Steve Flynn  RE/MAX Crest Realty- Burnaby 

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The Canadian economy contracted 0.6 per cent in May, the largest decline in real GDP since March 2009. This decline was the result of a 22 per cent drop in output of the non-conventional oil extraction industry due to the Fort McMurray wildfire.  Excluding that decline, real GDP was down 0.1 per cent. 


Given the large decline in May, second quarter real GDP growth could contract by more than -1 per cent. However, since the decline is almost entirely due to the Fort McMurray wildfires, growth should post a  strong rebound as oil production comes back on-line and the reconstruction effort begins. That rebound will be further supported by a boost of fiscal stimulus planned for the second half of the year pushing growth above 2 per cent for the remainder of 2016. 



 

Copyright British Columbia Real Estate Association. Reprinted with permission.

 





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Canadian retail sales posted a second consecutive monthly increase, rising 0.2 per cent in May.  Sales were higher in 6 of 11 subsectors with the largest contribution coming once again from gasoline stations. Even with today's release, first quarter real GDP growth in Canada is still tracking negative due to the impact of wildfires in Alberta.  

In BC, retail sales were up 0.1 per cent on a monthly basis and were 6.5 per cent higher year-over-year. Year-to-date, retail sales are up 7.1 per cent. BC continues to lead the country in job creation and the strong labour market is clearly supporting a high level of consumer demand. Robust retail and home sales have been propelling the provincial economy higher in 2016 with real GDP growth tracking at 3.5 per cent through six months. 



Copyright British Columbia Real Estate Association. Reprinted with permission.






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The Bank of Canada announced this morning that it is holding its target for the overnight interest rate at 0.5 per cent. In the press release accompanying the decision, the Bank noted that inflation is on track to return to its target of 2 per cent by 2017, though heightened global uncertainty presents a risk to that forecast.  The Bank judges the overall risks to its forecast as roughly balanced, but noted financial vulnerabilities are elevated in the greater Vancouver and Toronto areas due to rising home prices. 

Economic growth in Canada appears to be slowing as expected in the second quarter.  Our tracking estimate of second quarter real GDP growth is currently at -0.5 per cent following a strong start to the year. Most of the slowdown is due to disruptions caused by the Alberta wildfires which points to a strong rebound as oil production comes back on-line and the reconstruction effort begins. That rebound will be further supported by a boost of fiscal stimulus planned for the second half of the year. An improved outlook for growth and firm but low trend inflation probably rule out any further rate cuts from the Bank, particularly given that long-term interest rates have already fallen to near record lows in recent weeks.  Our forecast remains that the Bank will be sidelined for the remainder of 2016 and through most if not all of 2017.



 

Copyright British Columbia Real Estate Association. Reprinted with permission.

 




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Canadian housing starts increased 17 per cent in June to 218,333 units at a seasonally adjusted annual rate (SAAR).   The six-month trend in Canadian housing starts of roughly 198,000 moved higher as well and is slightly above growth in Canadian households. 


Housing starts in BC continued on a near record setting pace, up close to 40 per cent to 47,984 units SAAR. On a year-over-year basis, new home construction was up 36 per cent,  driven higher by growth in apartments and other multi-family units, which were up 49 per cent on a year-over-year basis while single-detached starts were 3 per cent higher in June.  Through the first half of the year, BC housing starts are up 42 per cent compared to 2015. 

Looking at census metropolitan areas (CMA) in BC, total starts in the Vancouver CMA were up 38 per cent year-over-year in June as a result of a 50 per cent increase in multiple unit starts. Single-detached starts in the Vancouver CMA were down 4 per cent. In the Victoria CMA, housing starts more than tripled year-over-year after a surge in new multiple unit starts. New home construction in the Kelowna CMA declined 23 per cent, dragged lower by fewer multiple units starts compared to last June. Housing starts in the Abbotsford-Mission CMA were more than four times as high as last June, which saw relatively few new units started.



 

Copyright British Columbia Real Estate Association. Reprinted with permission.


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Canadian employment was virtually unchanged in June as the economy shed 700 jobs. The national unemployment rate moved slightly lower, falling by 0.1 points to 6.8 per cent  BC was the only province to record a gain in jobs in the month of June, adding 16,000 jobs. The provincial unemployment rate remained the lowest in the country at 5.9 per cent.

US non-farm payrolls roared back from a very disappointing May as June saw 287,000 news jobs created for the month, beating the consensus forecast by over 100,000 jobs.  The national unemployment rate down ticked higher to 4.9 per cent in spite strong growth due to a surge in people joining or returning to the workforce.



 

Copyright British Columbia Real Estate Association. Reprinted with permission.



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Foreign nationals make up 5.1 per cent of home buyers in Metro Vancouver, according to the first set of real estate transaction data released by the provincial government today.

 

This confirms data you’ve provided us for several years through our  monthly member market poll


“We wrote the Minister of Finance earlier this year asking him to again track the residency of home buyers in BC and we applaud the government for taking action on this issue,” Dan Morrison, Board president said. “The housing affordability challenge we face is of critical importance to all of us in the region and it’s important that this debate be based on facts. We look forward to the province releasing larger data sets in the future to further inform this conversation.” 


The government will continue to release this data each month. The current set covers transactions between June 10 and June 29, 2016. The data is collected when owners register their property at the Land Title Office and the Property Transfer Tax is paid. Individuals must disclose if they’re a Canadian citizen or permanent resident, or if their citizenship if not Canadian. Corporations must disclose their directors’ citizenship.

 

 

The report is available here.


Additional findings include:

•10,148 residential real estate transactions in BC, totalling more than $7.6 billion.

•337 transactions (3.3 per cent) involved foreign nationals, worth $390 million (5.1 per cent).

•In Metro Vancouver, there were 5,118 transactions worth nearly $5.4 billion, of which 260 involved foreign nationals (5.1 per cent), worth $351 million (6.5 per cent)

•In the City of Vancouver, there were 1,139 transactions, totalling more than $1.6 billion. 47 of these involved foreign nationals (4.1 per cent), worth $64 million (3.9 per cent).

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The total value of Canadian building permits declined 1.9 per cent on a monthly basis in May as lower construction intentions in Ontario and Quebec offset strong gains in other provinces, including the BC non-residential sector.

In BC, total permit activity increased 2.2 per cent from April to May and posted a third consecutive month of over $1.1 billion in permits. On a year-over-year basis, the dollar value of building permits in the province was 20.3 per cent higher than May 2015, led by a 22.6 per cent increase in non-residential permits. Residential activity was slightly lower on a monthly basis in May, but was up 19.5 per cent year-over-year, indicating that new home construction should remain strong in subsequent months. 

Construction intentions were mixed in BC's four census metropolitan areas (CMA). Permits in the Abbotsford-Mission CMA  jumped close to 40 per cent on a monthly basis but were 4.9 per cent lower year-over-year.  In the Kelowna CMA, permits fell almost 7
 per cent from April but were 27 per cent higher year-over-year. In the Vancouver CMA, permits increased 9 per cent on a monthly basis and were up 23 per cent year-over-year.  In the Victoria CMA, permit activity was down 23 per cent on a monthly basis but was up 26.6 per cent compared to May 2015.



Copyright British Columbia Real Estate Association. Reprinted with permission.

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I have sold a property at 1806 39 Sixth ST in New Westminster.
Welcome to this 3 bedroom plus den SUB PENTHOUSE in Quantum by renowned BOSA PROPERTIES. Almost 1,500 sq ft. of luxury living with two separate balconies to take in the unobstructed Fraser River and City views. Absolutely breathtaking views. Beautiful open floor plan with features such as built in cabinetry, granite counters, s/s appliances including a gas cooktop, floor to ceiling windows, electric fireplace and hardwood floors. Suite comes with 2 side by side full size parking stalls and a storage locker. Great building with wonderful amenities. Super convenient location close to shopping, Skytrain, and the Quay.
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Home buyers continue to compete for homes listed for sale across the Metro Vancouver housing market. 

 

Residential property sales in the region totalled 4,400 in June 2016, an increase of 0.6 per cent from the 4,375 sales recorded in June 2015 and a decrease of 7.7 per cent compared to May 2016 when 4,769 homes sold. Last month’s sales were 28.1 per cent above the 10-year sales average for the month and rank as the highest selling June on record.

 

"While we're starting to see more properties coming onto the market in recent months, the imbalance between supply and demand continues to influence market conditions," Dan Morrison (Real Estate Board of Greater Vancouver president) said.

 

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,875 in June 2016. This represents an increase of 1.2 per cent compared to the 5,803 units listed in June 2015 and a 6.6 per cent decrease compared to May 2016 when 6,289 properties were listed. “Since March, we’ve seen more homes listed for sale in our market than in any other four-month period this decade,” Morrison said.

 

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,812, a 35.9 per cent decline compared to June 2015 (12,181) and a 1.1 per cent increase compared to May 2016 (7,726).

 

The sales-to-active listings ratio for June 2016 is 56.3 per cent. While clearly indicative of a seller’s market, this is the lowest this measure has been since February. 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 $917,800. This represents a 32.1 per cent increase compared to June 2015.

 

Sales of detached properties in June 2016 reached 1,562, a decrease of 18.6 per cent from the 1,920 detached sales recorded in June 2015. The benchmark price for detached properties increased 38.7 per cent from June 2015 to $1,561,500.

 

Sales of apartment properties reached 2,108 in June 2016, an increase of 18.8 per cent compared to the 1,774 sales in June 2015.The benchmark price of an apartment property increased 25.3 per cent from June 2015 to $501,100.

 

Attached property sales in June 2016 totalled 730, an increase of 7.2 per cent compared to the 681 sales in June 2015. The benchmark price of an attached unit increased 28.1 per cent from June 2015 to $656,900.

 

 

*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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I have sold a 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.
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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.