Steve Flynn  RE/MAX Crest Realty- Burnaby 

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Seasonally-adjusted Canadian retail sales rose by 0.9% in November to $51.5 billion, driven by higher sales at motor vehicle and parts dealers, and at food and beverage stores. This marks the strongest monthly increase since March 2019 (1.3%). Higher sales were reported in 6 of 11 sub-sectors, representing 70% of retail sales. 

Regionally, 6 of 10 provinces reported increases in November, led by Ontario (1.6%) and Quebec (1.4%). In contrast, retail sales in Alberta continue to trend downward (-0.9%).

In B.C., seasonally-adjusted retail sales rose by 1.1% to $7.2 billion in November, driven by increased sales at electronic, home furnishing and clothing stores. Vancouver also reported a monthly increase of 1.2% in sales. Compared to the same time last year, B.C. retail sales were up by 0.6% in November.



Copyright British Columbia Real Estate Association. Reprinted with permission.



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The Bank of Canada held its overnight rate at 1.75 per cent this morning. In the statement accompanying the decision the Bank noted that while economic growth slowed in the fourth quarter, the global economy appears to be stabilizing and export demand and business investment should pick-up over the next year.  In addition, strong population and income growth will provide a boost to consumer spending and the housing market continues to recover.  The Bank projects that inflation will stay around its 2 per cent target over the next two years.

Although the Canadian economy appears to have limped to the finish line in 2019, pressure on the Bank of Canada to lower rates may actually be easing as risks to the Global economy fade. Fear surrounding the outlook for the United States has subsided due to rate-cutting by the US Federal Reserve and guarded optimism around US-China trade relations.  With external risks to the outlook diminished, the Bank will likely remain focused on restraining the growth of household debt. Therefore, it is unlikely the Bank will opt to lower its policy rate this year, absent a significant deterioration in the outlook for Canadian growth and inflation.



Copyright British Columbia Real Estate Association. Reprinted with permission.


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Vancouver, BC – January 23, 2020.


The British Columbia Real Estate Association (BCREA) released its 2020 First Quarter Housing Forecast Update today.


Multiple Listing Service® (MLS®) residential sales in the province are forecast to increase 10.3 per cent to 85,290 units this year, after recording 77,349 residential sales in 2019. MLS® residential sales are forecast to increase 6.3 per cent to 90,700 units in 2021.


“The outlook for home sales in 2020 is considerably brighter than the past two years,” said Brendon Ogmundson, BCREA Chief Economist. “Momentum carried through from the end of 2019 to 2020 will put the housing market on more solid footing, aided by low interest rates and an improving economy.”


While demand is recovering, the supply of homes for sale has not managed to keep pace. New listings activity did not materially increase during the downturn in home sales, and total inventory did not accumulate to the same extent as in prior slowdowns. As a result, market conditions around the province are tightening and home prices will likely face upward pressure as demand continues to firm. In 2020, we expect the MLS® average price will rise 4.8 per cent to $734,000.


Copyright British Columbia Real Estate Association. Reprinted with permission.


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I have sold a property at PH22 5248 GRIMMER ST in Burnaby

I have sold a property at PH22 5248 GRIMMER ST in Burnaby.
TOP FLOOR, stylish, 1 bed/1 bath, 595 sq. ft, south-facing condo in Metro 1 in Metrotown. Built in 2013, in excellent condition. Efficient floor plan & very bright w/14 ft ceilings in living room! Sleek kitchen w/granite & stainless steel appliances (brand new fridge & dishwasher). Bathroom is cheater ensuite. Very low maintenance fee & building is still under warranty. Walk to everything: Skytrain, banks, groceries, dining, etc. Google Walkscore = 92! Rentals allowed w/restrictions & 2 pets allowed. 1 parking & 1 locker. Buy with confidence!
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Vancouver, BC – January 19, 2020. 


The British Columbia Real Estate Association (BCREA) reports that a total of 77,331 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in 2019, a decline of 1.5 per cent from the 78,516 units sold in 2018. The annual average MLS® residential price in BC was $700,460, a decline of 1.6 per cent from $711,564 recorded the previous year. Total sales dollar volume was $54.2 billion, a 3 per cent decline from 2018.

“Housing markets across the province staged a strong recovery in the second half of 2019,” said BCREA Chief Economist Brendon Ogmundson. “This sets up 2020 to be a much more typical year than what markets have experienced recently.”

A total of 5,218 MLS® residential unit sales were recorded across the province in December, up 48.9 per cent from December 2018. The average MLS® residential price in BC was $755,165, an increase of 8.7 per cent from December 2018. Total sales dollar volume was $3.9 billion, a 61.8 per cent increase year-over-year.

Total active residential listings were down 10.6 per cent to 24,691 units in December. Total inventory of homes for sale have declined more than 10 per cent on a year-over-year basis for two straight months.



Copyright British Columbia Real Estate Association. Reprinted with permission.


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A good news report. Canadian employment increased by 35,200 jobs in December, partially offsetting the previous month's decline of 71,200 jobs. This brought the national unemployment rate down from 5.9% in the previous month to 5.6% in December. Regionally, the increase was led by Ontario (25,000) and Quebec (21,000). December's increase was largely driven by full time work in the private-sector, which finally broke its losing streak. Most of the increase was in accommodation and food services (25,000) and in construction (17,000), while other industries saw little change. Compared to the same month last year, Canadian employment is up 1.7%.   

Not a great report. Employment in BC fell by 7,700 jobs in December, following last month's decline of 18,200. The decline was primarily driven by part-time employment (-6,500). By Industry, employment losses were generally broad-based, with the exception of construction, health care/social assistance, and accommodation and food services. The provincial unemployment rate fell by 0.2 percentage points to 4.8%. Compared to one year ago, employment in BC is up by 0.3% (7,100) jobs.   



Copyright British Columbia Real Estate Association. Reprinted with permission.



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Canadian housing starts decreased by 3.4% in December to 197,329 units at a seasonally adjusted annual rate (SAAR). The trend in national housing starts fell, averaging about 212,000 units SAAR over the past six months. 

In BC, housing starts fell by 10% on a monthly basis to 42,791 units SAAR, largely due to contractions in the volatile multi-unit segment in regions outside of Vancouver. Compared to the same time last year, provincial starts were down by 16%. The province ended 2019 with the highest level of housing starts since 1955, the year when data collection began. 

Looking at census metropolitan areas in BC: 

-Housing starts in Vancouver were flat in December, following last month's 78% increase. Compared to last year in December, housing starts were up by 12%. In 2019, Vancouver reported record-level housing starts. 

-In Victoria, housing starts were down by 23% on a monthly basis to 3,263 units SAAR. Compared to a year ago in December, housing starts were down by 66%. Overall, housing starts in Victoria slowed by 18% in 2019 when compared to last year. 

-In Kelowna, housing starts decreased by 74% in December to 908 units SAAR. Year-over-year starts were down by 73% in the region. In 2019, housing starts were 12% lower than in 2018.

-Monthly housing starts in Abbotsford-Mission were up by 54% at 2,517 units SAAR. Compared to the same time last year, new home construction was down by 28%. Abbotsford-Mission ended 2019 on a strong note with housing starts up by 61% compared to 2018. 



Copyright British Columbia Real Estate Association. Reprinted with permission.


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Open House. Open House on Sunday, January 12, 2020 2:00PM - 4:00PM

Please visit our Open House at PH22 5248 GRIMMER ST in Burnaby.
Open House on Sunday, January 12, 2020 2:00PM - 4:00PM
TOP FLOOR, stylish, 1 bed/1 bath, 595 sq. ft, south-facing condo in Metro 1 in Metrotown. Built in 2013, in excellent condition. Efficient floor plan & very bright w/14 ft ceilings in living room! Sleek kitchen w/granite & stainless steel appliances (brand new fridge & dishwasher). Bathroom is cheater ensuite. Very low maintenance fee & building is still under warranty. Walk to everything: Skytrain, banks, groceries, dining, etc. Google Walkscore = 92! Rentals allowed w/restrictions & 2 pets allowed. 1 parking & 1 locker. Buy with confidence!
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New property listed in Metrotown, Burnaby South

I have listed a new property at PH22 5248 GRIMMER ST in Burnaby.
TOP FLOOR, stylish, 1 bed/1 bath, 595 sq. ft, south-facing condo in Metro 1 in Metrotown. Built in 2013, in excellent condition. Efficient floor plan & very bright w/14 ft ceilings in liv room! Sleek kitchen w/brand new s-s fridge & dishwasher. Bathroom is cheater ensuite. Walk to everything: Skytrain, banks, groceries, dining, etc. Google Walkscore = 92! Rentals allowed w/restrictions & 2 pets allowed. 1 parking & 1 locker. Buy with confidence!
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The Metro Vancouver* housing market experienced below average sales activity and moderate price declines in 2019:

 

The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment homes reached 25,351 in 2019, a three per cent increase from the 24,619 sales recorded in 2018, and a 29.6 per cent decrease over the 35,993 residential sales in 2017.

 

Last year’s sales total was 20.3 per cent below the region’s 10-year sales average.

 

“We didn’t see typical seasonal patterns in 2019. Home buyer demand was quieter in the normally busy spring season and it picked up in the second half of the year,” Ashley Smith, REBGV president said. “In terms of home values, prices dipped between two and four per cent across the region last year depending on property type.”

 

Home listings on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 51,918 in 2019. This is a 3.2 per cent decrease compared to the 53,614 homes listed in 2018 and a five per cent decrease compared to the 54,655 homes listed in 2017.Last year’s listings total was 7.6 per cent below the 10-year average.

 

“Home buyer confidence was a factor throughout the year. In the first quarter, many prospective buyers were in a holding pattern, waiting to see how prices would react to the mortgage stress test, new taxes, and other policy changes,” Smith said. “Confidence started to return in the summer, and we saw above average sales in the final quarter of 2019.”

 

The MLS® HPI composite benchmark price for all residential properties in Metro Vancouver ends the year at $1,001,000. This is a 3.1 per cent decrease compared to December 2018.

 

The benchmark price of apartments decreased 2.7 per cent in the region last year. Townhomes decreased 2.4 per cent and detached homes decreased four per cent.



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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REBGV reports that residential home sales in the Metro Vancouver* region totalled 2,016 in December 2019, an 88.1 per cent increase from the 1,072 sales recorded in December 2018, and a 19.3 per cent decrease from the 2,498 homes sold in November 2019.

 

Last month’s sales were 9.5 per cent above the 10-year December sales average.

 

There were 1,588 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in December 2019. This represents a 12.9 per cent increase compared to the 1,407 homes listed in December 2018 and a 46.8 per cent decrease compared to November 2019 when 2,987 homes were listed.

 

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,603, a 16.3 per cent decrease compared to December 2018 (10,275) and a 20.1 per cent decrease compared to November 2019 (10,770).

 

For all property types, the sales-to-active listings ratio for December 2019 is 23.4 per cent. By property type, the ratio is 15.2 per cent for detached homes, 25.7 per cent for townhomes, and 32.5 per cent for apartments.

 

Generally, analysts say that 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.

 

Sales of detached homes in December 2019 reached 599, a 72.1 per cent increase from the 348 detached sales recorded in December 2018. The benchmark price for detached properties is $1,423,500. This represents a four per cent decrease from December 2018, and a 0.6 per cent increase compared to November 2019.

 

Sales of apartment homes reached 1,053 in December 2019, a 96.8 per cent increase compared to the 535 sales in December 2018. The benchmark price of an apartment property is $656,700. This represents a 2.7 per cent decrease from December 2018, and a 0.8 per cent increase compared to November 2019.

 

Attached home sales in December 2019 totalled 364, a 92.6 per cent increase compared to the 189 sales in December 2018. The benchmark price of an attached home is $778,400. This represents a 2.4 per cent decrease from December 2018, and a 0.7 per cent increase compared to November 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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