Steve Flynn  RE/MAX Crest Realty- Burnaby 

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Vancouver, BC – June 29, 2016.


Recommendations from the Real Estate Council of British Columbia’s Independent Advisory Group (IAG) are a welcome step in increasing consumer protection in real estate transactions.

 

“We look forward to working with our member boards and the Real Estate Council to discuss how best to implement the recommendations in the IAG’s report where we can play a role,” says British Columbia Real Estate Association (BCREA) President Deanna Horn. “REALTORS® take great pride in their profession and adhere to high standards of practice. We are eager to do all we can to ensure that our clients are represented professionally and ethically during real estate transactions."

 

The IAG recommendations cover four areas of focus: transparency and ethics; compliance and consequences; governance and structure; and licensee and public education. Most require implementation by the Real Estate Council and some will require working with BCREA and our member boards.



 

Copyright British Columbia Real Estate Association. Reprinted with permission.

 





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Please visit our Open House at 1603 11 ROYAL AVE E in New Westminster.
Open House on Sunday, June 26, 2016 1:00PM - 3:00PM
BEAUTIFUL, updated south-facing 1240 s.f. 2 bed + den (can convert back to 3rd bedroom), 2 bath condo in Victoria Hill High Rise Residences. Amazing, forever 180-degree mountain & river views! Over-height ceilings, granite, stainless steel & eng. hardwood finishes. Updates incl. flooring throughout, washer-dryer, light fixtures throughout, tile surrounding fireplace & kitchen backsplash. RESORT-amenities incl. o/d pool & hot tub, gym, sauna, party room, games room, library, media room & 2 guest suites. Victoria Hill is a green oasis within New West set amongst parks & trails. Walk to all d/t New West's retail, pubs, dining & Skytrain. 2 parking, 1 locker. 2 pets & rentals allowed. New West's best lifestyle! OPEN HOUSE: Sun, June 12, 1-4 pm.
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Canadian retail sales bounced back from a decline in March to post 0.9 per cent growth in April.  Sales were higher in 7 of 11 subsectors with the largest contribution coming from gasoline stations due to higher prices at the pump. With today's release, first quarter real GDP growth in Canada is tracking at under 1 per cent, largely due to the negative impact of wildfires in Alberta. 

BC reported the largest gain among all provinces in April with retail sales rising 2.4 per cent from March. On a year-over-year basis, retail sales were almost 8 per cent higher. Strong consumer demand is a major reason the BC economy is performing so well in 2016, with economic growth tracking at 3.5 per cent for the first five months of the year. 



 

Copyright British Columbia Real Estate Association. Reprinted with permission.

 



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I have sold a property at 305 10788 139 ST in Surrey.
YOU MUST SEE, THIS HOME IS AMAZING! Just 9 years young, present owner put in some outstanding updates. All countertops replaced with quartz, the island finishing is like you'd see in a magazine, all new bathroom fixtures/cabinets, n ew backsplash, tile work throughout, new bedroom carpet, built in cabinets, freshly painted...WOW! Bright this home faces south and is located adjacent to an elementary school, peaceful and quiet when you come home from your busy day. Building is on a quiet residential street w/quick access to sky train, SFU campus, city hall, parks, mall, restaurants, pubs, coffee shops...all within walking distance. Check out the gorgeous photos and virtual tour. Appointments are flexible w/a bit of notice.
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Please visit our Open House at 1603 11 ROYAL AVE E in New Westminster.
Open House on Sunday, June 19, 2016 2:00PM - 4:00PM
BEAUTIFUL, updated south-facing 1240 s.f. 2 bed + den (can convert back to 3rd bedroom), 2 bath condo in Victoria Hill High Rise Residences. Amazing, forever 180-degree mountain & river views! Over-height ceilings, granite, stainless steel & eng. hardwood finishes. Updates incl. flooring throughout, washer-dryer, light fixtures throughout, tile surrounding fireplace & kitchen backsplash. RESORT-amenities incl. o/d pool & hot tub, gym, sauna, party room, games room, library, media room & 2 guest suites. Victoria Hill is a green oasis within New West set amongst parks & trails. Walk to all d/t New West's retail, pubs, dining & Skytrain. 2 parking, 1 locker. 2 pets & rentals allowed. New West's best lifestyle! OPEN HOUSE: Sun, June 12, 1-4 pm.
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I have sold a property at 502 11 ROYAL AVE E in New Westminster.
STYLISH & bright but very private 1110 s.f. 2 bed/2 bath + den (3rd bedroom?) southwest-facing corner unit in renowned Victoria Hill High-Rise Residences. Very well-maintained condo features a big kitchen w/lots of cabinets & counter-space and a large master bedroom + ensuite w/soaker tub & separate shower. SMART, open floor plan w/2nd bed & 2nd bath on opposite side. Granite, st/steel & eng hardwood finishes. Great location surrounded by parks & trails, ideal for families, dog-lovers, etc, & 15 min walk or 5 min bus ride to downtown New West's shopping, dining, Skytrain, etc. RESORT-living w/outdoor pool & hot tub, gym, sauna, party room, billiards room, library, media room, 2 guest suites, etc. 2 parking spots & 1 big locker. 2 pets & rentals allowed! OPEN HOUSE: Sun. May 22, 2-4 pm.
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Canadian manufacturing sales broke a string of consecutive down months, rising 1 per cent in April. Sales were higher in just 10 of 21 industries representing about half of all manufacturing sales, with the largest gains coming from the petroleum and coal industry and sales of transportation equipment. In inflation adjusted terms, total sales were up 1.4 per cent. 

In BC, where the manufacturing sector employs approximately 170,000 people, sales fell 1.3 per cent on a monthly basis but were up 2.2 per cent year-over-year. The manufacturing and export sector is the one piece of the provincial economy that is lagging behind otherwise very strong growth in 2016. With improvement in the US economy as well as BC's major provincial trading partners like Alberta, we expect that the manufacturing sector should be pulled out of its current sluggish growth, providing a further boost to an already robust BC economy. 




Copyright British Columbia Real Estate Association. Reprinted with permission.


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Vancouver, BC – June 15, 2016.

 

The British Columbia Real Estate Association (BCREA) reports that a record 13,458 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in May, up 32.3 per cent from the same month last year. Home sales last month exceeded April’s record of 12,969 units. Total sales dollar volume was $9.72 billion in May, up 51.1 per cent compared to the previous year. The average MLS® residential price in the province was up 14.2 per cent year-over-year, to $722,146.

 

“Record housing demand and dwindling inventories are continuing to push home prices higher in most BC regions,” said Cameron Muir, BCREA Chief Economist. “Total active residential listings across the province are nearly 30 per cent lower than twelve months ago.“

 

“New home construction activity is at a near record pace in the province,” added Muir. In the Metro Vancouver market, a record number of homes are now under construction. “Once the current crop of homes are ready for occupancy there will likely be more selection for home buyers and less upward pressure on home prices."

 

Year-to-date, BC residential sales dollar volume increased 62 per cent to $41 billion, when compared with the same period in 2015. Residential unit sales climbed by 35.2 per cent to 54,455 units, while the average MLS® residential price was up 19 per cent to $752,105.




 

Copyright British Columbia Real Estate Association. Reprinted with permission.


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I have listed a new property at 1603 11 ROYAL AVE E in New Westminster.
BEAUTIFUL, updated south-facing 1240 s.f. 2 bed + den (can convert back to 3rd bedroom), 2 bath condo in Victoria Hill High Rise Residences. Amazing, forever 180-degree mountain & river views! Over-height ceilings, granite, stainless steel & eng. hardwood finishes. Updates incl. flooring throughout, washer-dryer, light fixtures throughout, tile surrounding fireplace & kitchen backsplash. RESORT-amenities incl. o/d pool & hot tub, gym, sauna, party room, games room, library, media room & 2 guest suites. Victoria Hill is a green oasis within New West set amongst parks & trails. Walk to all d/t New West's retail, pubs, dining & Skytrain. 2 parking, 1 locker. 2 pets & rentals allowed. New West's best lifestyle! OPEN HOUSE: Sun, June 12, 1-4 pm.
Read

I have listed a new property at 1603 11 ROYAL AVE E in New Westminster.
BEAUTIFUL, updated south-facing 1240 s.f. 2 bed + den (can convert back to 3rd bedroom), 2 bath condo in Victoria Hill High Rise Residences. Amazing, forever 180-degree mountain & river views! Over-height ceilings, granite, stainless steel & eng. hardwood finishes. Updates incl. flooring throughout, washer-dryer, light fixtures throughout, tile surrounding fireplace & kitchen backsplash. RESORT-amenities incl. o/d pool & hot tub, gym, sauna, party room, games room, library, media room & 2 guest suites. Victoria Hill is a green oasis within New West set amongst parks & trails. Walk to all d/t New West's retail, pubs, dining & Skytrain. 2 parking, 1 locker. 2 pets & rentals allowed. New West's best lifestyle! OPEN HOUSE: Sun, June 12, 1-4 pm.
Read

Please visit our Open House at 1603 11 ROYAL AVE E in New Westminster.
Open House on Sunday, June 12, 2016 1:00PM - 4:00PM
BEAUTIFUL, updated south-facing 1240 s.f. 2 bed + den (can convert back to 3rd bedroom), 2 bath condo in Victoria Hill High Rise Residences. Amazing, forever 180-degree mountain & river views! Over-height ceilings, granite, stainless steel & eng. hardwood finishes. Updates incl. flooring throughout, washer-dryer, light fixtures throughout, tile surrounding fireplace & kitchen backsplash. RESORT-amenities incl. o/d pool & hot tub, gym, sauna, party room, games room, library, media room & 2 guest suites. Victoria Hill is a green oasis within New West set amongst parks & trails. Walk to all d/t New West's retail, pubs, dining & Skytrain. 2 parking, 1 locker. 2 pets & rentals allowed. New West's best lifestyle! OPEN HOUSE: Sun, June 12, 1-4 pm.
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The Canadian economy added 14,000 jobs in May, including a 61,000 increase in full-time employment which was mostly offset by declining part-time work. If not for the wildfires in Alberta, which saw 24,000 jobs lost last month, May's employment growth would have been even stronger. Solid job gains in recent months and a drop in the number of people looking for work pushed the national unemployment rate lower by 0.2 points to 6.9 per cent  Total hours worked, which is closely associated with economic growth, increased by 0.8 per cent over the past 12 months. 

Employment in BC declined by 8,400 jobs in May, the first month of negative job growth in 2016 following four months of gains. On a year-over-year basis, employment was 3 per cent higher compared to May 2015 and year-to-date employment is up 3.2 per cent in 2016. 
The provincial unemployment rate increased 0.3 points to 6.1 per cent.



Copyright British Columbia Real Estate Association. Reprinted with permission.

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Canadian housing starts declined 1.5 per cent in May to 188,570 units at a seasonally adjusted annual rate (SAAR). The six-month trend in Canadian housing starts of 191,000 was also down slightly and remains roughly in-line with growth in Canadian households. 


Housing starts in BC cooled off of the near record-setting pace from the first five months of the year, recording 35,312 units at a seasonally adjusted annual rate, a 23 per cent decline from April's torrid pace of 45,000 units. New home construction was driven higher by growth in apartments and other multi-family units, which were up 34 per cent on a year-over-year basis while single-detached starts were 32 per cent higher compared to last May. 

Looking at census metropolitan areas (CMA) in BC, total starts in the Vancouver CMA were up 36 per cent year-over-year in May due to broad strength in both multiple and single units. New home construction in the City of Vancouver, Surrey and Langley was particularly strong last month. In the Victoria CMA, housing starts of both single and multiple units more than doubled year-over-year with 224 total units breaking ground.  
New home construction in the Kelowna CMA surged 196 per cent, compared to one year ago, largely as a result of large condo projects getting underway. Housing starts in the Abbotsford-Mission CMA were also up sharply, rising 179 per cent year-over-year in May.



Copyright British Columbia Real Estate Association. Reprinted with permission.

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Metro Vancouver homes continue to sell at an unprecedented rate in communities across the region.


Residential property sales on the region's Multiple Listing Service® (MLS®) totalled 4,769 in May 2016, an increase of 17.6 per cent from the 4,056 sales recorded in May 2015 and a decrease of 0.3 per cent compared to April 2016 when 4,781 homes sold. Last month’s sales were 35.3 per cent above the 10-year sales average for the month and rank as the highest sales total on record for May. 

 

"Home sellers are becoming more active in recent months, although that activity is being outpaced by home buyer demand today," Dan Morrison, REBGV president said. New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,289 in May 2016. This represents an increase of 11.5 per cent compared to the 5,641 units listed in May 2015 and a 2.6 per cent increase compared to April 2016 when 6,127 properties were listed.

 

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,726, a 37.3 per cent decline compared to May 2015 (12,336) and a 2.3 per cent increase compared to April 2016 (7,550). "Economic and job growth in Metro Vancouver is out performing most regions in the country. This is helping to underpin today’s activity," Morrison said.

 

The sales-to-active listings ratio for May 2016 is 61.7 per cent. This is indicative of a seller’s market. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices often experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period of time. 

 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $889,100. This represents a 29.7 per cent increase compared to May 2015.


Sales of detached properties in May 2016 reached 1,865, an increase of 8.2 per cent from the 1,723 detached sales recorded in May 2015. The benchmark price for detached properties increased 36.9 per cent from May 2015 to $1,513,800.


Sales of apartment properties reached 2,150 in May 2016, an increase of 34.4 per cent compared to the 1,600 sales in May 2015. The benchmark price of an apartment property increased 22.3 per cent from May 2015 to $485,000.


Attached property sales in May 2016 totalled 754, an increase of 2.9 per cent compared to the 733 sales in May 2015. The benchmark price of an attached unit increased 24.9 per cent from May 2015 to $632,400.



*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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Vancouver, BC – June 2, 2016. The British Columbia Real Estate Association (BCREA) released its 2016 Second Quarter Housing Forecast today.

 

Multiple Listing Service® (MLS®) residential sales in the province are forecast to climb 12.3 per cent to a record 115,200 units this year, eclipsing the previous record of 106,310 units in 2005. Housing demand is expected to pull back by 8.3 per cent to 105,600 units in 2017.

 

Strong economic fundamentals are expected to underpin the housing market and produce above average consumer demand through 2017. The ten-year average for the province is 83,000 MLS® residential unit sales.

 

“Robust employment growth and a marked increase in migration from other provinces is buoying consumer confidence and housing demand in most regions of the province,” said Cameron Muir, BCREA Chief Economist. “Record housing demand has depleted inventories in many urban areas, and the resulting imbalance between supply and demand has pushed home prices considerably higher."

 

The average MLS® residential price in the province is forecast to increase 20.4 per cent to $766,600 this year and a further 3.4 per cent to $792,800 in 2017.

 

New home construction activity has ramped up to meet the extraordinary demand for housing. Waning inventories of newly completed and unoccupied units are being offset by a marked increase in the number of homes under construction. Total housing starts in the province are forecast to climb 20 per cent to 37,800 units this year, before edging back to 34,200 units in 2017.

 

 

Copyright British Columbia Real Estate Association. Reprinted with permission.

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