neighbourhood undergoing exciting changes - the place to be in Burnaby! Showings start immediately. OPEN HOUSE: Sat. June 3 & Sun. June 4, 2-4 pm.
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Open House. Open House on Sunday, June 4, 2023 2:00PM - 4:00PM

Please visit our Open House at 1708 4888 BRENTWOOD DR in Burnaby.
Open House on Sunday, June 4, 2023 2:00PM - 4:00PM
FANTASTIC south-facing, 831 sq ft, 2 bed/2 bath unit in The Fitzgerald in Brentwood Park w/2 parking stalls! This condo is bright & modern w/granite finishes, laminate flooring & tons of UPDATES incl: popcorn ceiling removal, new paint & lighting throughout, new s/s fridge & dishwasher, new full-sized washer-dryer & new blinds. Pro-active strata & 1.8M in CRF! Fitzgerald has great amenities: party room, gym, o/d hot tub area & meeting room. EXCELLENT location w/Skytrain & Brentwood Park shopping, dining, banks, etc, within 2 blocks. 2 pets allowed (1 dog & 1 cat) & rentals allowed (no short-term). 1 locker. Dynamic neighbourhood undergoing exciting changes - the place to be in Burnaby! Showings start immediately. OPEN HOUSE: Sat. June 3 & Sun. June 4, 2-4 pm.
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JUST LISTED at $779,000: 1708-4888 Brentwood Drive, Burnaby


MLS R2782140

FANTASTIC south-facing, 831 sq ft, 2 bed/2 bath unit in The Fitzgerald in Brentwood Park w/2 parking stalls! This condo is bright & modern w/granite finishes, laminate flooring & tons of UPDATES incl: popcorn ceiling removal, new paint & lighting throughout, new s/s fridge & dishwasher, new full-sized washer-dryer & new blinds. Pro-active strata & 1.8M in CRF! Fitzgerald has great amenities: party room, gym, o/d hot tub area & meeting room. EXCELLENT location w/Skytrain & Brentwood Park shopping, dining, banks, etc, within 2 blocks. 2 pets allowed (1 dog & 1 cat) & rentals allowed (no short-term). 1 locker. Dynamic neighbourhood undergoing exciting changes - the place to be in Burnaby! Showings start immediately. OPEN HOUSE: Sat. June 3 & Sun. June 4, 2-4 pm.

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JUST SOLD: 3803-2085 Skyline Court, Burnaby!


1 Bedroom plus flex in CIRRUS - SOLO 3 built by one of Vancouver's top developers, Appia Development! This is a north-facing home featuring Bosch stainless steel appliances and gas cook-top, wide plank laminate flooring, front loading washer/dryer, Quartz Counter-tops throughout and air-conditioning. Great location in the heart of Brentwood, walking distance to Whole Foods, Amazing Brentwood Mall as well as the Brentwood skytrain station. Home comes with one parking and one locker.

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Canadian Employment (April 2023) - May 5, 2023


Canadian employment rose slightly to 20.13 million in April, up by 41,400 (0.2 per cent). The Canadian unemployment rate held steady at 5 per cent, unchanged since December. Employment gains were concentrated in wholesale and retail trade (+24,000); transportation and warehousing (+17,000); and information, culture and recreation (+16,000). Average hourly wages were up 5.2 per cent from April of last year.

Employment in BC was little changed in April, rising 0.1 per cent to 2.78 million, while declining by 0.1 per cent in Metro Vancouver to 1.564 million. The unemployment rate rose to 5 per cent in BC and to 5.4 per cent in Metro Vancouver. The rise was driven both by a rise in labour force participation, but also an increase in the number of unemployed workers.



Copyright British Columbia Real Estate Association. Reprinted with permission.


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Quick Snapshot of METRO VANCOUVER'S April 2023 MLS Sales


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver* is currently $1,170,700. This represents a 2.4% increase from March 2023 and a 7.4% decrease from April 2022.


Specifically:


- The benchmark price for detached homes increased 2.9% from Mar 2023 and decreased 8.8% from Apr 2022.


- The benchmark price for townhouses increased 2.1% from Mar 2023 and decreased 6.1% from Apr 2022.


- The benchmark price for apartment/condos increased 2.0% from Mar 2023 and decreased 3.1% from Apr 2022.



*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.

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Prices continue rising across Metro Vancouver* as home buyer confidence returns:


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,741 in April 2023, a 16.5 per cent decrease from the 3,281 sales recorded in April 2022, and 15.6 per cent below the 10-year seasonal average (3,249).


“The fact we are seeing prices rising and sales rebounding this spring tells us home buyers are returning with confidence after a challenging year for our market, with mortgage rates roughly doubling,” Lis said. “The latest MLS HPI® data show home prices have increased about five per cent year-to-date, which already outpaces our forecast of one to two per cent by year-end. The year is far from over, however, and it remains to be seen if these price increases will be sustained into 2024.” 


There were 4,307 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April 2023. This represents a 29.7 per cent decrease compared to the 6,128 homes listed in April 2022, and was 22 per cent below the 10-year seasonal average (5,525). The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,790, a 4.2 per cent decrease compared to April 2022 (9,176), and 20.9 per cent below the 10-year seasonal average (11,117). 


Across all detached, attached and apartment property types, the sales-to-active listings ratio for April 2023 is 32.7 per cent. By property type, the ratio is 24.4 per cent for detached homes, 40.1 per cent for townhomes, and 37.4 per cent for apartments. Analysis of the historical data suggests 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. 


“When we released our market forecast in January, we were one of the only organizations taking the contrarian view that prices were likely to appreciate in 2023,” Lis said. “And what we’re seeing unfold so far this year is consistent with our prediction that near record-low inventory levels would create competitive conditions where almost any resurgence in demand would translate to price escalation, despite the elevated borrowing cost environment. At the crux of it, the issue remains a matter of far too little resale supply available relative to the pool of active buyers in our market.” 


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,170,700. This represents a 7.4 per cent decrease over April 2022 and a 2.4 per cent increase compared to March 2023. 


Sales of detached homes in April 2023 reached 808, a 16.3 per cent decrease from the 965 detached sales recorded in April 2022. The benchmark price for detached properties is $1,915,800. This represents an 8.8 per cent decrease from April 2022 and a 2.9 per cent increase compared to March 2023. 


Sales of apartment homes reached 1,413 in April 2023, a 16.5 per cent decrease compared to the 1,693 sales in April 2022. The benchmark price of an apartment property is $752,300. This represents a 3.1 per cent decrease from April 2022 and a two per cent increase compared to March 2023. 


Attached home sales in April 2023 totalled 500, a 13.5 per cent decrease compared to the 578 sales in April 2022. The benchmark price of an attached unit is $1,078,400. This represents a 6.1 per cent decrease from April 2022 and a 2.1 per cent increase compared to March 2023.  


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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Canadian Monthly Real GDP Growth (February 2022) - April 29, 2023


Canadian real GDP inched up 0.1 per cent in February, following a 0.6 per cent jump in January. Both goods-producing and services-providing sectors of the economy grew 0.1 per cent. Growth was led by the public sector (+0.2 per cent), professional, scientific and technical services (+0.6 per cent), and construction activity (+0.3 per cent). Canadian real GDP is now roughly 3.4 per cent above its pre-pandemic, February 2020 level. Preliminary estimates suggest that output in the Canadian economy declined 0.1 per cent in March, implying an annualized growth rate of 2.5 per cent in the first quarter.

On the heels of unexpectedly high real GDP growth in January, February's low figure, alongside preliminary data indicating a slight contraction in March, appears more consistent with the Bank of Canada's expectations for slowing economic growth in 2023. Growth was softer than expected in the fourth quarter of 2022, supporting the Bank of Canada's 'conditional pause' on further rate hikes, and ignoring January, this slowness appears to be continuing in February and March. Due to the long lag of monetary policy, the effects of last year's tightening are still working their way through the economy, and further slowing in GDP and the labour market is anticipated in the second half of 2023. This slowing of growth is likely good news for inflation, which has been trending close to the bank's 2 per cent target in recent months. The next Bank of Canada rate announcement is on June 7th.



Copyright British Columbia Real Estate Association. Reprinted with permission.


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Canadian Retail Sales (February 2023) - April 22, 2023


Canadian seasonally adjusted retail sales fell 0.2 per cent in February to $66.3 billion. Sales fell in 4 of 9 subsectors, but the decrease was led by lower sales at gasoline stations and fuel vendors (-5.0 per cent) and general merchandise retailers (-1.6 per cent). Core retail sales, which strips out gasoline and motor vehicle and parts dealers, rose 0.1 per cent. In volume terms, sales fell 0.7 per cent in January. 

In BC, seasonally adjusted sales fell 3.3 per cent in February. Compared to the same month last year, retail sales were down 0.3 per cent in the province. In the Greater Vancouver region, sales were down 4.4 per cent month-over-month and 2.4 per cent year-over-year. 



Copyright British Columbia Real Estate Association. Reprinted with permission.


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Canadian Housing Starts (March 2023) - April 20, 2023


Canadian housing starts fell 11 per cent to 213,865 units in March at a seasonally-adjusted annual rate (SAAR). Starts were down 12 per cent from March of 2022. Single-detached housing starts fell 12 per cent to 56,468 units, while multi-family and others fell 11 per cent to 157,395 (SAAR). 

In British Columbia, starts rose by 35 per cent in March to 51,564 units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts fell 10 per cent m/m to 4,814 units while multi-family starts rose 49 per cent to 43,180 units. Starts in the province were 60 per cent above the levels from March 2022. Starts were up by 18k in Vancouver and 0.3k in Victoria, while declining by 2.6k in Kelowna and 0.8k in Abbotsford. The 6-month moving average trend fell 0.7 per cent to 48.6k in BC in November. 



Copyright British Columbia Real Estate Association. Reprinted with permission.


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Canadian Inflation (March 2023) - April 19, 2023


Canadian prices, as measured by the Consumer Price Index (CPI), rose 4.3 per cent on a year-over-year basis in March, a decrease from the 5.2 per cent rate in February. This large drop was mostly due to base year effects; the CPI was rising quickly this month last year and fuel prices in particular are substantially down from a year ago. Grocery prices continue to rise quickly, up 9.7 per cent from last year, following seven consecutive months of double-digit increases. Mortgage interest costs were up 26.4 per cent year-over-year, the fastest pace on record, as Canadians renewed or initiated higher-rate mortgages. In contrast, the Homeowner's Replacement Cost, which tracks home prices, continued to slow, increasing 1.7 per cent year-over-year in March, down from 3.3 per cent in February. Month-over-month, on a seasonally-adjusted basis, prices were up 0.1 per cent in March. In BC, consumer prices rose 4.7 per cent year-over-year.

There continue to be encouraging signs that the bout of rapid price appreciation that began in February of last year is waning. Although food prices and mortgage interest costs continue to rise quickly, most other categories in the index are trending back toward normal price trends. Indeed, excluding mortgage costs, the year-over-year change in CPI was just 3.6 per cent. The Bank of Canada's measures of core inflation, which strip out volatile components, each ticked downwards for a fourth month in a row. The three-month annualized change in seasonally-adjusted CPI is now well within the bank's 1-3 per cent target range, hitting 2.1 per cent in March. Still, although year-over-year price appreciation may be moderating, at 4.3 per cent it is still well above the Bank of Canada's 2 per cent target. While the Bank of Canada held the overnight rate steady at 4.5 per cent for a second consecutive meeting in April, the Bank could change course if inflation does not continue to cool or if the economy dips toward recession. 



Copyright British Columbia Real Estate Association. Reprinted with permission.


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BC Markets Showing Signs of Recovery As Supply Remains Scarce


The British Columbia Real Estate Association (BCREA) reports that a total of 7,118 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in March 2023, a decrease of 38.3 per cent from March 2022. The average MLS® residential price in BC was 961,451 down 11.6 per cent compared to the average price of close to $1.1 million in March 2022, recorded near the market's peak. The total sales dollar volume was $6.8 billion, representing a 45.5 per cent decrease from the same time last year. 


“The BC housing market is currently characterized by slow sales but also still very low levels of listings,” said BCREA Chief Economist Brendon Ogmundson. “Consequently, even though home sales remain about 20 per cent below normal levels for this time of year, the average home price in BC has now risen two months in a row, reaching its highest level since May 2022 as markets tighten due to a lack of supply.”
  

Active listings in the province are up 25 per cent compared to this time last year but have fallen for the second straight month in the wake of a modest recovery in home sales and continued weak new listings activity.



Copyright British Columbia Real Estate Association. Reprinted with permission.


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Canadian Employment (March 2023) - April 8, 2023


Canadian employment rose slightly to 20.08 million in March, up by 35,000 (0.2 per cent). The Canadian unemployment rate held steady at 5 per cent, hovering just above all-time lows. Employment gains were concentrated in transportation and warehousing (+41,000); business, building and other support services (+31,000); and finance, insurance, real estate, rental and leasing (+19,000). Average hourly wages were up 5.3 per cent from March of last year, while total hours worked were up 1.6 per cent year-over-year. 

Employment in BC was unchanged in March, along with Metro Vancouver. However, the unemployment rate in BC fell to 4.5 per cent and in Metro Vancouver to 4.8 per cent. This reversed the jump in unemployment last month caused by increased labour force participation. Only Quebec currently has a lower unemployment rate than BC. 



Copyright British Columbia Real Estate Association. Reprinted with permission.


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Quick Snapshot of METRO VANCOUVER'S March 2023 MLS Sales



The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver* is currently $1,143,900. This represents a 1.8% increase from February 2023 and a 9.5% decrease from March 2022.


Specifically:


- The benchmark price for detached homes increased 2.7% from Feb 2023 and decreased 11.2% from Mar 2022.


- The benchmark price for townhouses increased 1.7% from Feb 2023 and decreased 7.8% from Mar 2022.


- The benchmark price for apartment/condos increased 0.7% from Feb 2023 and decreased 4.6% from Mar 2022.



*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.

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Home prices across Metro Vancouver’s* housing market showed modest increases in March, while new listings remained below long-term historical averages:

 

March data also indicates home sales are making a stronger than expected spring showing so far, despite elevated borrowing costs. 

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,535 in March 2023, a 42.5 per cent decrease from the 4,405 sales recorded in March 2022, and 28.4 per cent below the 10-year seasonal average (3,540). 

 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,143,900. This represents a 9.5 per cent decrease over March 2022 and a 1.8 per cent increase compared to February 2023. 

 

“On the pricing side, the spring market is already on track to outpace our 2023 forecast, which anticipated modest price increases of about one to two per cent across all product types,” Andrew Lis, REBGV’s director of economics and data analytics said. “The surprising part of this recent activity is that these price increases are occurring against a backdrop of elevated borrowing costs, below-average sales, and new listing activity that continues to suggest that sellers are awaiting more favorable market conditions.” 

 

There were 4,317 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in March 2023. This represents a 35.5 per cent decrease compared to the 6,690 homes listed in March 2022, and was 22.3 per cent below the 10-year seasonal average (5,553). The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,617, an 8.1 per cent increase compared to March 2022 (7,970), and 17.3 per cent below the 10-year seasonal average (10,421). 

 

Across all detached, attached and apartment property types, the sales-to-active listings ratio for March 2023 is 30.7 per cent. By property type, the ratio is 23.3 per cent for detached homes, 36.7 per cent for townhomes, and 34.9 per cent for apartments. Analysis of historical data suggests 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. 

 

“If home sellers remain on the sidelines, monthly MLS® sales figures will continue to appear lower than historical averages as we move toward summer,” Lis said. “But it’s important to recognize the chicken-and-egg nature of these statistics. The number of sales in any given month is partially determined by the number of homes that come to market that month, along with the inventory of unsold homes listed in previous months. With fewer homes coming on the market, homes sales will remain lower than we’re accustomed to seeing at this point in the year, almost entirely by definition.” 

 

Sales of detached homes in March 2023 reached 734, a 43.6 per cent decrease from the 1,302 detached sales recorded in March 2022. The benchmark price for detached properties is $1,861,800. This represents an 11.2 per cent decrease from March 2022 and a 2.7 per cent increase compared to February 2023. 

 

Sales of apartment homes reached 1,311 in March 2023, a 43.2 per cent decrease compared to the 2,310 sales in March 2022. The benchmark price of an apartment property is $737,400. This represents a 4.6 per cent decrease from March 2022 and a 0.7 per cent increase compared to February 2023. 

 

Attached home sales in March 2023 totalled 466, a 37.3 per cent decrease compared to the 743 sales in March 2022. The benchmark price of an attached unit is $1,056,400. This represents a 7.8 per cent decrease from March 2022 and a 1.7 per cent increase compared to February 2023. 



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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Canadian Monthly Real GDP Growth (January 2022) - March 31, 2023


Canadian real GDP jumped 0.5 per cent in January, falling a 0.1 per cent contraction in December. The rise in GDP was spread across both goods-producing industries (+0.4 per cent) and services-producing industries (+0.6 per cent). Growth was led by a rebound in oil sands extraction after unplanned maintenance in December, coal exports to China, durable goods manufacturing, and construction activity. Canadian real GDP is now roughly 3.2 per cent above its pre-pandemic, February 2020 level. Preliminary estimates suggest that output in the Canadian economy rose 0.3 per cent in February.


The large jump in GDP in January bucked expectations of continued slowing as tighter monetary policy worked its way through the Canadian economy. Growth was softer than expected in the fourth quarter of 2022, supporting the Bank of Canada's 'conditional pause' on further rate hikes. In contrast, this month's strong number would normally bias the Bank of Canada toward additional monetary tightening, but progress on bringing down inflation, alongside the lingering uncertainty stemming from bank failures in the United States, will likely keep the Bank on hold. With employment markets remaining tight but inflation appearing to soften, the Bank will be weighing the evidence before its next rate announcement on April 12th.



Copyright British Columbia Real Estate Association. Reprinted with permission.


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Canadian Retail Sales (January 2023) - March 24, 2023


Canadian seasonally-adjusted retail sales rose 1.4 per cent in January to $66.4 billion. Sales rose in 7 of 9 subsectors, but were led by higher sales at motor vehicle and parts dealers (+3 per cent) and gasoline and fuel vendors (+2.9 per cent). Core retail sales, which strips out gasoline and motor vehicle and parts dealers, rose 0.5 per cent. In volume terms, sales rose 1.5 per cent in January. As of January 2023, Statistics Canada broadened and modified its definition of Retail Trade, making the current series not precisely comparable with the previous series. 

In BC, seasonally-adjusted sales rose 1.8 per cent in January. Compared to the same month last year, retail sales were up 3.3 per cent in the province. In the Greater Vancouver region, sales rose 3.4 per cent month-over-month and were up 3.2 per cent year-over-year.



Copyright British Columbia Real Estate Association. Reprinted with permission.


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Canadian Inflation (February 2023) - March 22, 2023


Canadian prices, as measured by the Consumer Price Index (CPI), rose 5.2 per cent on a year-over-year basis in February, a decrease from the 5.9 per cent rate in January. This large drop was mostly due to base year effects, as inflation increased strongly this month last year. Grocery prices continue to rise too-quickly, up 10.6 per cent from last year, the seventh consecutive month of double-digit annual price growth. Mortgage interest costs were up 23.9 per cent year-over-year, the fastest pace since 1982, as Canadians renewed or initiated higher-rate mortgages. In contrast, the Homeowner's Replacement Cost, which tracks home prices, continued to slow, increasing 3.3 per cent year-over-year in February, down from 4.3 per cent in January. Month-over-month, on a seasonally-adjusted basis, prices were up 0.1 per cent in February. In BC, consumer prices rose 6.2 per cent year-over-year.

There continue to be encouraging signs that the bout of rapid price appreciation that began in February of last year is waning. Although food prices continue to rise quickly, most other categories in the index are trending back toward normal price trends. The Bank of Canada's measures of core inflation, which strip out volatile components, each ticked downwards for a third month in a row. The three-month annualized change in seasonally-adjusted CPI is now well within the bank's 1-3 per cent target range, hitting 1.6 per cent in February. Although price appreciation may be moderating, it is still well above the Bank of Canada's 2 per cent target, and while the Bank has announced a conditional pause on further rate hikes, they could change course if inflation does not continue to cool. 



Copyright British Columbia Real Estate Association. Reprinted with permission.


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Canadian Housing Starts (February 2023) - March 15, 2023


Canadian housing starts rose 13 per cent to 243,959 units in February at a seasonally-adjusted annual rate (SAAR). Starts were down 2 per cent from February of 2022. Single-detached housing starts rose 2 per cent to 64,281 units, while multi-family and others rose 17 per cent to 179,677 (SAAR). 

In British Columbia, starts fell by 25 per cent in February to 37,389 units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts fell 9 per cent m/m to 5,308 units while multi-family starts fell 30 per cent to 28,367 units. Starts in the province were 8 per cent above the levels from February 2022. Starts were up by 1.1k in Kelowna and 1k in Abbotsford, while falling 2k in Victoria and 14k in Vancouver from last month. The 6-month moving average trend fell 3.8 per cent to 48.8k in BC in November. 



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.