Steve Flynn  RE/MAX Crest Realty- Burnaby 

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Please visit our Open House at 402 3061 KENT AVE NORTH AVE E in Vancouver.
Open House on Saturday, January 31, 2015 2:00 pm - 4:00 pm
LARGE 902 sq. ft, 2 bed, 1 bath (2nd bedroom is actually a den, it has no closet) w/water view in The Phoenix in Fraserview. Well-maintained, rooms will fit your house-sized furniture! Floor-to-ceil. windows face south-east to catch all themorning sun. Bathroom is cheater ensuite w/soaker tub & separate shower. New eng. hardwood flooring throughout, new tile flooring in kitchen & new s/s fridge, new d/w & w/d. Balcony perfect for relaxing while enjoying the view. Amenities incl. i/d pool & hot tub, gym. Pets & rentals allowed. 2 parking stalls, 1 locker. Lovely, park-like area, next to new River District community with new dining, parks & trails & more at your doorstep! OPEN HOUSE: Sun. Jan 18, 2-4.
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VANCOUVER — Continuing low interest rates and a healthy stream of newcomers will ensure the good times keep rolling in 2015 for the Lower Mainland’s property development industry. But it also means pricing will continue to pose a challenge.

 

Three of B.C.’s biggest developers used adjectives like “great” and “incredibly positive” as they delivered a forecast last week to more than 1,100 industry insiders and politicians attending an Urban Development Institute luncheon.

“Vancouver is going to do well, everyone wants to be here,” declared David Negrin, president of Aquilini Development. He said a recent crackdown on democracy protesters in Hong Kong is likely to enhance Vancouver’s prospects. “We’re very positive on Vancouver, and it’s going to continue for some time.”

 

Added Neil Chrystal, CEO of Polygon Homes: “We’re picturesque, have a healthy environment, we’re a clean, safe city offering excellent health care and educational opportunities. We are politically stable and close to Asia.

“I see no sign of the residential market slowing down. ... The market will remain balanced and stable in the year ahead.”

 

B.C. will experience net immigration in 2015 of some 34,600 immigrants and 2,600 provincial migrants, according to research by Mac Marketing Solutions, a company that plans and markets housing projects. Mac, with offices in Vancouver and Calgary, forecasts that in subsequent years even larger numbers of both immigrants and Canadians will arrive, noting Alberta’s economic slowdown will make heading further west all the more attractive.

So, while a total of 37,200 newcomers are expected this year, the number should grow to 53,200 by 2018.

 

Combine that trend with low interest rates and a low vacancy rate in the region, and you have a recipe for continuing strong growth in the property development and real estate sectors. Unfortunately, that does not augur well for affordability. 

 

Between 2006 and 2014, benchmark prices for all types of real estate in Metro Vancouver saw significant price jumps, according to Mac research, with the greatest increase — 46 per cent — recorded in Vancouver’s east side. West Vancouver and Vancouver’s west side both saw increases of 41 per cent.

 

Referencing the retail sector, Kevin Layden, CEO of Wesbild, said North American stores are downsizing as they move online. But even here, Vancouver is well positioned, never having enthusiastically adopted a big-box retail model. The city has 13 square feet of retail space per capita, compared to a Canadian per capita rate of 19 square feet and the U.S.’s 30 square feet.

 

Commenting on Vancouver’s affordability crisis, Negrin cited the high cost of land and remarked: “Everyone is frustrated.” The only way to keep prices down is to increase density, he said. Yet a Demographia study released last week on housing affordability argues density and urban land containment boost housing prices by restricting development of cheaper perimeter lands. Chrystal argued development is being constrained by an overly complex and time-consuming municipal approval process. At UBC, he reported, the development approval process takes six months, compared to 12 to 30 months elsewhere in the region. Added Negrin: “We have to find a way to streamline the process. Anything over one year is too long.”

 

Chrystal pointed to another challenge for Lower Mainland developers — offshore buyers are starting to purchase land for development that he said could lead to oversupply in certain markets. They are also posing a challenge in terms of what they are prepared to pay for land acquisitions. “They may be parking money from offshore. We can’t compete on price.”

 

The developers complained of increasing costs for building materials and a stronger U.S. dollar, forcing higher costs. Prices for drywall, windows and steel were cited.

 

 

The Vancouver Sun

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In a bombshell announcement this morning, the Bank of Canada announced that it is lowering its target overnight rate to 0.75 per cent. The surprise loosening of monetary policy is in response to the recent dramatic decline in oil prices and the consequent negative impact on Canadian growth and inflation. The Bank expects the Canadian economy to grow 2.1 per cent in 2015 and 2.4 per cent in 2016. Given the initial drag on growth from lower oil prices, it does not expect the Canadian output gap (the difference between actual GDP and GDP at full capacity) to close until the end of 2016. 

While we expected the sharp decline in oil prices and the uncertainty regarding when they might stabilize would keep the Bank of Canada from raising interest rates in 2015, the Bank has instead opted for a more aggressive approach.  How long the Bank intends to keep its overnight rate at 0.75 per cent is unclear, but given strong underlying growth pre-oil shock, if oil prices rise as expected in the second half of the year we could see this move reversed by the end of 2015.   For now, the BC housing market should continue to benefit from low and now likely lower mortgage rates.

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I have sold a property at 102 10455 University DR in Surrey.
D'Cor. Fully furnished with dishes and coffee machine etc... and self contained. Just move in. Perfect for skytrain commuters and/or students. Rental? Great location. 1 block to Skytrain. Kiddie corner to City Hall. Simon Fraser University 2 blocks at Central City Mall. This unit has parking right outside sliding glass patio door, which faces the courtyard. This is a very functional unit. Some features include wall to wall tile and engineered laminate throughout, master bedroom with beside cabinets, ceiling fan and glass block for extra lighting. Kitchen has double stainless steel sinks with garburator, built-in over the range microwave, track lighting and 2 hanging lights over the eating area. Insuite laundry.
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Please visit our Open House at 402 3061 KENT AVE NORTH AVE E in Vancouver.
Open House on Sunday, January 25, 2015 2:00 pm - 4:00 pm
LARGE 902 sq. ft, 2 bed, 1 bath (2nd bedroom is actually a den, it has no closet) w/water view in The Phoenix in Fraserview. Well-maintained, rooms will fit your house-sized furniture! Floor-to-ceil. windows face south-east to catch all themorning sun. Bathroom is cheater ensuite w/soaker tub & separate shower. New eng. hardwood flooring throughout, new tile flooring in kitchen & new s/s fridge, new d/w & w/d. Balcony perfect for relaxing while enjoying the view. Amenities incl. i/d pool & hot tub, gym. Pets & rentals allowed. 2 parking stalls, 1 locker. Lovely, park-like area, next to new River District community with new dining, parks & trails & more at your doorstep! OPEN HOUSE: Sun. Jan 18, 2-4.
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Please visit our Open House at 402 3061 KENT AVE NORTH AVE E in Vancouver.
Open House on Sunday, January 18, 2015 2:00 pm - 4:00 pm
LARGE 902 sq. ft. 1 bed + den, 1 bath w/water view in The Phoenix in lovely Fraserview. Very well-maintained, move right in. All rooms are big so bring your house-sized furniture! Flr-to-Clg windows face east to catch all the morning sun.Den easily used as a 2nd bedroom. Bathroom is cheater ensuite w/soaker tub & sep. shower. New eng. hardwood flooring throughout, new tile flooring in kitchen & new s/s fridge, new d/w & w/d. Balcony perfect for relaxing while enjoying the view. Indoor pool & hot tub, gym. Pets & rentals allowed. Comes with 2 parking stalls, 1 dbl-sized locker. Lovely, park-like area, next to new River District community with new dining, parks & trails & more at your doorstep! OPEN HOUSE: Sun, Nov 23, 2-4 pm.
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Please visit our Open House at 402 3061 KENT AVE NORTH AVE E in Vancouver.
Open House on Sunday, January 11, 2015 2:00 pm - 4:00 pm
LARGE 902 sq. ft. 1 bed + den, 1 bath w/water view in The Phoenix in lovely Fraserview. Very well-maintained, move right in. All rooms are big so bring your house-sized furniture! Flr-to-Clg windows face east to catch all the morning sun.Den easily used as a 2nd bedroom. Bathroom is cheater ensuite w/soaker tub & sep. shower. New eng. hardwood flooring throughout, new tile flooring in kitchen & new s/s fridge, new d/w & w/d. Balcony perfect for relaxing while enjoying the view. Indoor pool & hot tub, gym. Pets & rentals allowed. Comes with 2 parking stalls, 1 dbl-sized locker. Lovely, park-like area, next to new River District community with new dining, parks & trails & more at your doorstep! OPEN HOUSE: Sun, Nov 23, 2-4 pm.
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December summary

Residential property sales in Greater Vancouver totalled 2,116 in December 2014, an increase of 8.3 per cent from the 1,953 sales recorded in December 2013 and a 15.9 per cent decline compared to November 2014 when 2,516 home sales occurred.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,888 in December 2014. This represents a 1.7 per cent increase compared to the 1,856 units listed in December 2013 and a 37.4 per cent decline compared to November 2014 when 3,016 properties were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 10,320, a 10.7 per cent decline compared to December 2013 and a 17.8 per cent decrease compared to November 2014.

Sales of detached properties in December 2014 reached 833, an increase of 9.3 per cent from the 762 detached sales recorded in December 2013. The benchmark price for detached properties increased 8.1 per cent from December 2013 to $1,002,200.

Sales of apartment properties reached 912 in December 2014, an increase of 7.3 per cent compared to the 850 sales in December 2013.The benchmark price of an apartment property increased 3.5 per cent from December 2013 to $380,700.

Attached property sales in December 2014 totalled 371, an increase of 8.8 per cent compared to the 341 sales in December 2013. The benchmark price of an attached unit increased 4.5 per cent between December 2013 and 2014 to $476,800.

 

 

Home sales and listing activity reach historical norms in 2014

It was a typical year for the Metro Vancouver housing market in certain respects. The region’s home sale and listing totals for 2014 both rank fifth when compared against the past 10 years of activity, while home prices increased.

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2014 reached 33,116, a 16.1 per cent increase from the 28,524 sales recorded in 2013, and a 32.3 per cent increase over the 25,032 residential sales in 2012.

The number of residential properties listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver increased 2.4 per cent in 2014 to 56,066 compared to the 54,742 properties listed in 2013. Looking back further, last year’s total represents a four per cent decline compared to the 58,379 residential properties listed for sale in 2012.

“While home buyer and seller activity created balanced market conditions within the region, we also experienced some upward pressure on home prices over the course of the year,” Ray Harris, REBGV president said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver ends the year at $638,500. This represents a 5.8 per cent increase compared to December 2013.

“Detached homes continue to be the most sought after property type in our market,” Harris, said. “Detached homes in Metro Vancouver have increased 8.1 per cent in value over the last 12 months while townhome and condominium properties have increased 4.5 and 3.5 per cent over the same period.”



If you would like detailed statistics for a specific kind of property in any REBGV city and/or neigbourhood please contact me and I can easily send to you at your convenience.

 


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


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Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), 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 GVR, 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 GVR, the FVREB or the CADREB.