Steve Flynn  RE/MAX Crest Realty- Burnaby 

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The Canadian economy contracted in the second quarter with output falling 1.1 per cent on an annualized basis. That decline follows three prior quarters of very strong growth. Most of the decline in real GDP was driven by slowing home sales and lower exports. After rising to record levels, home sales activity across the country have moderated. However, the downshift from record activity to lower, but still strong sales was significant enough to negatively impact economic growth.  That shift in the housing market was compounded by lower exports , which fell 4 per cent largely due to supply chain disruptions, as well as flat household spending due to COVID-19 restrictions put in place in the second quarter in large eastern provinces.  Household incomes grew 2.2 per cent in the second quarter, well outpacing just 0.7 per cent growth in spending. As a result, the Canadian savings rate remains in double digits for the fifth straight quarter. The eventual spending of at least some of the accumulated savings across the Canadian economy will be a key determinant of how the recovery unfolds from here.


Most of the factors that led to a decline in GDP over the second quarter were either one-time changes or due to what should be temporary supply chain disruptions.  Early data for June is showing strong growth, but the pace of the recovery remains uncertain due to the pandemic and especially the Delta variant driven rise in cases around the country.  While Inflation continues to run ahead of the Bank of Canada's 2 per cent target, the fourth-wave of COVID-19 cases is inserting a significant amount of uncertainty into the outlook and may cause a delay in the Bank of Canada's plans, pushing monetary tightening further into 2023.



Copyright British Columbia Real Estate Association. Reprinted with permission.


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As health restrictions eased, Canadian retail sales rose 4.2% m/m to $56.2 billion on a seasonally-adjusted basis in June. Due to declines in April and May, sales remained 3.5% below the March peak. Sales rose in 8 of 11 retail sectors measured by Statistics Canada, with the largest gains occurring in clothing sales (+49.1%), caused by loosening restrictions on non-essential retail. In June, 5.2% of Canadian retailers reported being closed for at least one business day, down from 5.6% in May. Statistics Canada's preliminary retail sales estimate for July, based on just 38% of respondents reporting, is for a 1.7% decline.

In BC, seasonally-adjusted retail sales were largely flat, rising just 0.2% m/m but nonetheless hitting a provincial record for a second consecutive month in June. BC retail sales were up by 12.6% compared to the same month last year. In metro Vancouver, sales were up 1.6% while in the rest of the province sales declined 1%. 

In June, Canadian e-commerce sales declined 10.6% as consumers switched to brick-and-mortar retail. E-commerce accounted for 5.8% of total retail sales in June, down from 7% in May.




Copyright British Columbia Real Estate Association. Reprinted with permission.


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Canadian prices, as measured by the Consumer Price Index (CPI), rose 3.7% on a year-over-year basis in July, hitting the highest rate since prior to the pandemic. Overall, the upward bias of "base-year effects" are no longer substantially influencing the year-over-year CPI changes, although they still have an effect on certain subcomponents such as gasoline. On a seasonally adjusted month-over-month basis, the CPI was up 0.5% in July. The Bank of Canada's preferred measures of core inflation (which use techniques to strip out volatile elements) rose an average of 2.5% year-over-year in July. In BC, consumer prices were up 0.7% month-over-month, and up 3.1% on a year-over-year basis in July. The homeowner replacement cost index, which measures the cost of replacing home structures, rose 13.8% year over year in July, which was the fastest rate since the 1980s. Related costs, such as commissions on the sale of real estate, also rose strongly in July. Prices of passenger vehicles rose 5.5% year-over-year in July due to the continuing challenges related to semiconductor chip supply chains. 

While inflation is currently running higher than the Bank of Canada's 2 per cent target, many economists expect this elevated rate of price increases to be transitory as economies emerge from the pandemic and supply chains normalize. Base-year effects from falling prices during the early months of the pandemic had exaggerated year-over-year changes in CPI, but these effects have now largely ended. The rate of inflation as measured by CPI is very important for the Bank of Canada's monetary policy stance over the next year. If higher inflation is not transitory but instead the result of an over-stimulated economy, the central bank could act to raise interest rates sooner than expected. However, if the uptick in inflation fades in the coming months, we expect the Bank will stay its current course.




Copyright British Columbia Real Estate Association. Reprinted with permission.


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Canadian housing starts dipped slightly in July, but remain elevated by historical standards. While housing starts decreased to 272.2k units (-3.2% m/m) in July at a seasonally-adjusted annual rate (SAAR), on a year-over-year basis starts were still 11% above their July 2020 levels. Single-detached housing starts increased 7.1% from June, but this growth was not large enough to offset a 3.1% decline in multi-unit starts, resulting in an overall decline. 

In British Columbia, starts declined 26% m/m to 50.7k units SAAR in all areas of the province. This drop was driven by declines in multi-unit starts in metro Vancouver. Despite this volatility, starts in the province in July were still up 26% on a year-over-year basis. In terms of the six-month moving average, BC is at a record-high level of housing starts for a second consecutive month. In centres with at least 10,000 residents, single-detached starts were down 1%, while multi-unit starts were down 27% from last month. In Vancouver, housing starts were unchanged compared with July of 2020, while Victoria starts were up 72%, Kelowna was up 56%, and Abbotsford was up 2%.



Copyright British Columbia Real Estate Association. Reprinted with permission.


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I have sold a property at 1708 4888 BRENTWOOD DR in Burnaby.
Fitzgerald at Brentwood Gate, a quality concrete hi-rise by Ledingham McAllister in highly desirable Brentwood neighborhood. Beautiful 2 bedrooms 2 bathrooms featuring floor to ceiling windows, cozy fireplace, gourmet kitchen with S/S appliances, granite countertops. TWO parking spots and 1 storage locker. The building amenities include fitness room, outdoor hot tub, conference room & social lounge. Extremely well located within walking distance of shopping and transit - Brentwood or Holdom Skytrain and short walk to many restaurants. Close to Brentwood Mall, Costco, 8 Rinks, Burnaby Lake & Burnaby North Mountain. Brentwood Park Elementary, Alpha Secondary, BCIT & SFU.
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I have sold a property at 1203 3096 WINDSOR GATE in Coquitlam.
BEAUTIFUL, big & bright 1260 s.f, 3 bed/2 bath condo in Mantyla in lovely Windsor Gate neighbourhood. South-east CORNER unit w/amazing mountain & park VIEWS. Open floor plan w/HUGE chef's kitchen, dining & living room is perfect for entertaining. Master bedroom is BIG w/luxurious ensuite bath & walk-in closet. 2 other bedrooms are good size. Approx 120 s.f. balcony! Building is only 2 y.o, still under WARRANTY. Mantyla has party room, gym & outdoor bbq/playground area + access to RESORT-style Nakoma Club w/guest suites, gym, ping pong, basketball court, HUGE party room, theatre + o/d pool & hot tub, etc! 2 PETS & RENTALS allowed (no AirBnB). Schools, Skytrain, Coquitlam Center, parks, etc, all within 10 min walk. 1 EV parking stall!
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Vancouver, BC – August 11, 2021. 


The British Columbia Real Estate Association (BCREA) reports that a total of 9,663 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in July 2021, a decrease of 7.2 per cent over July 2020. The average MLS® residential price in BC was $891,687, a 17.1 per cent increase from $761,772 recorded in July 2020. Total sales dollar volume was $8.6 billion, an 8.6 per cent increase from last year.

“Provincial market activity slowed in July with both sales and listings declining on a seasonally adjusted basis,” said BCREA Chief Economist Brendon Ogmundson. “While sales remain robust, listings activity continues to be a concern as inventories trend near record lows.”

Total active residential listings were down 32.2 per cent year-over-year in July and continued to fall on a monthly seasonally adjusted basis.

Year-to-date, BC residential sales dollar volume was up 124.7 per cent to $73.4 billion, compared with the same period in 2020. Residential unit sales were up 85.4 per cent to 80,461 units, while the average MLS® esidential price was up 21.2 per cent to $912,379. 



Copyright British Columbia Real Estate Association. Reprinted with permission.


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OPEN HOUSE today, 2-4pm!


MODERN, stylish 850 s.f, 2 bed/2 bath in The Sapperton in New West's hip Brewery District. This north-east corner unit has great river & mountain VIEWS & stays cool in the summer. Bright, open concept kitchen, dining & living room. Kitchen has LUXURY features: s/s appliances, quartz countertop & gas stove. Both bedrooms are good size. Approx 100 s.f. balcony. Proactive strata!


Amenities incl: common rooftop deck w/bbq, lobby lounge, mini-park w/garden plots + access to Club Central w/gym, squash, sauna, steam, social kitchen + rec room. 1 parking, 1 locker. Within 10 min walk: McBride Elementary, Sapperton Skytrain, Royal Columbian Hospital, Save-On, Shoppers, Browns, TD Bank, etc. 2 PETS & RENTALS allowed (no AirBnB).

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Please visit our Open House at 1207 200 NELSON'S CRES in New Westminster.
Open House on Saturday, August 7, 2021 2:00PM - 4:00PM
MODERN, stylish 850 s.f, 2 bed/2 bath in The Sapperton in New West's hip Brewery District. This north-east corner unit has great river & mountain VIEWS & stays cool in the summer. Bright, open concept kitchen, dining & living room. Kitchen has LUXURY features: s/s appliances, quartz countertop & gas stove. Both bedrooms are good size. Approx 100 s.f. balcony. Proactive strata! Amenities incl: common rooftop deck w/bbq, lobby lounge, mini-park w/garden plots + access to Club Central w/gym, squash, sauna, steam, social kitchen + rec room. 1 parking, 1 locker. Within 10 min walk: McBride Elementary, Sapperton Skytrain, Royal Columbian Hospital, Save-On, Shoppers, Browns, TD Bank, etc. 2 PETS & RENTALS allowed (no AirBnB). See the virtual Tour! OPEN HOUSE: Sat. Aug 7, 2-4pm.
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Most Canadian provinces substantially lifted public health restrictions in the first half of July. As a result, Statistics Canada is reporting positive employment figures for the month across most indicators. Canadian employment rose by 94,000 in June (0.5%, m/m) to 18.88 million, following growth of 231,000 in June. This growth brings employment to the highest level since the onset of the pandemic. Canadian employment is now -1.3% (-246k) below its February 2020 pre-pandemic level. In July, growth was driven by gains in the private sector, the food & accommodation sector, among youth aged 15-24, and among prime working-age women. Other positive indicators included gains in hours worked (+1.3%) and a decline in the number of people working less than half their usual hours (-10.1%). The unemployment rate also declined by 0.3 to 7.5%. 

In BC, both total employment and the unemployment rate were largely unchanged from June. The province maintains one of the strongest labour markets in the country, with only Quebec reporting a lower unemployment rate for July. For the second consecutive month, BC remains the sole province with employment above its pre-pandemic level. 



Copyright British Columbia Real Estate Association. Reprinted with permission.


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Metro Vancouver’s* housing market saw more moderate sales, listings and pricing trends in July compared to the heightened activity experienced throughout much of the pandemic:


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,326 in July 2021, a 6.3 per cent increase from the 3,128 sales recorded in July 2020, and an 11.6 per cent decrease from the 3,762 homes sold in June 2021. Last month’s sales were 13.3 per cent above the 10-year July sales average.


“Moderation was the name of the game in July,” said REBGV’s economist Keith Stewart. “Home sales and listings fell in line with typical seasonal patterns as summer got going in earnest in July. On top of moderating market activity, price growth has leveled off in most areas and home types.”


There were 4,377 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2021. This represents a 26.4 per cent decrease compared to the 5,948 homes listed in July 2020 and a 25.2 per cent decrease compared to June 2021 when 5,849 homes were listed. July’s new listings were 12.3 per cent below the 10-year average for the month.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,850, an 18.5 per cent decrease compared to July 2020 (12,083) and a 9.1 per cent decrease compared to June 2021 (10,839). “Low housing supply remains a fundamental factor in Metro Vancouver’s housing market,” Stewart said. "Home sales remain above average and we’re starting to see price increases relent as well. Going forward, the supply of homes for sale will be among the most critical factors to watch. This will determine the next direction for house price trends."


For all property types, the sales-to-active listings ratio for July 2021 is 33.8 per cent. By property type, the ratio is 25.5 per cent for detached homes, 47.8 per cent for townhomes, and 37.3 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.


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,175,500. This represents a 13.8 per cent increase over July 2020 and is unchanged from June 2021.


Sales of detached homes in July 2021 reached 1,050, a 6.3 per cent decrease from the 1,121 detached sales recorded in July 2020. The benchmark price for a detached home is $1,801,100. This represents a 21 per cent increase from July 2020 and is unchanged from June 2021.


Sales of apartment homes reached 1,666 in July 2021, a 19 per cent increase compared to the 1,400 sales in July 2020. The benchmark price of an apartment property is $736,900. This represents an 8.4 per cent increase from July 2020 and a 0.1 per cent decrease compared to June 2021.


Attached home sales in July 2021 totalled 610, a 0.5 per cent increase compared to the 607 sales in July 2020. The benchmark price of an attached home is $949,400. This represents a 16.7 per cent increase from July 2020 and a 0.3 per cent increase compared to June 2021.



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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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.