Steve Flynn  RE/MAX Crest Realty- Burnaby 

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Please visit our Open House at 301 11 ROYAL AVE E in New Westminster.
Open House on Sunday, March 1, 2015 2:00 pm - 4:00 pm
HUGE 975 sq. ft, 1 bed + den, 1.5 baths northwest-facing condo in Victoria Hill High Rise Residences. Open floor plan & spacious rooms. Features incl. over-height ceilings, stainless steel, granite & brand new laminate flooring throughout! Massive walk-in closet w/new California Closets. Upgraded washer/dryer. Peaceful outlook to garden and trees. RESORT-style living with excellent amenities incl. o/d pool & hot tub, gym, sauna, party room, games room, media room, library, kids playroom and 2 guest suites. Comes with 2 parking stalls & 1 locker. Located in Victoria Hill, a great New West neighbourhood with parks, trails at your doorstep & easy access to all city amenities. 2 pets & rentals allowed. OPEN HOUSE: Sun, Feb 15, 2-4 pm.
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Despite a 5.7% increase in home unit sales, the average selling price fell across Greater Vancouver


A total of 3,125 homes were sold in January across Greater Vancouver, up 5.7% compared with December 2014 and 8.0% year-over-year, according to Canadian Real Estate Association (CREA) data released February 17. In spite of growing sales in the region, however, the average residential sales price dipped in the month. The average home sold for $825,233 in January – down 2.6% compared with $847,661 in December.

 

Across British Columbia, a total of 7,240 homes were sold for an average sale price of $589,650, which is an increase of 0.3% compared with the previous month. Unit sales in Greater Vancouver accounted for 63% of the provincial total. The average sale price for a home in Greater Vancouver was almost exactly double the Canadian average of $413,563, which represents a 0.2% dip compared with December. Canada-wide, 38,113 homes were sold, which is 3.1% lower than the 39,317 homes sold in December and 2.0% lower than a year ago. 

 

“Canada’s housing market is cooling notably, largely because of the sudden deep chill in the previously hottest cities,” said BMO Financial Group chief economist Douglas Porter, pointing to a 23.9% drop in unit sales in Calgary and a 9.8% decrease in Edmonton for the month. “We suspect that with borrowing costs still plumbing the depths and many provincial economies holding up, any housing correction will be a specific regional affair.”

 

All figures are seasonally adjusted and compiled from monthly data from select MLS systems across Canada, including the British Columbia Real Estate Association. The data differs from statistics provided by Teranet, which uses “repeat sales methodology” statistics. This means that Teranet examines an aggregation of home value changes for homes that have been sold at least twice in a particular time frame.


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Please visit our Open House at 301 11 ROYAL AVE E in New Westminster.
Open House on Sunday, February 22, 2015 2:00 pm - 4:00 pm
HUGE 975 sq. ft, 1 bed + den, 1.5 baths northwest-facing condo in Victoria Hill High Rise Residences. Open floor plan & spacious rooms. Features incl. over-height ceilings, stainless steel, granite & brand new laminate flooring throughout! Massive walk-in closet w/new California Closets. Upgraded washer/dryer. Peaceful outlook to garden and trees. RESORT-style living with excellent amenities incl. o/d pool & hot tub, gym, sauna, party room, games room, media room, library, kids playroom and 2 guest suites. Comes with 2 parking stalls & 1 locker. Located in Victoria Hill, a great New West neighbourhood with parks, trails at your doorstep & easy access to all city amenities. 2 pets & rentals allowed. OPEN HOUSE: Sun, Feb 15, 2-4 pm.
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Vancouver, BC – February 11, 2015.

 

The British Columbia Real Estate Association (BCREA) released its 2015 First Quarter Housing Forecast Update today.

 

"Stronger economic conditions both at home and abroad combined with favourable interest rates and population growth are expected to bolster housing demand over the next two years,” said Cameron Muir, BCREA Chief Economist. “After a year in which housing demand ratcheted higher across the province, the retrenchment of oil prices is expected to attenuate housing demand in some regions while bolstering it in others."

 

Multiple Listing Service® (MLS®) residential sales in British Columbia are forecast to rise 2.4 per cent to 86,050 units this year and a further 3.9 per cent to 89,400 units in 2016. The ten-year average is 82,100 unit sales. A record 106,300 MLS® residential sales were recorded in 2005.  

 

The average MLS® residential sales price is forecast to rise 4.5 per cent to $594,000 this year, with most of the upward pressure being exhibited on the South Coast. Elevated consumer demand is expected to be partially offset by resale inventories and additions to the housing stock in 2016. As a result, the average MLS® residential sales price is forecast to increase by 2.4 per cent to $608,500 next year.

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I have listed a new property at 301 11 ROYAL AVE E in New Westminster.
HUGE 975 sq. ft, 1 bed + den, 1.5 baths southwest-facing condo in Victoria Hill High Rise Residences. Open floor plan & spacious rooms. Features incl. over-height ceilings, stainless steel, granite & brand new laminate flooring throughout!Massive walk-in closet w/new California Closets. Upgraded washer/dryer. Peaceful outlook to garden and trees. RESORT-style living with excellent amenities incl. o/d pool & hot tub, gym, sauna, party room, games room, media room, library, kids playroom and 2 guest suites. Comes with 2 parking stalls & 1 locker. Located in Victoria Hill, a great New West neighbourhood with parks, trails at your doorstep & easy access to all city amenities. 2 pets & rentals allowed. OPEN HOUSE: Sun, Feb 15, 2-4 pm.
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Please visit our Open House at 301 11 ROYAL AVE E in New Westminster.
Open House on Sunday, February 15, 2015 2:00 pm - 4:00 pm
HUGE 975 sq. ft, 1 bed + den, 1.5 baths southwest-facing condo in Victoria Hill High Rise Residences. Open floor plan & spacious rooms. Features incl. over-height ceilings, stainless steel, granite & brand new laminate flooring throughout!Massive walk-in closet w/new California Closets. Upgraded washer/dryer. Peaceful outlook to garden and trees. RESORT-style living with excellent amenities incl. o/d pool & hot tub, gym, sauna, party room, games room, media room, library, kids playroom and 2 guest suites. Comes with 2 parking stalls & 1 locker. Located in Victoria Hill, a great New West neighbourhood with parks, trails at your doorstep & easy access to all city amenities. 2 pets & rentals allowed. OPEN HOUSE: Sun, Feb 15, 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 Saturday, February 14, 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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Foreign investors get more for their money, while interest rate cut makes homes more affordable for locals

 

The low dollar, the interest rate cut and the recovery of the American economy should mean good news for the real estate markets in most places in B.C., experts say. But the plummeting cost of oil and the resulting instability of the Canadian economy could hurt domestic demand and spell bad news for resort areas such as the Okanagan, which rely on people from Alberta buying vacation homes.

 

Dan Scarrow, vice-president of corporate strategy at Macdonald Realty Ltd., who is based in Shanghai for the Vancouver real estate company, said he has been talking to clients in mainland China about the dropping Canadian dollar and what it means for their plans to buy real estate in Vancouver.

 

“From their perspective, it’s nothing but good news because it means a 20-per-cent decrease in prices in renminbi terms. Even clients who a year ago thought the market was overvalued are seeing more of a bargain now. It’s just the reality,” he said. “I was talking to a client yesterday who has been looking at a (Vancouver) property for a month. A month ago, he said he would take it if he could get it at 10 per cent off (the ask price). The seller didn’t want to take off 10 per cent in Canadian dollars, but I’m meeting him again on Friday, and with his currency going up in the last month, he may get his price in renminbi.”

 

That said, “instability is the largest negative consequence” in the current slide of the dollar. “People don’t know where it is going even though there is an expectation it will keep going down. For example, there is this guy looking at a pre-sale condo (in Vancouver), so he would have to come up with the deposit and lock in the Canadian price now, but wouldn’t be transacting for another year when the Canadian dollar should still be going down,” said Scarrow.

 

These kinds of currency changes impact a small part of the market, but for these foreign investors, “it’s prime time to bring more money over when their currency is strong.” Andrey Pavlov, a professor of finance at Simon Fraser University, agrees. “For foreign investors, it’s a pure discount. They don’t care about the Canadian economy.”

 

But he said low oil prices are making the Canadian economy unstable, which will make it harder for people who already live in B.C. to move up, or for Canadians from other parts of the country to retire in B.C. While he’s not sure if it would entice large quantities of Americans to buy vacation homes in Whistler, he said Whistler will benefit anyway because it will be cheaper for tourists to visit - everything from ski lift tickets to meals in restaurants will be discounted for foreigners.

 

How the low dollar plays out in real estate could vary significantly in different areas of the province, said Tsur Somerville, director of the University of B.C.’s Centre for Urban Economics and Real Estate. There is a difference between the decision to purchase a luxury ski chalet in Whistler and the decision to purchase a home in Vancouver with the intention of immigrating to Canada, Somerville said.

 

“(The low dollar) makes the prices in Vancouver seem less expensive for foreign buyers, which means that people will be more willing to pay a higher price,” Somerville said. “It’s got to play in the same direction, but I’m not sure the magnitude is as large or as dramatic as it would be for the resort markets. The resort market is a luxury purchase, which is much more personal economics and price sensitive. “With immigrants, they say they make the decision to move and then they worry about the price. That affects what property I get, not whether or not I’m going to be there.”

 

Both Pavlov and Somerville said the instability in the Canadian economy could hit the Okanagan resorts that attract buyers from Calgary and Edmonton might be negatively affected. “For those places that depend on Alberta resort money – there’s not a lot of Alberta resort money at $50 a barrel oil,” Somerville said.

 

Bal Atwal, a commercial realtor at Avison Young who specializes in the sale and acquisition of investment properties in B.C., said: “It’s a number of things. Essentially the low dollar leads to two factors: it will help attract even more investment and it will make it harder for local Canadian investors to invest in the U.S.,” he said. 

 

“Interest rates are at record low and this will translate into a very hot real estate market. If local Canadians can’t go (as easily) to the U.S., they will have to look locally, but as foreign investment is even more attracted to this market, there will be more competition.”

 

The sinking Canadian dollar and what it says about the wider economy is a “legitimate concern,” said Atwal, but it’s also true “that that is the macro economy, and if anything, when there is uncertainty elsewhere (ie. in other investments), people tend to fall back into the bricks and mortar of the real estate market.” 

 

“If the dollar is falling, people go back to the real estate market as a safety net. It’s always been that way and it’s going to be even more so because of the falling dollar.”

 

 

The Vancouver Sun

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Home buyers remain active despite reduced selection

The first month of 2015 saw home sale activity above historical norms, while the number of homes listed for sale trended below typical levels. 
   
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 1,913 on the Multiple Listing Service® (MLS®) in January 2015. This represents an 8.7 per cent increase compared to the 1,760 sales recorded in January 2014, and a 9.6 per cent decline compared to the 2,116 sales in December 2014. Last month’s sales were 14.9 per cent above the 10-year sales average for the month.

“While demand remains steady, we’re seeing fewer homes for sale at the moment,” Ray Harris, REBGV president, said. "This is creating greater competition amongst buyers, particularly in the detached home market. The number of detached homes listed for sale today is the second lowest we’ve seen in four years.”
   
New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,737 in January. This represents an 11.4 per cent decline compared to the 5,345 new listings reported in January 2014. Last month’s new listing count was 1.2 per cent higher than the region’s 10-year new listing average for the month.
   
The total number of properties currently listed for sale on the REBGV MLS® is 10,811, a 14.2 per cent decline compared to January 2014 and a 4.8 per cent increase compared to December 2014. The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $641,600. This represents a 5.5 per cent increase compared to January 2014. With the sales-to-active-listings ratio at 17.7 per cent, the region remains in balanced market territory.

“The Bank of Canada’s recent announcement to lower its benchmark interest rate is an important one for home buyers, sellers and owners to note,” Harris said. “A reduced rate could allow you to pay down your mortgage a little faster, save some money on your monthly payments, or change the amount you qualify for. It’s important that you do your homework and understand how these announcements impact your situation.”

Sales of detached properties in January 2015 reached 781, an increase of 7.3 per cent from the 728 detached sales recorded in January 2014, and a 44.1 per cent increase from the 542 units sold in January 2013. The benchmark price for a detached property in Metro Vancouver increased 8.4 per cent from January 2014 to $1,010,000.

Sales of apartment properties reached 809 in January 2015, an increase of 7.4 per cent compared to the 753 sales in January 2014, and an increase of 40.5 per cent compared to the 576 sales in January 2013. The benchmark price of an apartment property increased 2.5 per cent from January 2014 to $382,800.

Attached property sales in January 2015 totalled 323, an increase of 15.8 per cent compared to the 279 sales in January 2014, and a 38.6 per cent increase from the 233 attached properties sold in January 2013. The benchmark price of an attached unit increased 4.3 per cent between January 2014 and 2015 to $479,600.


 

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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Please visit our Open House at 402 3061 KENT AVE NORTH AVE E in Vancouver.
Open House on Sunday, February 8, 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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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.