Steve Flynn  RE/MAX Crest Realty- Burnaby 

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Would you like to know what neighbourhood homes are selling for? With themost up-to-date information and you are in control? Now you can with a new, easy-to-use feature on my website called "Market Insight".

 

Create your own reports that are emailed directly to you so you can stay informed Look for the "Market Insight" tab on the top of my website page or just click here!

 

 

 

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Canadian real GDP rose 0.1 per cent in April with 12 of 20 industrial sectors posting growth in output. The manufacturing sector was a main contributor to overall growth in real GDP, expanding its output by 0.8 per cent in April while offices of real estate agents and broker was up 0.3 per cent, the industry's first positive growth in 2018.  With today's release, we are tracking second quarter real GDP growth in Canada at about 2 per cent.

Given solid economic growth and inflation firming around the Bank of Canada's 2 per cent target, the likelihood of a July rate increase from the Bank of Canada is fairly high. However, the threat of a damaging trade war will loom large over the Bank's ultimate decision.



Copyright British Columbia Real Estate Association. Reprinted with permission.


 


 

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Canadian retail sales declined for the first time in three months, falling 1.2 per cent in April on a monthly basis. On year-over-year basis, retail sales in April were up just 1.6 per cent over last year.  Sales were down in 8 of 11 sub-sectors representing 65 per cent of total retail trade with the biggest declines coming in the motor vehicle and parts sector.  Conversely, in BC, retail sales were up 1.1 per cent on a monthly basis and 5.9 per cent year-over-year.

Canadian inflation, as measured by the Consumer Price Index (CPI), held steady at 2.2 per cent in May. Likewise,  the Bank of Canada's three measures of trend inflation were all essentially unchanged at 1.9 per cent.   In BC, provincial consumer price inflation was 2.7 per cent in the 12 months to May, the same rate of increase as in April. 

While we still expected at 25 basis point increase in the Bank's policy rate at its July meeting, today's poor retail sales figures and non-accelerating inflation, along with yet another Trump trade tantrum, may prompt some caution at the Bank of Canada.



 

Copyright British Columbia Real Estate Association. Reprinted with permission.

 




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Commercial real estate sales in the Lower Mainland declined in the first quarter (Q1) of 2018 compared to the active market experienced in the region last year.

 

There were 523 commercial real estate sales in the Lower Mainland in Q1 2018, a 10.8 per cent decrease over the 586 sales in Q1 2017, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).

 

The total dollar value of commercial real estate sales in the Lower Mainland was $3.031 billion in Q1 2018, a 38.5 per cent decrease from the $4.927 billion in Q1 2017.

 

“Our commercial market returned to more historically normal levels in the first quarter of the year compared to the heightened activity we experienced in 2017,” Phil Moore, REBGV president said. “This shift to more typical activity is mirroring the overall economic trends we’re seeing in our province today.”

Q1- 2018 activity by category

Land: There were 221 commercial land sales in Q1 2018, which is a 3.9 per cent decrease from the 230 land sales in Q1 2017. The dollar value of land sales was $1.594 billion in Q1 2018, a 20.5 per cent decrease from $2.005 billion in Q1 2017.

 

Office and Retail: There were 173 office and retail sales in the Lower Mainland in Q1 2018, which is down 15.6 per cent from the 205 sales in Q1 2017. The dollar value of office and retail sales was $1.076 billion in Q1 2018, a 51.8 per cent decrease from $2.232 billion in Q1 2017.

 

Industrial: There were 113 industrial land sales in the Lower Mainland in Q1 2018, which is down 7.4 per cent from the 122 sales in Q1 2017. The dollar value of industrial sales was $0.280 billion in Q1 2018, a 12.2 per cent increase over $0.250 billion in Q1 2017.

 

Multi-Family: There were 16 multi-family land sales in the Lower Mainland in Q1 2018, which is down 44.8 per cent over the 29 sales in Q1 2017. The dollar value of multi-family sales was $0.081 billion in Q1 2018, an 81.5 per cent decrease from $0.441 billion in Q1 2017.

 

 

Copyright British Columbia Real Estate Association. Reprinted with permission.


 

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Open House. Open House on Sunday, June 24, 2018 2:00PM - 4:00PM

Please visit our Open House at 301 17712 57A AVE in Surrey.
Open House on Sunday, June 24, 2018 2:00PM - 4:00PM
LOVELY 867 sq. ft, 2 bed/2 bath, north-facing condo in charming Cloverdale. Built in 2009, this spacious, well-maintained condo features eng. h/w flooring, granite countertops & s/s appliances. Large master bedroom. Big balcony facing north & very private. Club-room w/kitchen & billiards. Very well-maintained building. Excellent location, close to everything in dt Cloverdale with an 85 Walk Score and only 1 block to transit. Quick, easy access to all major highways, KPU Tech and Willlowbrook Shopping Centre. 2 parking stalls and 2 lockers! Rentals allowed w/restrictions and 1 dog or 1 cat allowed. OPEN HOUSE: Sun. June 24, 2-4 pm.
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Canadian manufacturing sales fell 1.3 per cent on a monthly basis in April, dragged lower by a third straight month of declining sales of petroleum and coal products and a drop in transportation equipment shipments.  Sales were down in 10 of 21 manufacturing sub-sectors, representing about half of total manufacturing sales.  On a year-over-year basis, Canadian manufacturing sales were up 3.6 per cent over April 2017.

In BC,  manufacturing sales were down 0.1 per cent on a monthly basis but were up 7.6 per cent year-over-year. A strong forestry sector, particularly paper manufacturing, continues to be a significant driver of BC's manufacturing sales. That strength helped offset some weakness in sectors like machinery and equipment manufacturing and coal products.



Copyright British Columbia Real Estate Association. Reprinted with permission.



 

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VANCOUVER, BC - June 15, 2018 

 

On June 15, 2018, changes to Rules under the Real Estate Services Act that dictate how REALTORS® work with consumers will come into effect. The Rules, mandated by the Office of the Superintendent of Real Estate (OSRE) and finalized on April 27, 2018, have been amended to ensure that REALTORS® make adequate disclosures, so that consumers can make informed decisions.

 

BCREA, together with the Real Estate Council of British Columbia (RECBC), has been hard at work to update the Applied Practice Courses for new licensees. BCREA has also been updating its continuing education courses and nearly two dozen standard legal forms that have been impacted by the changes, said British Columbia Real Estate Association (BCREA) CEO Darlene Hyde. The new rules governing real estate practices mark a significant shift in how REALTORS® in BC work with their clients. It's important that consumers know what to expect when the changes come into effect.

 

REALTORS®, consumers and conflicts of interest:
One of the changes is a ban on dual agency. Dual agency occurs when a REALTOR® represents more than one party in a real estate transaction. That can be a buyer and a seller, two or more buyers, or a landlord and a tenant. The ban was recommended by RECBCs Independent Advisory Group in 2016. Exemptions will be possible in limited circumstances. Under the prohibition on dual agency a real estate agent cannot represent two clients with competing interests at the same time. 

 

REALTORS®, consumers and compensation:
From June 15, REALTORS® are required to make more disclosures on the commissions they receive on transactions. Once the amendment comes into effect, a REALTOR® must give the seller a copy of the disclosure form before presenting each offer or counter-offer from potential buyers. This form explains how the commission will be shared with other brokerages involved in the transaction (the buyer's brokerage) and any other payments the REALTOR® expects to receive as a result of the transaction. 

 

BCREA and the 11 member boards have been working with RECBC and OSRE to make these changes as seamless and as transparent as possible. We are actively working to educate REALTORS® on the implications of these changes so they can continue to serve consumers with integrity and professionalism when the Rule changes come into effect.

 

“Realtors support and embrace standards that provide greater protection to home buyers and sellers. To understand how these new rules could apply to your next real estate transaction, talk with your Realtor or refer to the Real Estate Council of BC’s website at www.recbc.ca. To ensure you’re best protected and advised through the home buying or selling process, it’s important to hire your own professional representation to guide you through each stage.”

 

 

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Mortgage Policy Changes Hit Affordability Hard

Vancouver, BC  June 15, 2018.

 

The British Columbia Real Estate Association (BCREA) reports that a total of 8,837 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in May, a 28.7 per cent decrease from the same month last year. The average MLS® residential price in BC was $739,783, down 1.7 per cent from May 2017. Total sales dollar volume was $6.54 billion, a 30 per cent decline from May 2017.

 

BC home sales continued to slow in May because of more stringent qualifications for conventional borrowers, said Cameron Muir, BCREA Chief Economist. The changes in mortgage policy are taking their toll on housing demand, not only in British Columbia, but across the country by reducing household purchasing power and housing affordability.

While the decline in consumer demand has lifted the inventory of homes for sale, total active residential listings in the province are still relatively low by historical comparison.

 

Year-to-date, BC residential sales dollar volume was down 13.8 per cent to $26.4 billion, compared with the same period in 2017. Residential unit sales decreased 16.6 per cent to 35,976 units, while the average MLS® residential price was up 3.4 per cent to $733,616.

 

 

Copyright British Columbia Real Estate Association. Reprinted with permission.


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Open House. Open House on Sunday, June 17, 2018 2:00PM - 4:00PM

Please visit our Open House at 301 17712 57A AVE in Surrey.
Open House on Sunday, June 17, 2018 2:00PM - 4:00PM
EXCELLENT 867 sq. ft, 2 bed/2 bath, north-facing condo in charming Cloverdale. Built in 2009, this spacious, well-maintained condo features eng. h/w flooring, granite countertops & s/s appliances. Large master bedroom. Big balcony facing north & very private. Club-room w/kitchen & billiards. Very well-maintained building. Excellent location, close to everything in dt Cloverdale with an 85 Walk Score and only 1 block to transit. Quick, easy access to all major highways, KPU Tech and Willlowbrook Shopping Centre. 2 parking stalls and 2 lockers! Rentals allowed and 1 dog or 1 cat allowed. OPEN HOUSE: Sat, June 9 and Sun, June 10, 2-4 pm.
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Canadian employment declined by 7,500 jobs on a monthly basis in May, but was up 1.3 per cent compared to 1 year ago. The national unemployment rate remained unchanged for a second consecutive month at 5.8 per cent while total hours worked across the economy grew by 2 per cent.

In BC, employment fell by 12,000 jobs. For the first time since May 2015, employment in BC has recorded virtually zero growth on a year-over-year basis. Despite the loss of jobs, the provincial unemployment rate moved 0.2 points lower in May to 4.8 per cent due to a decline in the overall number of people actively searching for work.



Copyright British Columbia Real Estate Association. Reprinted with permission.

 


 

 

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Vancouver, BC  June 7, 2018.




The BCREA Commercial Leading Indicator (CLI) declined for the first time in three years, falling 1.5 points in the first quarter of 2018 to an index level of 134.2. That decrease represents a 1.1 per cent dip over the fourth quarter of 2017. The index is still 3.4 per cent higher than this time one year ago.

 

The BC economy appears to be slowing following four years of remarkable growth, says BCREA Deputy Chief Economist Brendon Ogmundson. That slowdown likely means a slight drop-off in commercial real estate activity on the horizon.

 

The underlying CLI trend, which smooths often noisy economic data, remains positive, reflecting several quarters of strong economic activity and employment growth. A still moderately rising trend signals continued, albeit slower, growth in commercial real estate activity.

 

 

 

Copyright British Columbia Real Estate Association. Reprinted with permission.


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The total value of Canadian building permits declined 4.6 per cent on a monthly basis in April, with all classes of permits declining with the exception of commercial buildings. Year-over-year, the value of permits was up 6.5 per cent. 

The largest declines in permitting activity were posted in BC, which saw the total value of permits fall 22.6 per cent in April after posting a record high in March.  Year-over-year, total permits values were down only 1.9 per cent at $1.24 billion. Non-residential permits were down 31.8 per cent on a monthly basis  and were 28 per cent lower year-over-year. Residential permits fell 19.6 per cent on a monthly basis but were 10.1 per cent higher year-over-year.

Construction intentions in April were down in three of BC's four census metropolitan areas (CMA):

  • Permits in the Abbotsford-Mission CMA fell 26.7 per cent on a monthly basis to $23.8 million. Year-over-year, permit values were down more than half.
  • In the Victoria CMA, total construction intentions increased 16.4 per cent to $109.1 million , a 5.6  per cent rise over this time lats year.
  • In the Kelowna CMA, permits tumbled 30.6 per cent monthly basis, and were down 37.7 per cent year-over-year to $60 million.
  • The Vancouver CMA recorded permit activity valued at $755.9 million, falling 27.3 per cent from the over $1 billion in total permits registered in March. Year-over-year, permits were up 11.9 per cent.

 

Copyright British Columbia Real Estate Association. Reprinted with permission.


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Open House. Open House on Saturday, June 9, 2018 2:00PM - 4:00PM

Please visit our Open House at 301 17712 57A AVE in Surrey.
Open House on Saturday, June 9, 2018 2:00PM - 4:00PM
EXCELLENT 867 sq. ft. 2 bed/2 bath north-facing condo in Cloverdale. Built in 2009, this spacious, well-maintained condo features eng. h/w flooring, granite countertops & s/s appliances. Large master bedroom. Big balcony facing north. Clubroom w/kitchen & billiards. Very well-maintained building. Excellent location, close to everything in dt Cloverdale with an 85 Walkscore and only 1 block to transit. 2 parking stalls and 2 lockers! 1 dog or 1 cat allowed and rentals allowed. OPEN HOUSE: Sat, June 9 and Sun, June 10, 2-4 pm.
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Open House. Open House on Sunday, June 10, 2018 2:00PM - 4:00PM

Please visit our Open House at 301 17712 57A AVE in Surrey.
Open House on Sunday, June 10, 2018 2:00PM - 4:00PM
EXCELLENT 867 sq. ft. 2 bed/2 bath north-facing condo in Cloverdale. Built in 2009, this spacious, well-maintained condo features eng. h/w flooring, granite countertops & s/s appliances. Large master bedroom. Big balcony facing north. Clubroom w/kitchen & billiards. Very well-maintained building. Excellent location, close to everything in dt Cloverdale with an 85 Walkscore and only 1 block to transit. 2 parking stalls and 2 lockers! 1 dog or 1 cat allowed and rentals allowed. OPEN HOUSE: Sat, June 9 and Sun, June 10, 2-4 pm.
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New property listed in Cloverdale BC, Cloverdale

I have listed a new property at 301 17712 57A AVE in Surrey.
EXCELLENT 867 sq. ft. 2 bed/2 bath north-facing condo in Cloverdale. Built in 2009, this spacious, well-maintained condo features eng. h/w flooring, granite countertops & s/s appliances. Large master bedroom. Big balcony facing north. Clubroom w/kitchen & billiards. Very well-maintained building. Excellent location, close to everything in dt Cloverdale with an 85 Walkscore and only 1 block to transit. 2 parking stalls and 2 lockers! 1 dog or 1 cat allowed and rentals allowed. OPEN HOUSE: Sat, June 9 and Sun, June 10, 2-4 pm.
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Home buyer demand continues to decline across the Metro Vancouver* housing market:

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,833 in May 2018, a 35.1 per cent decrease from the 4,364 sales recorded in May 2017, and a 9.8 per cent increase compared to April 2018 when 2,579 homes sold.


Last month’s sales were 19.3 per cent below the 10-year May sales average. “With fewer homes selling today compared to recent years, the number of homes available for sale is rising,” Phil Moore, REBGV president said. “The selection of homes for sale in Metro Vancouver has risen to the highest levels we’ve seen in the last two years, yet supply is still below our long-term historical averages.”


There were 6,375 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in May 2018. This represents a 5.5 per cent increase compared to the 6,044 homes listed in May 2017 and a 9.5 per cent increase compared to April 2018 when 5,820 homes were listed.


The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 11,292, a 38.2 per cent increase compared to May 2017 (8,168) and a 15 per cent increase compared to April 2018 (9,822). The total number of listings available today is 17.2 per cent below the 10-year May average.


For all property types, the sales-to-active listings ratio for May 2018 is 25.1 per cent. By property type, the ratio is 14.7 per cent for detached homes, 30.8 per cent for townhomes, and 41.7 per cent for condominiums. 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. “For home sellers to be successful in today’s market, it’s important to price your property competitively given the shifting dynamics we’re experiencing,” Moore said. “It’s also important to work with your local Realtor to better understand these changing conditions.”


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,094,000. This is an 11.5 per cent increase over May 2017 and a 0.2 per cent increase compared to April 2018.


Sales of detached properties in May 2018 reached 926, a 40.2 per cent decrease from the 1,548 detached sales recorded in May 2017. The benchmark price for detached properties is $1,608,000. This is a 2.4 per cent increase from May 2017 and a 0.1 per cent increase compared to April 2018.


Sales of apartment properties reached 1,431 in May 2018, a 29.3 per cent decrease from the 2,025 sales in May 2017. The benchmark price of an apartment property is $701,700. This is a 20.2 per cent increase from May 2017 and a 0.1 per cent increase compared to April 2018.


Attached property sales in May 2018 totalled 476, a 39.8 per cent decrease from the 791 sales in May 2017. The benchmark price of an attached unit is $859,500. This represents a 16 per cent increase from May 2017 and a 0.6 per cent increase compared to April 2018.




Areas covered by the 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.






Copyright British Columbia Real Estate Association. Reprinted with permission.



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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.