Steve Flynn  RE/MAX Crest Realty- Burnaby 

Cell: 604.785.3977 |


Growth in the Canadian economy rebounded in the second quarter of 2018, with output expanding 2.9 per cent following just 1.4 per cent growth in the first quarter. Rising exports, an increase in household spending and renovation spending driven rebound in housing investment were all major contributors to growth in the second quarter.

Very strong economic growth over the past year has pushed the Canadian economy beyond its full-employment level, creating upward pressure on inflation. Consumer prices rose at a 3 per cent rate in July, the first time inflation has reached that level since 2011. Rising inflation and an economy operating beyond its capacity means that he Bank of Canada will continue on its rate tightening path. The next rate hike could come as early as September though more likely in October once current NAFTA negotiations have concluded.

Copyright British Columbia Real Estate Association. Reprinted with permission.


Commercial Leading Indicator Bounces Back in Second Quarter

Vancouver, BC - August 30, 2018.

The BCREA Commercial Leading Indicator (CLI) recovered in the second quarter following a rare first quarter decline. The index rose 1.9 points to an index level of 135.4. That increase represents a 1.4 per cent rise from the first quarter of 2018. The index is 2.7 per cent higher than this time one year ago.

The CLI was propelled higher by strong manufacturing sales and employment growth, says BCREA Deputy Chief Economist Brendon Ogmundson. This suggests strong performance in the industrial sector through the balance of the year.

The trend in the CLI has flattened somewhat over the past six months, which signals continued positive, if somewhat slower, growth in commercial real estate activity.

Copyright British Columbia Real Estate Association. Reprinted with permission.


BCREA 2018 Third Quarter Housing Forecast Update

Vancouver, BC - August 21, 2018.

The British Columbia Real Estate Association (BCREA) released its 2018 Third Quarter Housing Forecast Update today:

Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 21 per cent to 82,000 units this year, after recording 103,768 residential sales in 2017. MLS® residential sales are forecast to increase 8 per cent to 88,700 units in 2019. The 10-year average for MLS® residential sales in the province is 84,800 units.

The BC housing market is grappling with a sharp decline in affordability caused by tough B20 stress test rules for conventional mortgages, said Cameron Muir, BCREA Chief Economist. While these rules have had a negative effect on housing demand across the country, the impact has been especially severe in BC's large urban centres because of already strained housing affordability.

In spite of the policy-driven downturn in housing demand, strong fundamentals continue to underpin the market. Demographics are highly favourable, especially the millennial generation who are now entering their household-forming years. In addition, low unemployment is leading to significant upward pressure on wages and, by extension, household wealth and confidence.

The pullback in BC home sales is helping alleviate a chronic shortage of supply. After trending at decade lows, active listings in the province were up nearly 20 per cent in July. The combination of slower housing demand and an increase in the inventory of homes for sale has trended most markets toward balanced conditions. This means more selection for home buyers, fewer multiple offer situations and less upward pressure on home prices.

Copyright British Columbia Real Estate Association. Reprinted with permission.


BC Summer Home Sales Slow to a Simmer

Vancouver, BC - August 13, 2018.

The British Columbia Real Estate Association (BCREA) reports that a total of 7,055 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in July, a 23.9 per cent decrease from the same month last year. The average MLS® residential price in BC was $695,990, down 0.4 per cent from July 2017. Total sales dollar volume was $4.9 billion, a 24.2 per cent decline from July 2017.

The BC housing market continues to grapple with the sharp decline in affordability caused by tough new mortgage qualification rules, said Cameron Muir, BCREA Chief Economist. However, less frenetic housing demand has created more balanced market conditions in many regions, leading to fewer multiple offers and more choice for consumers.

Year-to-date, BC residential sales dollar volume was down 18.9 per cent to $37 billion, compared with the same period in 2017. Residential unit sales decreased 20.6 per cent to 50,926 units, while the average MLS® residential price was up 2.1 per cent to $725,639.

Copyright British Columbia Real Estate Association. Reprinted with permission.


Total Canadian employment increased by 54,000 jobs in July, though all of those gains were concentrated in part-time work with full-time employment falling on a monthly basis.  The national unemployment rate declined 0.2 points to 5.8 per cent and total hours worked across the economy rose 1.3 per cent. 
In BC, employment rose by 11,000 jobs thanks to a surge in full-time employment. However, July's gains mark only the second month of job growth in the province in 2018. On a year-over-year basis, employment was down 0.2 per cent and the provincial unemployment rate ticked 0.2 points lower to 5 per cent. 

Copyright British Columbia Real Estate Association. Reprinted with permission.


Canadian housing starts declined 16 per cent on a monthly basis in July to 206,300 units at a seasonally adjusted annual rate (SAAR).  The six-month trend in Canadian housing starts has been on a steady decline in the past few months and is now at  220,000 units SAAR.

In BC, total housing starts increased 24 per cent on a monthly basis to 42,500 units SAAR but were down 7 per cent year-over-year. On a monthly basis, starts of multiple units were up 35 per cent to an annual rate of 33,200 units while single detached fell 4 per cent. Compared to July 2017, multiple units starts were down 5 per cent while single detached starts were 11 per cent lower.
Looking at census metropolitan areas (CMA) in BC: 

  • Total starts in the Vancouver CMA were down 10 per cent year-over-year but jumped 48 per cent on a monthly basis from June due to a surge in multiple unit starts.

  • In the Victoria CMA, housing starts fell 18 per cent from June to 4,880 unit SAAR and were down 40 per cent year-over-year. Total housing starts in the Victoria CMA are up 14 per cent in the first seven months of 2018 as builders respond to strong housing demand in the area, particularly in West Shore municipalities like Langford and Colwood.

  • In the Kelowna CMA, new home construction increased 23 per cent year-over-year as a result of new multiple unit projects getting underway.  However, on a monthly basis, total starts were down 47 per cent from a very strong June to a rate of just under 2,000 units SAAR.
  • Housing starts in the Abbotsford-Mission CMA fell 15 per cent on a year-over-year basis, with the decline entirely due to lower levels of new construction in multiple unit housing. However, starts in July were more than triple those recorded in June, coming it at a rate of 1,750 units SAAR.
Copyright British Columbia Real Estate Association. Reprinted with permission.

The total value of Canadian building permits declined 2.3 per cent on a monthly basis in June. The decline was the result of lower construction intentions for residential buildings after a strong May.

In BC, the total value of permits fell 1.8 per cent on a monthly basis with non-residential permits posting a 7.8 per cent decline while residential permits were essentially flat. Year-over-year, total permit values were up 6.6 per cent to $1.45 billion as residential permits rose nearly 14 per cent to $1.16 billion.

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

  • Permits in the Abbotsford-Mission CMA fell 27 per cent on a monthly basis to $31.9 million. Year-over-year, permit values were down 26 per cent.
  • In the Victoria CMA, total construction intentions were up 9.2 per cent to $160.4 million, a nearly 30 per cent rise over this time last year.
  • In the Kelowna CMA, permits fell 12.3 per cent on a monthly basis, but were up 20.5 per cent year-over-year to $95.5 million.
  • The Vancouver CMA recorded permit activity valued at $832.6 million, a 2.6 per cent decline from May and roughly flat year-over-year.

Copyright British Columbia Real Estate Association. Reprinted with permission.


I have sold a property at 702 719 PRINCESS ST

I have sold a property at 702 719 PRINCESS ST.
Stirling Place by BOSA! This Corner Unit w/2 large Bedrooms & Bathrooms offers an incredible open floor plan with views from every room including the Kitchen. The living room comes w/floor to ceiling windows, perfect for Mountain views & tons of natural sunlight. You get 2 balconies, a Cozy gas fireplace & in-suite laundry w/plenty of storage & Laminate Flooring throughout. The building was recently completely re-piped. Comes with 1 parking & 1 storage. Perfectly located in the uptown area & walking distance to transit, shopping, restaurants, parks, schools & much more. Take advantage of the gym, woodworking shop, Bike Room & social area!

I have sold a property at 307 668 COLUMBIA ST in New Westminster

I have sold a property at 307 668 COLUMBIA ST in New Westminster.
VERY COOL 662 sq. ft, 1 bed + den/1 bath condo in vibrant downtown New West. One of the few lofts in the historic Trapp & Holbrook building. Bright, open space w/10'8" ceilings, big windows & beautiful, original brick feature wall. Very efficient & sleek linear kitchen, good-sized den, laminate flooring and full-sized washer/dryer. In excellent condition, move right in! Amenities incl. party room, gym, common rooftop deck w/patio & lounge spaces, bbq & gardens. Walk to everything - 95 Walk Score. RARE: this unit comes with 2 PARKING stalls (1 is ELECTRIC-charging!) & good-sized locker. 2 pets allowed and rentals allowed (no AirBnB). Ultimate dt NW lifestyle at your doorstep! OPEN HOUSE: Sun. June 22, 2-4 pm.
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