Steve Flynn  RE/MAX Crest Realty- Burnaby 

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The Canadian economy built on momentum from a 0.6 per cent increase in June, expanding a further 0.5 per cent in July. Those increases follow equal size monthly declines in the spring which led to a second quarter contraction of 1.6 per cent, the largest decline since the second quarter of 2009. A recovery of output in the mining and oil and gas extraction sector was the primary driver behind strong growth in July. 

While some downside risks remain, particularly due to highly leveraged Canadian households, we expect Canadian economic growth will rebound sharply in the third and fourth quarter as oil production normalizes and the federal government's uptick in expenditures and tax credits impacts the economy. The Canadian economy is forecast to expand more than 3 per cent in the third quarter of this year before leveling off to an average of 2.5 per cent in the second half into 2017. 



 

Copyright British Columbia Real Estate Association. Reprinted with permission.

 



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Please visit our Open House at 1103 11 ROYAL AVE E in New Westminster.
Open House on Sunday, October 2, 2016 2:00PM - 4:00PM
BIG, bright & luxurious 3 bed/2 bath southeast-facing 1240 sq. ft. condo w/amazing 180 degree views in the renowned Victoria Hill High-Rise Residences. Quick completion possible, move right in. RARE: 3 parking stalls! Excellent floor plan, all rooms are large. Finishes incl: over-height ceilings, eng. h/wood flooring, granite & s/steel. Big balcony, perfect for entertaining. Seller has re-painted and replaced all bedroom carpets, glass cooktop & oven in kitchen! RESORT-style amenities incl. o/d pool & hot tub, gym, sauna, party room, games room, library & 2 guest suites. Victoria Hill is a gorgeous, park-like ocommunity within New West & an easy walk/bus to all d/t New West's shopping, dining & Skytrain. 1 locker. 2 pets & rentals allowed.
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Canadian retail sales were relatively unchanged in July, albeit down 0.1 per cent.  Sales were flat through the spring and summer and in July were higher 7 of 11 subsectors. Excluding slower sales at gas stations, sales we actually up 0.2 per cent and excluding inflation, sales volumes were higher by 0.3 per cent. 

In BC, retail sales were up for the third time in the last four months, rising 0.9 per cent on a monthly basis and were 6.4 per cent higher year-over-year. Year-to-date, retail sales are up 6.7 per cent.  Strong consumer demand and robust employment continues to drive the provincial economy higher in 2016. We are tracking real GDP growth tracking at a Canada leading 3.5 per cent through the first eight months of the year.  



 

Copyright British Columbia Real Estate Association. Reprinted with permission.


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Please visit our Open House at 1103 11 ROYAL AVE E in New Westminster.
Open House on Saturday, September 24, 2016 3:00PM - 5:00PM
BIG, bright & luxurious 3 bed/2 bath south-facing 1240 sq. ft. condo w/amazing forever views in the renowned Victoria Hill High-Rise Residences. Quick completion possible, move right in. RARE: 3 parking stalls! Excellent floor plan, all rooms are large. Finishes incl: over-height ceilings, eng. h/wood flooring, granite & s/steel. Seller is painting, replacing carpets and 2 kitchen appliances. RESORT-amenities incl. o/d pool & hot tub, gym, sauna, party room, games room, library & 2 guest suites. Victoria Hill is a gorgeous, park-like oasis within New West & easy walk/bus to all d/t New West's shopping, dining & Skytrain. 1 locker. 2 pets & rentals allowed! OPEN: Sat, Sep 10 & Sun, Sep 11, 2-4 pm.
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Please visit our Open House at 1103 11 ROYAL AVE E in New Westminster.
Open House on Sunday, September 25, 2016 2:00PM - 4:00PM
BIG, bright & luxurious 3 bed/2 bath south-facing 1240 sq. ft. condo w/amazing forever views in the renowned Victoria Hill High-Rise Residences. Quick completion possible, move right in. RARE: 3 parking stalls! Excellent floor plan, all rooms are large. Finishes incl: over-height ceilings, eng. h/wood flooring, granite & s/steel. Seller is painting, replacing carpets and 2 kitchen appliances. RESORT-amenities incl. o/d pool & hot tub, gym, sauna, party room, games room, library & 2 guest suites. Victoria Hill is a gorgeous, park-like oasis within New West & easy walk/bus to all d/t New West's shopping, dining & Skytrain. 1 locker. 2 pets & rentals allowed! OPEN: Sat, Sep 10 & Sun, Sep 11, 2-4 pm.
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Vancouver, BC – September 13, 2016.

 

The British Columbia Real Estate Association (BCREA) reports that 8,945 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in August, up 1.5 per cent from the same month last year. Total sales dollar volume was $5.1 billion in August, down 6.7 per cent compared to the previous year. The average MLS® residential price in the province was $569,393, a decline of 8.1 per cent compared to the same month last year.

 

"Strong housing demand across most regions of the province offset slowing home sales in Vancouver last month," said Cameron Muir, BCREA Chief Economist. "The newly introduced 15 per cent foreign buyer tax combined with the 3 per cent property transfer tax on homes over $2 million brought in earlier this year, slowed demand at the top end of the market in Vancouver last month."

 

"The decline in the average home price was due to a change in the composition and location of homes sold in the province," added Muir. "Fewer sales of high priced detached homes relative to all other homes sales in Vancouver as well as fewer Vancouver home sales relative to the rest of the province has caused the average price statistic to decline."

 

Year-to-date, BC residential sales dollar volume increased 39.1 per cent to $61.6 billion, when compared with the same period in 2015. Residential unit sales climbed by 22.1 per cent to 86,206 units, while the average MLS® residential price was up 13.9 per cent to $714.400.

 

 

Copyright British Columbia Real Estate Association. Reprinted with permission.


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Canadian employment increased by 26,000 jobs in August, led by a jump in full-time employment. In spite of strong job growth, the national unemployment rate moved 0.1 points higher to 7 per cent due to a large increase in labour market participation. Total hours worked, which is highly correlated with economic growth, was down 0.4 per cent compared to this time last year as the impact of a second quarter contraction in GDP lingers in the labour market. 

In BC, employment declined by 6,600 jobs, only the second monthly decline in employment all year.  Despite the decline, the provincial unemployment rate remained the lowest in the country at 5.5 per cent and provincial job growth year-to-date is the strongest in the country at 3.1 per cent. 



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 weaker than expected growth in the global economy, and in particular in the US economy, has hurt Canadian exports and business investment in the first half of the year. On inflation, the Bank noted that total CPI inflation is below its 2 per cent target mainly due to temporary effects of low energy prices while core measures of inflation remain on target. Overall, the Bank judges risks to the economy and the profile for inflation as somewhat tilted to the downside, pointing out a possible moderation in the Vancouver housing market and financial vulnerabilities associated with high household debt. 

A second quarter contraction in GDP resulting from disruptions caused by Alberta wildfires should give way to a strong recovery in the second half of the year. We expect Canadian economic growth will rebound sharply as oil production normalizes and the federal government's uptick in expenditures and tax credits impacts the economy. With growth recovering and core inflation trending at or above the Bank's 2 per cent target, the Bank of Canada will very likely leave its policy rate unchanged for the foreseeable future. That said, even absent a change in the Bank's stance on monetary policy, mortgage rates may be moved modestly higher if the US Federal Reserve, as it recently signaled,  raises its own policy rate this fall.  



Copyright British Columbia Real Estate Association. Reprinted with permission.

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I have listed a new property at 1103 11 ROYAL AVE E in New Westminster.
BIG, bright & luxurious 3 bed/2 bath south-facing 1240 sq. ft. condo w/amazing forever views in the renowned Victoria Hill High-Rise Residences. Tenants have vacated, you can move right in. RARE: 3 parking stalls! Excellent floor plan, all rooms are large. Finishes incl: over-height ceilings, eng. h/wood flooring, granite & s/steel. Seller is painting, replacing carpets and 3 kitchen appliances. RESORT-amenities incl. o/d pool & hot tub, gym, sauna, party room, games room, library & 2 guest suites. Victoria Hill is a gorgeous, park-like oasis within New West & easy walk/bus to all d/t New West's shopping, dining & Skytrain. 1 locker. 2 pets & rentals allowed! OPEN: Sat, Sep 10 & Sun, Sep 11, 2-4 pm.
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Please visit our Open House at 1103 11 ROYAL AVE E in New Westminster.
Open House on Saturday, September 10, 2016 2:00PM - 4:00PM
BIG, bright & luxurious 3 bed/2 bath south-facing 1240 sq. ft. condo w/amazing forever views in the renowned Victoria Hill High-Rise Residences. Tenants have vacated, you can move right in. RARE: 3 parking stalls! Excellent floor plan, all rooms are large. Finishes incl: over-height ceilings, eng. h/wood flooring, granite & s/steel. Seller is painting, replacing carpets and 3 kitchen appliances. RESORT-amenities incl. o/d pool & hot tub, gym, sauna, party room, games room, library & 2 guest suites. Victoria Hill is a gorgeous, park-like oasis within New West & easy walk/bus to all d/t New West's shopping, dining & Skytrain. 1 locker. 2 pets & rentals allowed! OPEN: Sat, Sep 10 & Sun, Sep 11, 2-4 pm.
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Please visit our Open House at 1103 11 ROYAL AVE E in New Westminster.
Open House on Sunday, September 11, 2016 2:00PM - 4:00PM
BIG, bright & luxurious 3 bed/2 bath south-facing 1240 sq. ft. condo w/amazing forever views in the renowned Victoria Hill High-Rise Residences. Tenants have vacated, you can move right in. RARE: 3 parking stalls! Excellent floor plan, all rooms are large. Finishes incl: over-height ceilings, eng. h/wood flooring, granite & s/steel. Seller is painting, replacing carpets and 3 kitchen appliances. RESORT-amenities incl. o/d pool & hot tub, gym, sauna, party room, games room, library & 2 guest suites. Victoria Hill is a gorgeous, park-like oasis within New West & easy walk/bus to all d/t New West's shopping, dining & Skytrain. 1 locker. 2 pets & rentals allowed! OPEN: Sat, Sep 10 & Sun, Sep 11, 2-4 pm.
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VANCOUVER, BC – September 2, 2016 – Metro Vancouver* home sales return to typical August levels. For the second straight month, home buyer demand in Metro Vancouver moved off of the record-breaking pace seen earlier this year and returned to more typical levels.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver totalled 2,489 in August 2016, a decline of 26 per cent compared to the 3,362 sales in August 2015; 10.2 per cent less than the 2,771 sales in August 2014; and one per cent less than the 2,514 sales in August 2013. August 2016 sales also represent a 22.8 per cent decline compared to last month’s sales.

 

From a historical perspective, last month’s sales were 3.5 per cent below the 10-year sales average for the month.

“The record-breaking sales we saw earlier this year were replaced by more historically normal activity throughout July and August,” Dan Morrison, REBGV president said. "Sales have been trending downward in Metro Vancouver for a few months. The new foreign buyer tax appears to have added to this trend by reducing foreign buyer activity and causing some uncertainty amongst local home buyers and sellers. It’ll take some months before we can really understand the impact of the new tax. We'll be interested to see the government's next round of foreign buyer data."

 

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,293 in August 2016. This represents an increase of 0.3 per cent compared to the 4,281 units listed in August 2015 and an 18.1 per cent decrease compared to July 2016 when 5,241 properties were listed. The total number of properties currently listed for sale on the MLS® in Metro Vancouver is 8,506, a 21.9 per cent decline compared to August 2015 (10,897) and a 1.9 per cent increase from July 2016 (8,351).

 

The sales-to-active listings ratio for August 2016 is 29.3 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.

 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $933,100. This represents a 31.4 per cent increase compared to August 2015 and a 4.9 per cent increase over the last three months.

 

“In aggregate, we continue to see an imbalance between supply and demand in most communities. However, we’re also seeing fewer detached sales in the highest price points and fewer detached home sales relative to all residential sales,” Morrison said. “This is causing average sale prices to show a decline in recent months, while benchmark home prices remain virtually unchanged from July.” 

 

The average price is the simplest home price measure to explain but is not the most accurate since it may be skewed by the mix of properties. More high-end or low-end sales will skew the number up or down. Based on the Consumer Price Index, MLS HPI® benchmark prices are a more reliable and stable indicator of typical home prices across regions over time. 

 

Sales of detached properties in August 2016 reached 715, a decrease of 44.6 per cent from the 1,290 detached sales recorded in August 2015. The benchmark price for detached properties increased 35.8 per cent from August 2015 to $1,577,300. This represents a 4.2 per cent increase over the last three months. 

 

Sales of apartment properties reached 1,343 in August 2016, a decrease of 10.1 per cent compared to the 1,494 sales in August 2015.The benchmark price of an apartment property increased 26.9 per cent from August 2015 to $514,300. This represents a 6.1 per cent increase over the last three months. 

 

Attached property sales in August 2016 totalled 431, a decrease of 25.4 per cent compared to the 578 sales in August 2015. The benchmark price of an attached home increased 31.1 per cent from August 2015 to $677,600. This represents a 7.1 per cent increase over the last three months.

 

 

* 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, 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.