Steve Flynn  RE/MAX Crest Realty- Burnaby 

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I have sold a property at 1203 15 ROYAL AVE E in New Westminster.
SPECTACULAR views and an excellent floor plan highlight this 1240 s.f. south-east facing 3 bed/2 bath condo in award-winning Victoria Hill High Rise Residences. River & mountain views from every room! All rooms are a good size. Features incl. over-height ceilings, stainless steel & granite finishes. New laminate flooring throughout & new full-sized washer/dryer. RESORT-style amenities incl: outdoor pool & hot tub, gym, sauna, party room, billiards room, library & 2 guest suites. Located in Victoria Hill, New West's "park-like" community set amongst trails & greenspace yet easy access to all of downtown New West's shopping, banks, pubs, restaurants & Skytrain. 2 parking stalls and 2 lockers (1 over-sized). Rentals & 2 pets allowed.
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The Bank of Canada announced this morning that it is maintaining its overnight rate at 0.5 per cent. In the press release accompanying the decision, the Bank noted that inflation is evolving as expected with total CPI continuing to test the bottom of the Bank's 1-3 per cent target range due to low energy prices. However, the Bank expects that inflation will rise over the next year, reaching its 2 per cent target by mid-2017.  On the economy, the Bank sees economic growth firming after a slowdown in the fourth quarter of last year. The Bank projects that the Canadian economy will grow a modest 1.5 per cent this year before strengthening to 2.5 per cent in 2017. 
 
In not moving on interest rates this morning, the Bank is recognizing that there is little that monetary policy can do to offset a significant supply-side shock such as the dramatic decline in oil prices. Indeed, given Canada's floating exchange rate, the loonie has already adjusted to help partially absorb the negative impact of falling commodity prices on exports.   Keeping in mind that the Canadian economy is still projected to grow at a rate very close to its somewhat diminished potential for 2016 and that inflation will be spurred by a dramatically lower Canadian dollar, we anticipate that the Bank will reassess the need for monetary stimulus once the worst of the oil-shock had passed. That means, barring a significant deterioration in the economy, the Bank will more than likely remain sidelined for 2016. 


Copyright British Columbia Real Estate Association. Reprinted with permission.

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Please visit our Open House at 102 10455 UNIVERSITY DR in Surrey.
Open House on Sunday, January 24, 2016 2:30 PM - 4:00 PM
LOCATION! Location! This "loft-style", 423 s.f. Jr 1 bedroom condo in D'Cor is ideally located in Surrey's high-growth City Centre neighbourhood. 1 block to Surrey City Hall & Library. 2 blocks to Surrey Central Skytrain, North Surrey Rec Centre, banks, grocery stores & city parks. 3 blocks to Surrey SFU, Central City Shopping Centre, pubs, dining, etc. Features incl. over-height ceilings, laminate & ceramic tile flooring + in-suite laundry. D'Cor has a proactive strata council & its amenities include a gym and a Party room. 1 parking stall & 1 locker. This condo is in excellent condition and ALL FURNISHINGS are included! Perfect to move right in or as an INVESTMENT property as rentals are allowed. 1 cat or 1 dog (under 44 lbs) allowed. OPEN HOUSE: Sun. Jan 24, 2:30-4 pm.
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Canadian housing starts closed the year down close to 20 per cent, falling from 212,028 units at a seasonally adjusted annual rate (SAAR) in November to 172,965 units SAAR in December The six-month trend in Canadian housing starts of 203,500 units SAAR was also down. For the year 2015,  total Canadian housing starts were up 6 per cent over 2014.  Large declines in oil-producing provinces such as Alberta, Saskatchewan and Newfoundland were largely offset by strong new home construction in BC and Ontario. 

Housing starts in BC rebounded in December, rising 26 per cent to 33,346 units SAAR.  On a year-over-year basis, housing starts were up 15 per cent, led by a 22 per cent increase in multiple unit starts which offset a 3 per cent decline in single detached starts. For the year 2015, total housing starts in BC increased 12 per cent compared to 2014. 

Looking at census metropolitan areas (CMA) in BC, total starts in the Vancouver CMA were up 20 per cent year-over-year in December due to a 27 per cent jump in multiple starts. For all of 2015,  Vancouver CMA new home construction rose 9 per cent, finishing the year at 20,863 total starts.  In the Victoria CMA, housing starts more than doubled compared to December 2014, with strong gains in both single and multiple starts. For all of 2015, Victoria CMA starts increased 53 per cent to 2,008 total starts. Home construction in the Kelowna CMA closed the year down, falling 44 per cent year-over-year. For all of 2015, total housing starts dipped slightly, falling 2 per cent to 1,280 total starts.  Housing starts in the Abbotsford-Mission CMA were up 21 per cent to finish the year and were 62 per cent higher for all of 2015 at 806 total starts. 



Copyright British Columbia Real Estate Association. Reprinted with permission.

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I have listed a new property at 102 10455 UNIVERSITY DR in Surrey.
LOCATION! Location! This "loft-style", 423 s.f. Jr 1 bedroom condo in D'Cor is ideally located in Surrey's high-growth City Centre neighbourhood. 1 block to Surrey City Hall & Library. 2 blocks to Surrey Central Skytrain, North Surrey Rec Centre & city parks. 3 blocks to Surrey SFU, Central City Shopping Centre, banks, groceries, dining, etc. Features incl. over-height ceilings, laminate & ceramic tile flooring + in-suite laundry. D'Cor has a proactive strata council & its amenities include a gym and a Party room. 1 parking stall & 1 locker. This condo is in excellent condition and ALL FURNISHINGS are included! Perfect to move right in or as an investment property as rentals are allowed. 1 cat or 1 dog (under 44 lbs) allowed. OPEN HOUSE: Sun. Jan 17, 12:30-2 pm.
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Please visit our Open House at 102 10455 UNIVERSITY DR in Surrey.
Open House on Sunday, January 17, 2016 12:30 PM - 2:00 PM
LOCATION! Location! This "loft-style", 423 s.f. Jr 1 bedroom condo in D'Cor is ideally located in Surrey's high-growth City Centre neighbourhood. 1 block to Surrey City Hall & Library. 2 blocks to Surrey Central Skytrain, North Surrey Rec Centre & city parks. 3 blocks to Surrey SFU, Central City Shopping Centre, banks, groceries, dining, etc. Features incl. over-height ceilings, laminate & ceramic tile flooring + in-suite laundry. D'Cor has a proactive strata council & its amenities include a gym and a Party room. 1 parking stall & 1 locker. This condo is in excellent condition and ALL FURNISHINGS are included! Perfect to move right in or as an investment property as rentals are allowed. 1 cat or 1 dog (under 44 lbs) allowed. OPEN HOUSE: Sun. Jan 17, 12:30-2 pm.
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I have listed a new property at 1203 15 ROYAL AVE E in New Westminster.
SPECTACULAR views and an excellent floor plan highlight this 1240 s.f. south-east facing 3 bed/2 bath condo in award-winning Victoria Hill High Rise Residences. River & mountain views from every room! All rooms are a good size. Features incl. over-height ceilings, stainless steel & granite finishes. New laminate flooring throughout & new full-sized washer/dryer. RESORT-style amenities incl: outdoor pool & hot tub, gym, sauna, party room, billiards room, library & 2 guest suites. Located in Victoria Hill, New West's "park-like" community set amongst trails & greenspace yet easy access to all of downtown New West's shopping, banks, pubs, restaurants & Skytrain. 2 parking stalls and 2 lockers (1 over-sized). Rentals & 2 pets allowed. OPEN HOUSE: Sun. Jan 17, 2:30-4:30.
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Please visit our Open House at 1203 15 ROYAL AVE E in New Westminster.
Open House on Sunday, January 17, 2016 2:30 PM - 4:30 PM
SPECTACULAR views and an excellent floor plan highlight this 1240 s.f. south-east facing 3 bed/2 bath condo in award-winning Victoria Hill High Rise Residences. River & mountain views from every room! All rooms are a good size. Features incl. over-height ceilings, stainless steel & granite finishes. New laminate flooring throughout & new full-sized washer/dryer. RESORT-style amenities incl: outdoor pool & hot tub, gym, sauna, party room, billiards room, library & 2 guest suites. Located in Victoria Hill, New West's "park-like" community set amongst trails & greenspace yet easy access to all of downtown New West's shopping, banks, pubs, restaurants & Skytrain. 2 parking stalls and 2 lockers (1 over-sized). Rentals & 2 pets allowed. OPEN HOUSE: Sun. Jan 17, 2:30-4:30.
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Employment in Canada increased by 23,000 jobs in December, a 0.9 per cent increase over December 2014. The national unemployment rate was unchanged at 7.1 per cent. For all of 2015, employment posted average growth of just under 1 per cent or about 13,000 jobs per month. 

In BC, employment fell for a second consecutive month, dropping by 7,900 jobs in December. Those job losses, combined with an increase in job searchers migrating from other provinces helped to push the unemployment rate 0.5 points higher to 6.7 per cent. For the year 2015, employment in BC increased 1.3 per cent but grew at a 2 per cent rate over the second half of the year. 

In the US, payrolls jumped by 292,000 jobs and revisions to past months estimates added a further 50,000 to payrolls. The US unemployment rate was unchanged at 5 per cent.  Over the past three months, the US economy is averaging a robust rate of new job creation at close to 300,000 jobs per month. 



Copyright British Columbia Real Estate Association. Reprinted with permission.

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Soaring sales in Metro Vancouver’s single-family home market are also driving higher assessments in a few, select pockets of condominiums.  In recent years, condo prices have been described as flat as a board, and while 2016 assessed values released earlier this week for the most part showed much more modest gains compared to the hot numbers in the single-family home market, there were a few outliers.

 

In Vancouver, condos in the MLS-defined neighbourhood of Coal Harbour, for example, posted an average assessment of $1.45 million, for a 12-per-cent increase over the past year. In West Vancouver, condos at Cypress Park Estates also reached $1.45 million, for an eight-per-cent gain.

 

Other neighbourhoods with higher average assessments for condos include Hawthorne in Delta, with a nine-per-cent increase to $300,000, as well as Canyon Springs in Coquitlam, with a 10-per-cent increase to $260,000. Compared to single-family homes, there is a far greater supply of new condos and townhouses. They are more affordable for a larger proportion of buyers so, naturally, their prices are not spiking in the same way, says Michael Ferreira, managing principal at Urban Analytics.

 

Some 95 per cent of all new housing in Metro Vancouver is strata-owned condos or townhouses at a time when affordable single-family homes close to the city seem a dying breed.  Despite this, says Ferreira, “In certain areas, we’ve seen fairly significant increases in assessed value (for condos).”  What these places all have in common, says Ferreira and others, are new developments catering to single-family home sellers flush with cash from frenzied activity in that market. They want to downsize but remain in their neighbourhoods.  “Cashing out of these (homes) is leaving buyers with more money to afford larger, newer condos,” says Ferreira. “In a lot of (areas), there hasn’t been a lot of (condo) development in a while.”

 

In North Vancouver’s Roche Point, where average assessments for condos rose 10 per cent, buyers have been after a new development, says realtor Charlie Mackenzie. “Older stuff has declined in value, but it’s the new condos that have impacted higher prices.”  That location is also very close to Polygon’s new Cates Landing, a set of townhomes and apartment residences along Deep Cove designed for “downsizers who want to stay local.”

 

Ferreira goes through the list of other areas where there were higher average assessments for condos: “In Coal Harbour, it’s unique because there are both local empty nesters as well as international second-home owners. “The Cambie Corridor is also driven by empty nesters downsizing out of homes. Mount Pleasant, South East False Creek. Downtown. Then, you have the West End. I was just talking to an appraiser yesterday and I said, ‘I think we’ve seen our last new condo tower going for under $1,000 a square foot. It has matured. It’s an established neighbourhood. There is a repurposing of old sites into new and fancy condos.”


The Vancouver Sun

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The average value of detached homes has broken through $1 million in more than 50 additional Metro Vancouver neighbourhoods, 2016 assessment figures show.

 

“It’s a little, depressed area,” Realtor Jason Weinman said of the Multiple Listing Service-defined zone of Lynnmour on the North Shore. There’s not much to this zone between the end of the Ironworkers Memorial Bridge and Capilano University, long known as one of the most affordable in North Vancouver, he says. “But with prices going the way they are in the city, it doesn’t shock me,” Weinman said upon hearing the average assessment for a detached home in Lynnmour crossed from $844,531 in 2015 into what used to be defined as luxury territory at $1.02 million.

 

Property information firm Landcor Data Corp. crunched numbers released by B.C. Assessment Monday and found 53 Multiple Listing Service-defined neighbourhoods are newcomers to the $1 million-plus list, including parts of Burnaby, Coquitlam, Delta, Langley, New Westminster, North Vancouver, Port Moody, Richmond, Surrey and Vancouver. It’s a significant jump from last year when the list included 124 neighbourhoods.

 

“Everything up here has been selling for over $1 million in the last 12 months,” says realtor Monet Taylor, who specializes in the Port Moody neighbourhood of Heritage Woods, which crossed the $1 million line with average assessments for homes hitting $1.09 million.  “At the beginning of last year, a smaller, 3,000-square-foot home that I sold (in Heritage Woods) for $965,000, would now be $1.1 million,” says Taylor. “Young families are moving from North Vancouver and Burnaby. They are looking to upgrade from older, smaller homes or from a townhome.” She suggests homes in nearby Heritage Mountain might still be under $1 million, but the average assessment for 2016 in that area clocked in at $1.1 million, too.

 

The $1 million mark used to be reserved for describing luxury properties. In more recent years, with more $1 million single-family homes making old definitions meaningless here, Sotheby’s International Realty Canada, which targets the most expensive properties, added to its reports the term “top tier” to distinguish its listings from mere “luxury” ones.

 

Some economists still hold fast to the idea that rising prices are confined to a few, west side neighbourhoods, but “I think (this idea) is crazy,” says Andrey Pavlov, professor of real estate finance at Simon Fraser University’s Beedie School of Business. “There’s no reason why areas such as Coquitlam and Port Moody, where there is lots of land and supply of homes, would be rising” to be assessed at over $1 million if there wasn’t this trickle-down effect with buyers either seeking alternative destinations when they are priced out of others areas or taking earnings made from sales in these more expensive areas to spend in others.

 

At Vancouver City Hall, Mayor Gregor Robertson responded Tuesday to this week’s B.C. Assessment numbers by calling for “bold action from the provincial and federal governments to make housing more affordable.”  The “latest numbers from B.C. Assessment once again demonstrate the stark and alarming ways that our region’s housing market is divorced from local incomes,” said Robertson in a statement. “A speculation tax would help slow the practice of flipping houses, which treats housing as a commodity and intensifies the price escalation. A luxury housing tax would ensure that the very wealthiest buyers or investors pay an added price. Both of these taxes would raise new funds to make housing more affordable for those low and modest incomes.”

 

For a sense of where such action might take aim, there is, on a very small scale, signs of a new almost-$1 million club to join. Recently, a home at 3302 West 5th Ave. was sold for $802,000 over the asking price 0f $2.49 million and one at 1322 Maple St. for $940,000 over the asking price of $2.93 million.



The Vancouver Sun

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One of Canada's biggest lenders will be raising rates on several of its mortgages starting Friday. Royal Bank of Canada says its special offer five-year fixed mortgage goes up one-tenth of a point to 3.04 per cent.  It noted that the changes don't apply to its posted mortgage rates, which are typically higher than special offer rates.

 

Several other special offer mortgage rates from RBC will also rise by 0.10 per cent on Friday but the amount of annual interest charged will depend on whether the term is two, three or four years.  Royal (TSX:RY) is also raising the rate for a variable five-year mortgage by 0.15 per cent, starting Jan. 8.


The Canadian Press

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Metro Vancouver home sales set an all-time record in 2015!

In a year when the number of homes listed for sale was below historical averages, actual home sales in Metro Vancouver set a new record.

The Real Estate Board of Greater Vancouver (REBGV) reports that 2015 home sales were the highest annual total in REBGV history. This was powered early in the year by four straight months with more than 4,000 sales a month from March to June, another first for REBGV.

Sales of detached, attached and apartment properties in 2015 reached 42,326, a 27.8 per cent increase from the 33,116 sales recorded in 2014, and a 48.4 per cent increase over the 28,524 residential sales in 2013.

The total number of homes listed for sale on the MLS® in 2015 ranked fifth in the last ten years, while the MLS® Home Price Index (HPI) saw double-digit year-over-year price increases.

The number of residential properties listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in 2015 reached 57,249. This is an increase of 2.1 per cent compared to the 56,066 properties listed in 2014 and an increase of 4.6 per cent compared to the 54,742 properties listed in 2013.

With sales-to-active-listings ratios above 25 per cent for 11 months in 2015, the Metro Vancouver market experienced seller’s market conditions for much of the year.

"Home buyers were active and motivated throughout 2015 despite the pressure on supply of homes on the market," Darcy McLeod, REBGV president said. "Housing markets typically experience quieter periods within a calendar year, but that wasn't the case in Metro Vancouver last year."

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver ends the year at $760,900. This represents an 18.9 per cent increase compared to December 2014.
     
“We often hear economists say that seller’s market conditions put upward pressure on home prices,” McLeod said. “That was certainly the case in 2015, with price increases ranging from 14 to 24 per cent depending on property type.” 
     


December summary


Residential property sales in Greater Vancouver totalled 2,827 in December 2015, an increase of 33.6 per cent from the 2,116 sales recorded in December 2014 and a 19.8 per cent decline compared to November 2015 when 3,524 home sales occurred.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 2,021 in December 2015. This represents a 7 per cent increase compared to the 1,888 units listed in December 2014 and a 40.4 per cent decline compared to November 2015 when 3,392 properties were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 6,024, a 41.6 per cent decline compared to December 2014 and a 25.6 per cent decrease compared to November 2015.

Sales of detached properties in December 2015 reached 1,136, an increase of 36.4 per cent from the 833 detached sales recorded in December 2014. The benchmark price for detached properties increased 24.3 per cent from December 2014 to $1,248,600.

Sales of apartment properties reached 1,225 in December 2015, an increase of 34.3 per cent compared to the 912 sales in December 2014.The benchmark price of an apartment property increased 14 per cent from December 2014 to $436,200.

Attached property sales in December 2015 totalled 466, an increase of 25.6 per cent compared to the 371 sales in December 2014. The benchmark price of an attached unit increased 13.6 per cent from December 2014 to $543,700.



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.