Steve Flynn  RE/MAX Crest Realty- Burnaby 

Cell: 604.785.3977 |

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I have sold a property at 7346 LIARD PL in Vancouver.
THE MEADOWS - WORRY FREE complex in Champlain Heights! FULLY RAINSCREENED in 2008, new hardy-plank exterior, new windows, roof, hot water tank and piping. Enjoy vaulted ceilings in your living room, separated from your kitchen and dining area in this house-feeling townhome. Completely renovated kitchen, bathrooms, flooring and paint - nothing left to do but move in!!! 2 parking spots right outside your home and a storage shed. Enjoy this central location close to schools, transit and shopping.
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Vancouver, BC – November 10, 2015. The British Columbia Real Estate Association (BCREA) released its 2015 Fourth Quarter Housing Forecast Update today.

 

Multiple Listing Service® (MLS®) residential sales in the province are projected to surpass 100,000 units this year. This level of home sales will be the third strongest on record and mark the first year since 2007 that BC home sales exceed the ten year average.

 

After climbing 15 per cent in 2014 and nearly 20 per cent this year, BC MLS® residential sales are forecast to decline 7 per cent to 93,700 units in 2016. “Less latent pent-up demand and gradual upward momentum of mortgage interest rates is expected to ease housing demand next year,” said Cameron Muir, BCREA Chief Economist.

 

“The inventory of homes for sale is now at its lowest level in nearly eight years,” added Muir. “Sellers’ market conditions are prevailing in many communities and causing home prices to be pushed higher.”

 

The average MLS® residential price in the province is projected to increase 10.2 per cent to $626,000 this year and forecast to slow to a 2.2 per cent increase at $639,700.

 

Total housing starts in the province are projected to reach over 30,000 units this year, the highest level of production since 2008. Capacity constraints and an edging back of consumer demand is largely behind a forecast decline of BC housing starts, albeit just to 28,800 units in 2016. 

 

 

“Copyright British Columbia Real Estate Association. Reprinted with permission.”

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Canadian housing starts moderated from a very strong September, falling close to 15 per cent to a still robust 198,065 units at a seasonally adjusted annual rate (SAAR) in October The six-month trend in Canadian housing starts of 206,089 units SAAR continues to rise and is currently above the rate of household formations in Canada, a sign that new home construction could slow next year. 


Housing starts in BC were up 21 per cent from September, rising to 33,737 units SAAR.  On a year-over-year basis, housing starts were up 48 per cent with single detached starts falling 2 per cent year-over year while multiple unit starts jumped 83 per cent compared to October 2014. Year-to-date, total housing starts in BC are up 13 per cent compared to 2014. 

Looking at census metropolitan areas (CMA) in BC, total starts in the Vancouver CMA were up 70 per cent year-over-year in October as a result of a sharp rise in the construction of multiple units, which more than doubled compared to October 2014.  In the Victoria CMA, the rate of new home construction was also more than double the rate of last October with both single and multiple starts posting strong growth. Total housing starts in the Kelowna CMA were up 30 per cent year-over-year on broad strength in both single and multiple unit starts.  Housing starts in the Abbotsford-Mission CMA were up close to 90 per cent compared to this time last year largely on strong growth in single unit starts. 




“Copyright British Columbia Real Estate Association. Reprinted with permission.”


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Following four consecutive months of minor gains, Canadian employment increased by 44,000 jobs in October. The national unemployment rate ticked lower by 0.1 points to 7.0 per cent.  For a second consecutive month,  part-time employment accounted for the majority of the month's employment gains, though full-time employment was up by 9,000 jobs. Total hours worked, which is strongly correlated with economic growth, slowed down from 1.1 per cent year-over-year growth in September to 0.7 per cent in October.
 
In BC, job creation continues to accelerate. The province added 23,300 new jobs in October, including 11,300 full-time positions.  In spite of very robust job numbers, the provincial unemployment rate remained flat at 6.3 per cent as BC's economic performance continues to attract new entrants to the labour force from both inside and outside of the province. Year-to-date, employment in BC is up just 1 per cent but has risen at a rate of 2.3 per cent over the past three months and was up 3 per cent year-over-year in October. 



“Copyright British Columbia Real Estate Association. Reprinted with permission.”

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I have sold a property at 2701 5611 GORING ST in Burnaby.
Beautiful 2 bed/2 bath + den, 1378 sq. ft. condo in Bosa-built Legacy Towers. Only 4 units per floor at this level. On the north-east corner with fantastic mountain & city views. Den easily used as 3rd bedroom. High-end finishes incl. granite, stainless steel & eng. hardwood flooring. Lots of in-suite storage. Huge balcony. Excellent amenities incl. party room, gym, sauna, steam room, hot tub & common garden area. Starbucks, Subway, a sushi restaurant & convenience store are in the building! Steps to Holdom Skytrain station & Lougheed Hwy, Parkcrest Elementary is 5 blocks away & Hwy 1 is a short drive. Quick completion possible. 2 parking spots & 1 locker. Rentals & 1 pet allowed. And the furniture is included with this property! An excellent opportunity. OPEN HOUSE: Oct 25, 2-4 pm
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Home buyers remain active across Metro Vancouver despite a reduced supply of homes for sale.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in *Metro Vancouver reached 3,646 on the Multiple Listing Service® (MLS®) in October 2015. This represents a 19.3 per cent increase compared to the 3,057 sales recorded in October 2014, and a 9 per cent increase compared to the 3,345 sales in September 2015.


Last month’s sales were 36.2 per cent above the 10-year sales average for the month. “Home sales are more than one-third above what’s typical for this time of year yet the supply of homes for sale is the lowest we’ve seen in five years,” Darcy McLeod, REBGV president said. “This activity has created favourable market conditions for anyone considering selling their home today.” 


New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,126 in October. This represents an 8 per cent decline compared to the 4,487 new listings reported in October 2014. The total number of properties listed for sale on the real estate board’s MLS® is 9,569, a 30 per cent decline compared to October 2014 and an 11.4 per cent decline compared to September 2015. This is the lowest active listing total in Metro Vancouver since December 2010.


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $736,000. This represents a 15.3 per cent increase compared to October 2014. The sales-to-active-listings ratio in October was 38.1 per cent. Generally, analysts say that downward pressure on home prices occurs when the ratio declines below the 12 per cent mark, while home prices often experience upward pressure when it reaches 20 per cent, or higher, in a particular community for a sustained period of time. 


Sales of detached properties in October 2015 reached 1,437, an increase of 13.1 per cent from the 1,271 detached sales recorded in October 2014, and a 34.7 per cent increase from the 1,067 units sold in October 2013. The benchmark price for a detached property in Metro Vancouver increased 20.1 per cent from October 2014 to $1,197,600. 


Sales of apartment properties reached 1,543 in October 2015, an increase of 21.7 per cent compared to the 1,268 sales in October 2014, and an increase of 40.5 per cent compared to the 1,098 sales in October 2013. The benchmark price of an apartment property increased 11.4 per cent from October 2014 to $425,800. 


Attached property sales in October 2015 totalled 666, an increase of 28.6 per cent compared to the 518 sales in October 2014, and a 34.3 per cent increase from the 496 attached properties sold in October 2013. The benchmark price of an attached unit increased 9.3 per cent between October 2014 and 2015 to $526,700.

 

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.

 

  

 

*Note: 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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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.