Steve Flynn  RE/MAX Crest Realty- Burnaby 

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I have sold a property at 107 240 FRANCIS WAY in New Westminster.
Excellent 650 sq. ft. 1 bed/1 bath condo in The Grove in beautiful Victoria Hill neighbourhood in New West. All rooms are spacious and the bedroom features a walk-in closet. Modern finishes throughout incl. stainless steel, granite, laminate & tile flooring + 9' ceilings. RARE: a 200 sq. ft northwest-facing patio, perfect for enjoying sunny afternoons & evenings! Amenities at the Boiler House incl. a professional-level gym, huge party room with kitchen & billiards table, theatre room, meeting room & library/study room. Victoria Hill is a special neighbourhood set amongst parks & trails + quick access to downtown New West & Skytrain. 1 pet (cat or dog) and rentals allowed! 1 parking and 1 locker. OPEN HOUSE: Sun. Jan 15, 2-4 pm.
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I have listed a new property at 103 240 FRANCIS WAY in New Westminster.
BEAUTIFUL 655 s. f. 1 bed/1 bath southeast-facing condo in The Grove in lovely Victoria Hill, New West. Big rooms & luxurious finishes throughout: granite, stainless steel, tile & laminate floors + 9' ceilings. Updated w/custom board & batten panelling in bath & laminate floors in bedroom. This condo is in impeccable condition! BONUS: 160 s. f. patio w/view of park, perfect for morning coffee, bbq lunch. It's elevated above ground level so safe & private. Amenities at Boiler House incl. a professional-level gym, party room w/kitchen & billiards, theatre room, meeting room & library. Victoria Hill is a unique neighbourhood set amongst parks & trails + quick access to dt New West & Skytrain. 1 pet (cat or dog) & rentals allowed! 1 parking, 1 locker. OPEN HOUSE: Sun. Jan 29, 2-4.
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Please visit our Open House at 103 240 FRANCIS WAY in New Westminster.
Open House on Sunday, January 29, 2017 2:00PM - 4:00PM
BEAUTIFUL 655 s. f. 1 bed/1 bath southeast-facing condo in The Grove in lovely Victoria Hill, New West. Big rooms & luxurious finishes throughout: granite, stainless steel, tile & laminate floors + 9' ceilings. Updated w/custom board & batten panelling in bath & laminate floors in bedroom. This condo is in impeccable condition! BONUS: 160 s. f. patio w/view of park, perfect for morning coffee, bbq lunch. It's elevated above ground level so safe & private. Amenities at Boiler House incl. a professional-level gym, party room w/kitchen & billiards, theatre room, meeting room & library. Victoria Hill is a unique neighbourhood set amongst parks & trails + quick access to dt New West & Skytrain. 1 pet (cat or dog) & rentals allowed! 1 parking, 1 locker. OPEN HOUSE: Sun. Jan 29, 2-4.
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US real GDP growth registered a weaker than expected 1.9 per cent growth the final quarter of 2016, and 1.6 per cent growth for the year as a whole.  Growth was pulled lower by a widening US trade deficit, while consumer demand and business investment were robust. Most economists expect US economic growth to accelerate to about 2.2 per cent in 2017.

The pace of economic growth in the United States could be a key determinant in the BC housing market this year. While faster US growth is generally positive for the BC economy, a stronger pace of growth along with a possibly significant shift in the fiscal outlook due to the large tax cuts and ramped-up spending plans of the Trump administration, is already translating to rising long-term interest rates as markets anticipate higher inflation and consequent monetary tightening by the US Federal Reserve. In turn, that uptrend in rates is putting pressure on Canadian mortgage rates, with many lenders increasing their best offered rates. 



 

Copyright British Columbia Real Estate Association. Reprinted with permission.

 



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Canadian retail sales inched 0.2 per cent higher in November.  Sales were higher in just 5 of 11 sub-sectors, with motor vehicle and parts dealers and building materials supplies leading the way.  E-commerce sales accounted for 3 per cent of total retail sales, the highest proportion to date in 2016.  Given today's data,  we are currently tracking fourth quarter Canadian real GDP growth at 1.5 per cent. 

In BC, retail sales were down 0.7 per cent on a monthly basis, but were 5.5 per cent higher year-over-year. Year-to-date, retail sales in the province are up 6.5 per cent.



 

Copyright British Columbia Real Estate Association. Reprinted with permission.

 



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Please visit our Open House at 107 240 FRANCIS WAY in New Westminster.
Open House on Sunday, January 22, 2017 2:00PM - 4:00PM
Excellent 650 sq. ft. 1 bed/1 bath condo in The Grove in beautiful Victoria Hill neighbourhood in New West. All rooms are spacious and the bedroom features a walk-in closet. Modern finishes throughout incl. stainless steel, granite, laminate & tile flooring + 9' ceilings. RARE: a 200 sq. ft northwest-facing patio, perfect for enjoying sunny afternoons & evenings! Amenities at the Boiler House incl. a professional-level gym, huge party room with kitchen & billiards table, theatre room, meeting room & library/study room. Victoria Hill is a special neighbourhood set amongst parks & trails + quick access to downtown New West & Skytrain. 1 pet (cat or dog) and rentals allowed! 1 parking and 1 locker. OPEN HOUSE: Sun. Jan 15, 2-4 pm.
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Canadian manufacturing sales rose 1.5 per cent in November after posting a moderate decline the previous month. Sales were higher in 14 of 21 manufacturing sub-sectors. After adjusting for inflation, the total volume of sales was 1.2 per cent higher. 

In BC, where the manufacturing sector is a significant employer and a key driver of economic growth, sales were up 2.4 per cent on a monthly basis and 9.2 per cent year-over-year. The manufacturing sector has been on a significant upswing after a slow first half with sales posting nearly 8 per cent growth over the second half of the year. That growth is adding to already strong momentum in other sectors and supporting housing demand across BC communities where manufacturing, particularly of forestry products, is an important driver of local economic activity. 



Copyright British Columbia Real Estate Association. Reprinted with permission.



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The Bank of Canada announced this morning that it is holding the target for its overnight rate at 0.5 per cent. In the press release accompanying the decision, the Bank noted that uncertainty in the global outlook, particularly with regard to policies in the United States, is undiminished. The Canadian economy is forecast to grow 2.1 per cent in both 2017 and 2018, implying the Canadian economy will return to full capacity in mid-2018.  On inflation, the Bank noted that it continued to be lower than expected but should return to it 2 per cent target in coming months.

Political uncertainty in the United States will likely govern the direction of both policy rates and long-term bond yields over the next year. The interest rate on 5-year government of Canada bonds has risen to its highest point in a year, which is adding upward pressure to mortgage rates offered by Canadian lenders.  While the Canadian economy is forecast to post steady growth in 2017, overall slack in the Canadian economy remains persistent.  Without a significant uptick in economic growth, inflation will likely continue to trend at or below the Bank's 2 per cent target.  That, along with lingering uncertainty, will keep the Bank sidelined through 2017 with a chance of lowering its target rate should current downside risks to the economy become realized. 



Copyright British Columbia Real Estate Association. Reprinted with permission.

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Vancouver, BC – January 13, 2017.  

The British Columbia Real Estate Association (BCREA) reports that a record 112,209 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in 2016, an increase of 9.5 per cent from the previous year. Total sales dollar volume was a record $77.6 billion, up 18.8 per cent from 2015. The average MLS® residential price in the province climbed 8.6 per cent to $691,144 on an annual basis in 2016.

 

“Broad-based consumer demand driven by strong economic conditions, employment growth, consumer confidence, and an expanding population base pushed home sales to record levels in many BC regions last year," said Cameron Muir, BCREA Chief Economist. "However, home sales have fallen back from their lofty peaks early last year." The seasonally adjusted annual rate of sales activity was approximately 92,000 units in December.

 

A total of 4,721 residential unit sales were recorded by the MLS® in December, down 28.4 per cent from the same month last year. Total sales dollar volume was $3.1 billion last month, a decline of 33.1 per cent compared to the same month the previous year. The average MLS® residential price in the province was $654,699 in December, a 6.6 per cent decline from December 2015.

 

 

Copyright British Columbia Real Estate Association. Reprinted with permission.

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Please visit our Open House at 107 240 FRANCIS WAY in New Westminster.
Open House on Sunday, January 15, 2017 2:00PM - 4:00PM
Excellent 650 sq. ft. 1 bed/1 bath condo in The Grove in beautiful Victoria Hill neighbourhood in New West. All rooms are spacious and the bedroom features a walk-in closet. Modern finishes throughout incl. stainless steel, granite, laminate & tile flooring + 9' ceilings. RARE: a 200 sq. ft northwest-facing patio, perfect for enjoying sunny afternoons & evenings! Amenities at the Boiler House incl. a professional-level gym, huge party room with kitchen & billiards table, theatre room, meeting room & library/study room. Victoria Hill is a special neighbourhood set amongst parks & trails + quick access to downtown New West & Skytrain. 1 pet (cat or dog) and rentals allowed! 1 parking and 1 locker. OPEN HOUSE: Sun. Jan 15, 2-4 pm.
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The total value of Canadian building permits decreased 0.1 per cent from October to November, largely as a result of lower permit activity in Alberta. Residential construction intentions were down 1.6 per cent across Canada, while non-residential permits rose 3 per cent.  

In BC, the total value of permits rose close to 15 per cent on a monthly basis and 9.5 per cent year-over-year. Residential permits reached their highest level in close to a year with more than $1 billion in total permit values, an increase of  21 per cent from October and 21 per cent year-over-year. Non-residential permits, however, fell 5 per cent on a monthly basis and 20.6 per cent year-over-year.

Construction intentions were mixed across BC's four census metropolitan areas (CMA). Permits in the Abbotsford-Mission CMA fell by nearly half from October to November and were down 35 per cent year-over-year while the Vancouver CMA saw a 31 per cent increase on a monthly basis and an 11 per cent increase year-over-year. In the Kelowna CMA, permits rose 3 per cent on a monthly basis and 17 per cent year-over-year.  In Victoria, construction intentions dipped 13.4 per cent on a monthly basis, and were about 7 per cent lower than in November 2015. 


 

Copyright British Columbia Real Estate Association. Reprinted with permission.

 



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I have listed a new property at 107 240 FRANCIS WAY in New Westminster.
Excellent 650 sq. ft. 1 bed/1 bath condo in The Grove in beautiful Victoria Hill neighbourhood in New West. Modern finishes throughout incl. stainless steel, granite, laminate & tile flooring. All rooms are spacious and bedroom features a walk-in closet. RARE: a 200 sq. ft northwest-facing patio! Amenities at the Boiler House incl. a professional-level gym, huge party room with kitchen & billiards table, theatre room, meeting room & reading/study room. Victoria Hill is a special neighbourhood in New West amongst parks & trails + quick access to downtown New West & Skytrain. 1 pet (cat or dog) and rentals allowed! 1 parking and 1 locker. OPEN HOUSE: Sun. Jan 8, 2-4 pm.
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Please visit our Open House at 107 240 FRANCIS WAY in New Westminster.
Open House on Sunday, January 8, 2017 2:00PM - 4:00PM
Excellent 650 sq. ft. 1 bed/1 bath condo in The Grove in beautiful Victoria Hill neighbourhood in New West. Modern finishes throughout incl. stainless steel, granite, laminate & tile flooring. All rooms are spacious and bedroom features a walk-in closet. RARE: a 200 sq. ft northwest-facing patio! Amenities at the Boiler House incl. a professional-level gym, huge party room with kitchen & billiards table, theatre room, meeting room & reading/study room. Victoria Hill is a special neighbourhood in New West amongst parks & trails + quick access to downtown New West & Skytrain. 1 pet (cat or dog) and rentals allowed! 1 parking and 1 locker. OPEN HOUSE: Sun. Jan 8, 2-4 pm.
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The Canadian labour market finished the year strong, adding 54,000 jobs in December, the fourth consecutive month of positive job growth. More importantly,  full-time employment jumped by over 80,000 jobs in December while part-time work declined. The national unemployment rate increased 0.1 points to 6.9 per cent as more people participated in the labour market. For all of 2016, Canadian employment expanded by 214,000 jobs  or 1.2 per cent. 

In BC, employment grew by 17,000 jobs while the provincial unemployment rate fell 0.3 points to 5.8 per cent. BC led all provinces in job growth in 2016 with employment expanding 3.1 per cent. The BC economy added a total of 72,000 jobs over the course of the year, evenly split between full-time and part-time work. 


In the US, payrolls increased by156,000 in December while the US unemployment rate ticked 0.1 points higher to 4.7 per cent. 

 



Copyright British Columbia Real Estate Association. Reprinted with permission.


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A heated year for Metro Vancouver real estate draws to a close

The Metro Vancouver housing market had its third highest selling year on record in 2016, behind only 2015 and 2005. Sales of detached, attached and apartment properties in the region reached 39,943 in 2016, a 5.6 per cent decrease from the 42,326 sales recorded in 2015, and a 20.6 per cent increase over the 33,116 residential sales in 2014.

 

“It was an eventful year for real estate in Metro Vancouver. Escalating prices caused by low supply and strong home buyer demand brought more attention to the market than ever before,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said.  “As prices rose in the first half of the year, public debate waged about what was fuelling demand and what should be done to stop it. This led to multiple government interventions into the market. The long-term effects of these actions won’t be fully understood for some time.”

 

Residential properties listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 57,596 in 2016. This is an increase of 0.6 per cent compared to the 57,249 properties listed in 2015 and a 2.6 per cent increase compared to the 56,066 properties listed in 2014. “The supply of homes for sale couldn't keep up with home buyer demand for much of 2016. This allowed home sellers to raise their asking price. It wasn’t until the last half of the year that prices began to show modest declines.” 


The MLS® Home Price Index (HPI) composite benchmark price for all residential properties in Metro Vancouver ends the year at $897,600. This represents a 2.2 per cent decrease over the past six months and a 17.8 per cent increase compared to December 2015. 

December summary

Residential property sales in the region totalled 1,714 in December 2016, a decrease of 39.4 per cent from the 2,827 sales recorded in December 2015 and a decrease of 22.6 per cent compared to November 2016 when 2,214 homes sold. Last month’s sales were 8.1 per cent below the 10-year sales average for the month.


New listings for detached, attached and apartment properties in Metro Vancouver totalled 1,312 in December 2016. This represents a decrease of 35.1 per cent compared to the 2,021 units listed in December 2015 and a 58.3 per cent decrease compared to November 2016 when 3,147 properties were listed.


The total number of properties currently listed for sale on the MLS® in Metro Vancouver is 6,345, a 5.3 per cent increase compared to December 2015 (6,024) and a 24.3 per cent decrease compared to November 2016 (8,385).


Sales of detached properties in December 2016 reached 541, a decrease of 52.4 per cent from the 1,136 detached sales recorded in December 2015. The benchmark price for detached properties is $1,483,500. This represents an 18.6 per cent increase compared to December 2015 and a 1.8 per cent decrease compared to November 2016.


Sales of apartment properties reached 915 in December 2016, a decrease of 25.3 per cent compared to the 1,225 sales in December 2015.The benchmark price of an apartment property is $510,300. This represents a 17.3 per cent increase compared to December 2015 and a 0.3 per cent decrease compared to November 2016.


Attached property sales in December 2016 totalled 258, a decrease of 44.6 per cent compared to the 466 sales in December 2015. The benchmark price of an attached unit is $661,800. This represents a 20.4 per cent increase compared to December 2015 and a 0.8 per cent decrease compared to November 2016.




* 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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Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), 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 GVR, 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 GVR, the FVREB or the CADREB.