Steve Flynn  RE/MAX Crest Realty- Burnaby 

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Canadian GDP was essentially unchanged in February following very strong growth in January and three consecutive monthly increases. At the industry level, output was led by higher output in the real estate sector, as well as growth in the finance and construction industries.  Declining output in the goods sector, particularly manufacturing and oil and gas, offset gains in other sectors.

Despite February's disappointing GDP number, we are still tracking first quarter growth at 3.5 per cent due to very strong economic data observed year-to-date. However, it was also reported today that the US economy grew only 0.7 per cent in the first quarter of the year, which could mean Canadian exports were weaker than expected.  



Copyright British Columbia Real Estate Association. Reprinted with permission. 




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I have sold a property at 4 11 ROYAL AVE E in New Westminster.
LUXURIOUS 2230 s.f, 3-level, 3 bed/3 bath + den (4th bdrm?) + family room townhouse in beautiful Victoria Hill, New West. Features incl. over-height ceilings, eng. h/w floors, granite & s/s appliances. EXCELLENT floor plan, rooms are big & bright. 4 outdoor spaces: 1 balcony, front & back patios + 600 s.f. rooftop deck w/river & mountain views! Lower floor would make perfect in-law suite w/existing bedroom & bathroom + hook-ups already in place for wok kitchen and 2nd laundry. RESORT-style amenities: o/d pool & hot tub, gym w/sauna, party room, library, media room, billiards room, kid's playroom + 2 guest suites. 2 parking stalls, 1 locker. 2 pets & rentals allowed! Located in one of New West's most desirable neighbourhoods. OPEN HOUSE: Sat. April 22 and Sun. April 23, 2-4 pm.
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Canadian inflation, as measured by the Consumer Price Index (CPI), continued to trend lower in March as consumer prices rose just 1.6 per cent following a 2 per cent increase in February.  The Bank of Canada's new core measure of inflation, called CPI-common which it says better tracks the underlying trend in prices, was up 1.3 per cent for the third consecutive month.   In BC, provincial consumer price inflation was 2 per cent in the 12 months to March.

Trend measures of core consumer prices continue to show muted levels of inflation, suggesting that the economy is still operating well below capacity. However, the Canadian economy does appear to be heating up with strong economic and job growth. If that continues, then we could see a pick up in inflation by the end of the year. For now, moderate inflation means very little pressure on the Bank of Canada to act on interest rates. 



 

Copyright British Columbia Real Estate Association. Reprinted with permission. 




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I have listed a new property at 4 11 ROYAL AVE E in New Westminster.
SPACIOUS 2230 s.f, 3-level, 3 bed/3 bath + den (4th bdrm?) + family room townhouse in beautiful Victoria Hill, New West. Features incl. over-height ceilings, eng. h/w floors, granite & s/s appliances. Rooms are big & bright + lots of o/d areas: 1 balcony, 2 patios + 600 s.f. rooftop deck w/river & mountain views! Lower floor would make perfect in-law suite w/hook-ups already in place for wok kitchen and 2nd laundry. RESORT-style amenities: o/d pool & hot tub, gym w/sauna, party room, library, media room, billiards room + 2 guest suites. 2 parking stalls, 1 locker. 2 pets & rentals allowed! Located in one of New West's most desirable neighbourhoods. 1st showings at Open Houses: Sat. Apr 22 & Sun. Apr 23, 2-4 pm.
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Please visit our Open House at 4 11 ROYAL AVE E in New Westminster.
Open House on Saturday, April 22, 2017 2:00PM - 4:00PM
SPACIOUS 2230 s.f, 3-level, 3 bed/3 bath + den (4th bdrm?) + family room townhouse in beautiful Victoria Hill, New West. Features incl. over-height ceilings, eng. h/w floors, granite & s/s appliances. Rooms are big & bright + lots of o/d areas: 1 balcony, 2 patios + 600 s.f. rooftop deck w/river & mountain views! Lower floor would make perfect in-law suite w/hook-ups already in place for wok kitchen and 2nd laundry. RESORT-style amenities: o/d pool & hot tub, gym w/sauna, party room, library, media room, billiards room + 2 guest suites. 2 parking stalls, 1 locker. 2 pets & rentals allowed! Located in one of New West's most desirable neighbourhoods. 1st showings at Open Houses: Sat. Apr 22 & Sun. Apr 23, 2-4 pm.
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Please visit our Open House at 4 11 ROYAL AVE E in New Westminster.
Open House on Sunday, April 23, 2017 2:00PM - 4:00PM
SPACIOUS 2230 s.f, 3-level, 3 bed/3 bath + den (4th bdrm?) + family room townhouse in beautiful Victoria Hill, New West. Features incl. over-height ceilings, eng. h/w floors, granite & s/s appliances. Rooms are big & bright + lots of o/d areas: 1 balcony, 2 patios + 600 s.f. rooftop deck w/river & mountain views! Lower floor would make perfect in-law suite w/hook-ups already in place for wok kitchen and 2nd laundry. RESORT-style amenities: o/d pool & hot tub, gym w/sauna, party room, library, media room, billiards room + 2 guest suites. 2 parking stalls, 1 locker. 2 pets & rentals allowed! Located in one of New West's most desirable neighbourhoods. 1st showings at Open Houses: Sat. Apr 22 & Sun. Apr 23, 2-4 pm.
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Vancouver, BC – April 13, 2017.


The British Columbia Real Estate Association (BCREA) reports that a total of 9,826 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in March, down 21.8 per cent from the same period last year. Total sales dollar volume was $6.79 billion, down 30 per cent from March 2016. The average MLS® residential price in the province was $690,597, a 10.5 per cent decrease from the same period last year.


“Consumer demand continues to normalize following blockbuster home sales in 2016," says Brendon Ogmundson, BCREA Economist. "However, the supply of homes available for sale has not recovered and is still declining in many markets around the province."


Although the average price in BC was down year-over-year due to a shift in the composition of sales away from higher-priced homes in Greater Vancouver, home prices in most markets are being pushed higher due to severe supply constraints.

This is particularly true for the Victoria region, which currently has just over one month of inventory for sale, as well as for the apartment and townhouse market in the Lower Mainland.


Year-to-date, BC residential sales dollar volume was down 34.7 per cent to $14.1 billion, when compared with the same period in 2016. Residential unit sales declined 25.5 per cent to 20,893 units, while the average MLS® residential price was down 12.4 per cent to $674,856.



 

Copyright British Columbia Real Estate Association. Reprinted with permission. 

 





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A shortage of residential property listings coupled with strong demand, particularly for condos and townhomes, continued to impact Metro Vancouver’s housing market in March.


Residential property sales in the region totalled 3,579 in March 2017, a decrease of 30.8 per cent from the 5,173 sales recorded in record-breaking March 2016 and an increase of 47.6 per cent compared to February 2017 when 2,425 homes sold. Last month’s sales were 7.9 per cent above the 10-year sales average for the month. 


“While demand in March was below the record high of last year, we saw demand increase month-to-month for condos and townhomes,” Jill Oudil, Real Estate Board of Greater Vancouver (REBGV) president said. “Sellers still seem reluctant to put their homes on the market, making for stiff competition among home buyers.”


New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,762 in March 2017. This represents a decrease of 24.1 per cent compared to the 6,278 units listed in March 2016 and a 29.9 per cent increase compared to February 2017 when 3,666 properties were listed. This is the lowest number of new listings in March since 2009.


The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,586, a 3.1 per cent increase compared to March 2016 (7,358) and a 0.1 per cent decrease compared to February 2017 (7,594).


The sales-to-active listings ratio for March 2017 is 47.2 per cent, a 15-point increase over February. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. “Home prices will likely continue to increase until we see more housing supply coming on to the market,” Oudil said.


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $919,300. This represents a 0.8 per cent decrease over the past six months and a 1.4 per cent increase compared to February 2017.


Sales of detached properties in March 2017 reached 1,150, a decrease of 46.1 per cent from the 2,135 detached sales recorded in March 2016. The benchmark price for detached properties is $1,489,400. This represents a 5.0 per cent decrease over the past six months and a one per cent increase compared to February 2017.


Sales of apartment properties reached 1,841 in March 2017, a decrease of 18.3 per cent compared to the 2,252 sales in March 2016.The benchmark price of an apartment property is $537,400. This represents a 5.2 per cent increase over the past six months and a 2.1 per cent increase compared to February 2017.


Attached property sales in March 2017 totalled 588, a decrease of 25.2 per cent compared to the 786 sales in March 2016. The benchmark price of an attached unit is $685,100. This represents a 1.3 per cent increase over the past six months and a 1.4 per cent increase compared to February 2017.




* 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.