Steve Flynn  RE/MAX Crest Realty- Burnaby 

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The Canadian economy rebounded in the second quarter, surging at an annual rate of 3.7 per cent. That follows two quarters of lackluster sub-1 per cent real GDP growth.  Growth was primarily led by a recovery in export volumes which masked underlying weakness in domestic demand, which actually declined as household spending slowed and business investment declined.


Despite a solid second quarter growth, we are forecasting that the Canadian economy will expand by only 1.5 per cent this year, a slight deceleration from 1.8 per cent growth in 2018.  Moreover, inflation remains closely tied to its 2 per cent target, and unemployment remains very low, which should translate to a sidelined Bank of Canada. That said, risks to the economy are very clearly tilted to the downside. The US continues to flirt with potentially disastrous trade wars and global financial markets are anticipating a US recession in the next twelve months.  Should those fears be realized, the next move by the Bank will certainly be to lower its overnight rate.



Copyright British Columbia Real Estate Association. Reprinted with permission.






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Open House. Open House on Sunday, September 1, 2019 2:00PM - 4:00PM

Please visit our Open House at 1806 39 SIXTH ST in New Westminster.
Open House on Sunday, September 1, 2019 2:00PM - 4:00PM
UNIQUE & very SPACIOUS condo w/fantastic VIEWS in downtown New West! Bosa-built, 3 bed + den, 2 bath, 1456 sq. ft. corner unit w/luxury finishes. BIG rooms, perfect for a family or those looking to down-size from a house. Great floorplan w/master bedroom & ensuite separated & very private. 2 balconies! Recent updates incl: Kitchen Aid appliances, carpet in all bedrooms, roller blinds in den, living & dining room & professionally painted throughout. Amenities incl: gym, sauna, garden, playground. Amazing location w/Skytrain, schools, Douglas College, Pier Park, shops all within 5 mins = 96 Walkscore! 2 side-by-side parking stalls & 1 oversized locker. 2 pets & rentals allowed. Very well-maintained & managed building w/proactive strata. 400K in CRF. OPEN HOUSE: Sun. Sep 1, 2-4 pm.
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Canadian retail sales were unchanged in June, as stronger sales across most sub-sectors were offset by lower sales at motor vehicle and parts dealers and gasoline stations. Retail sales were down in 4 of 11 sub-sectors in June, representing 48% of sales. Provincially, Saskatchewan reported the largest decline (-2.7%) and Manitoba reported the largest gain (1.3%).

In B.C., retail sales declined 0.4% from the previous month to $7.16 billion. Vancouver also reported a 3% decline in sales. Provincial sales were down in most sub-sectors, except at electronics and appliance stores, sporting goods/hobby/book/music stores, and miscellaneous retail stores. On a year-over-year basis, B.C. retail sales were up 1 per cent in June.


Excluding the volatile motor vehicle and parts dealers and gasoline sub-sectors, June national retail sales increased 1.7%. This is a positive hand-off to the third quarter. Keeping in mind that some of the gains were due to the Toronto Raptors games in the NBA finals (as reported by Statistics Canada), supporting increased sales at clothing and sporting stores.  



Copyright British Columbia Real Estate Association. Reprinted with permission.

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Open House. Open House on Sunday, August 25, 2019 2:00PM - 4:00PM

Please visit our Open House at 1806 39 SIXTH ST in New Westminster.
Open House on Sunday, August 25, 2019 2:00PM - 4:00PM
UNIQUE & very SPACIOUS condo w/fantastic VIEWS in downtown New West! Bosa-built, 3 bed + den, 2 bath, 1456 sq. ft. corner unit w/luxury finishes. BIG rooms, perfect for a family or those looking to down-size from a house. Great floorplan w/master bedroom & ensuite separated & very private. 2 balconies! Recent updates incl: Kitchen Aid appliances, carpet in all bedrooms, roller blinds in den, living & dining room & professionally painted throughout. Amenities incl: gym, sauna, garden, playground. Amazing location w/Skytrain, schools, Douglas College, Pier Park, shops all within 5 mins = 96 Walkscore! 2 side-by-side parking stalls & 1 oversized locker. 2 pets & rentals allowed. Very well-maintained & managed building w/proactive strata. 400K in CRF. OPEN HOUSE: Sun. Aug 25, 2-4 pm.
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BC Housing Demand Improves in July

Vancouver, BC – August 16, 2019.


The British Columbia Real Estate Association (BCREA) reports that a total of 7,930 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in July, an increase of 12.4 per cent from the same month last year. The average MLS® residential price in the province was $684,497, a decline of 1.6 per cent from July 2018. Total sales dollar volume was $5.43 billion, a 10.5 per cent increase from the same month last year.  
 
“BC home sales climbed higher for the first time in 18 months on a year-over-year basis in July,” said BCREA Chief Economist Cameron Muir. Housing demand has also trended higher since March, rising 21 per cent on a seasonally adjusted basis. “Households appear to be adjusting to the tighter credit environment as the shock of the B20 stress test dissipates.” 

MLS® residential active listings in the province trended lower in July, down 3 per cent from June and 6 per cent from April on a seasonally adjusted basis. Active listings were up 12.4 per cent to 41,621 units on a year-over year basis, while overall market conditions remained unchanged from 12 months ago with the sales-to-active listings ratio at 19.1 per cent.   

Year-to-date, BC residential sales dollar volume was down 18.9 per cent to $30 billion, compared with the same period in 2018. Residential unit sales decreased 14.4 per cent to 43,612 units, while the average MLS® residential price was down 5.3 per cent to $687,413.



Copyright British Columbia Real Estate Association. Reprinted with permission.

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Open House. Open House on Sunday, August 18, 2019 2:00PM - 4:00PM

Please visit our Open House at 1806 39 SIXTH ST in New Westminster.
Open House on Sunday, August 18, 2019 2:00PM - 4:00PM
UNIQUE & very SPACIOUS condo w/fantastic VIEWS in downtown New West! Bosa-built, 3 bed + den, 2 bath, 1456 sq. ft. corner unit w/luxury finishes. BIG rooms, perfect for a family or those looking to down-size from a house. Great floorplan w/master bedroom & ensuite separated & very private. 2 balconies! Recent updates incl: Kitchen Aid appliances, carpet in all bedrooms, roller blinds in den, living & dining room & professionally painted throughout. Amenities incl: gym, sauna, garden, playground. Amazing location w/Skytrain, schools, Douglas College, Pier Park, shops all within 5 mins = 96 Walkscore! 2 side-by-side parking stalls & 1 oversized locker. 2 pets & rentals allowed. Very well-maintained & managed building w/proactive strata. 400K in CRF. OPEN HOUSE: Sun. Aug 18, 2-4 pm.
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Canadian employment declined by 24,200 jobs in July with the largest decline reported in Alberta. The national decline was evenly split between full-time and part-time work, notably in private sector employment in the service sector (retail and wholesale trade). The national unemployment rate rose 0.2 percentage points to 5.7 per cent, as more people were looking for work in July.  


Meanwhile in BC, employment held steady for the second consecutive month in July. The unemployment rate was also little changed at 4.4 per cent.  Compared to one year ago, employment in BC is up 4.8 per cent.



Copyright British Columbia Real Estate Association. Reprinted with permission.


   

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Home buyer demand picked up across Metro Vancouver* last month, making July, a traditionally quieter month in real estate, the second highest selling month so far this year:


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,557 in July 2019, a 23.5 per cent increase from the 2,070 sales recorded in July 2018, and a 23.1 per cent increase from the 2,077 homes sold in June 2019. Last month’s sales were 7.8 per cent below the 10-year July sales average.


“While home sale activity remains below long-term averages, we saw an increase in sales in July compared to the less active spring we experienced,” Ashley Smith, REBGV president said. “Those looking to buy today continue to benefit from low interest rates, increased selection, and reduced prices compared to the heated market a few years ago.”


There were 4,613 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2019. This represents a 3.3 per cent decrease compared to the 4,770 homes listed in July 2018 and a 2.9 per cent decrease compared to June 2019 when 4,751 homes were listed. The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 14,240, a 17.3 per cent increase compared to July 2018 (12,137) and a 4.9 per cent decrease compared to June 2019 (14,968). 


For all property types, the sales-to-active listings ratio for July 2019 is 18 per cent. By property type, the ratio is 13.5 per cent for detached homes, 20 per cent for townhomes, and 22 per cent for apartments. Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.


“To better understand conditions in your property type or neighbourhood of choice, it’s important to work with your local REALTOR®. They can help you develop a strategy to reach your long-term real estate goals,“ Smith said.


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $995,200. This represents a 9.4 per cent decrease over July 2018 and a 0.3 per cent decrease compared to June 2019.


Sales of detached homes in July 2019 reached 841, a 32 per cent increase from the 637 detached sales recorded in July 2018. The benchmark price for detached properties is $1,417,000. This represents a 10.5 per cent decrease from July 2018, and a 0.5 per cent decrease compared to June 2019.


Sales of apartment homes reached 1,243 in July 2019, a 15.2 per cent increase compared to the 1,079 sales in July 2018. The benchmark price of an apartment property is $653,200. This represents an 8.8 per cent decrease from July 2018, and a 0.2 per cent decrease compared to June 2019.


Attached home sales in July 2019 totalled 473, a 33.6 per cent increase compared to the 354 sales in July 2018. The benchmark price of an attached unit is $770,000. This represents a nine per cent decrease from July 2018, and a 0.6 per cent decrease compared to June 2019.



Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.



Copyright British Columbia Real Estate Association. Reprinted with permission.





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Open House. Open House on Saturday, August 3, 2019 2:00PM - 4:00PM

Please visit our Open House at 1806 39 SIXTH ST in New Westminster.
Open House on Saturday, August 3, 2019 2:00PM - 4:00PM
UNIQUE & very SPACIOUS condo w/fantastic VIEWS in downtown New West! Bosa-built, 3 bed + den, 2 bath, 1456 sq. ft. corner unit w/luxury finishes. BIG rooms, perfect for a family or those looking to down-size from a house. Great floorplan w/master bedroom & ensuite separated & very private. 2 balconies! Recent updates incl: Kitchen Aid appliances, carpet in all bedrooms, roller blinds in den, living & dining room & professionally painted throughout. Amenities incl: gym, sauna, garden, playground. Amazing location w/Skytrain, schools, Douglas College, Pier Park, shops all within 5 mins = 96 Walkscore! 2 side-by-side parking stalls & 1 oversized locker. 2 pets & rentals allowed. Very well-maintained & managed building w/proactive strata. 400K in CRF. OPEN HOUSE: Sat. Aug 3, 2-4 pm.
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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.