Steve Flynn  RE/MAX Crest Realty- Burnaby 

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Open House. Open House on Saturday, February 26, 2022 2:00PM - 4:30PM

Please visit our Open House at 903 258 NELSON'S CRT in New Westminster.
Open House on Saturday, February 26, 2022 2:00PM - 4:30PM
MODERN & sleek, 630 s.f, 1 bed+den/1 bath condo in New West's dynamic Brewery District neighbourhood. OPEN & bright concept w/stylish kitchen, dining & living room. Kitchen has LUXURY features: s/s appliances, quartz countertops & gas stove. Bedroom is good size w/cheater ensuite. Den makes great office or gaming area. Approx 145 s.f. balcony facing west, perefect for summer! Built in 2020, lots of warranty remaining. Excellent amenities incl: party room, outdoor kitchen/bbq & dining area, dog park & dog wash, community garden plots + access to amazing Club Central w/gym, squash, sauna, steam, social kitchen + games room. 2 PETS & RENTALS allowed! 1 parking, 1 locker. Within 5 min walk: Sapperton Skytrain, Royal Columbian Hospital, Save-On Foods, Shoppers, TD Bank, etc. OPENS: Sat & Sun
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Open House. Open House on Sunday, February 27, 2022 2:30PM - 5:30PM

Please visit our Open House at 903 258 NELSON'S CRT in New Westminster.
Open House on Sunday, February 27, 2022 2:30PM - 5:30PM
MODERN & sleek, 630 s.f, 1 bed+den/1 bath condo in New West's dynamic Brewery District neighbourhood. OPEN & bright concept w/stylish kitchen, dining & living room. Kitchen has LUXURY features: s/s appliances, quartz countertops & gas stove. Bedroom is good size w/cheater ensuite. Den makes great office or gaming area. Approx 145 s.f. balcony facing west, perefect for summer! Built in 2020, lots of warranty remaining. Excellent amenities incl: party room, outdoor kitchen/bbq & dining area, dog park & dog wash, community garden plots + access to amazing Club Central w/gym, squash, sauna, steam, social kitchen + games room. 2 PETS & RENTALS allowed! 1 parking, 1 locker. Within 5 min walk: Sapperton Skytrain, Royal Columbian Hospital, Save-On Foods, Shoppers, TD Bank, etc. OPENS: Sat & Sun
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Canadian Retail Sales (December 2021) - February 18, 2022


Canadian seasonally-adjusted retail sales fell 1.8% to $57.0 billion in December. Declining sales at clothing and clothing accessories stores (-9.5%) and furniture and home furnishings stores (-11.3%) contributed most to the drop. The initial spread of the Omicron variant in December also drove falling sales activity. Core retail sales, which strips out gasoline and vehicle and parts sales, decreased 2.4% in December. In volume terms, sales declined 2.5%. 

In BC, seasonally-adjusted sales declined 1.4% in December. Compared to the same month last year, retail sales were up 3.3% in the province. In the Greater Vancouver region, sales declined 1.6% month-over-month and were up 7.7% year-over-year. 

In December, Canadian e-commerce sales declined 3.9% to 4.1 billion. As a result, e-commerce decreased from 6.8% of total retail sales in November to 6.5% in December. This percentage remains elevated relative to pre-pandemic levels. 



Copyright British Columbia Real Estate Association. Reprinted with permission.

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Canadian Inflation (January 2022) - February 16, 2022


Canadian prices, as measured by the Consumer Price Index (CPI), rose 5.1% on a year-over-year basis in January, up from 4.8% in December. On a month-over-month basis, the CPI rose 0.9% in January (0.6% seasonally adjusted). The Bank of Canada's preferred measures of core inflation (which use techniques to strip out volatile elements) rose an average of 3.2% year-over-year in January. Prices rose year-over-year across all major components of the index, but prices were driven in particular by a 6.2% rise in shelter costs, the highest rate of appreciation since February 1990. Goods (+7.2%) continued to rise at a faster pace than services (+3.4%) in January. In BC, consumer prices rose 4.3% year-over-year in January, driven in part by a 4.2% increase in average rents. 

While inflation may moderate over the second half of this year, especially if gasoline prices come down from record highs and home price growth slows, we expect that inflation will still be trending well above the Bank of Canada's 2 per cent target in 2022. To counteract this inflation, the Bank of Canada will begin raising its overnight rate at its March 2 meeting. We expect the Bank will increase its overnight rate a total of six times over the next year, bringing its key policy rate to 1.75 per cent before pausing to assess the impact of higher interest rates on the economy.



Copyright British Columbia Real Estate Association. Reprinted with permission.


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Canadian Housing Starts (January 2022) - February 15, 2022


Canadian housing starts fell to 230.8k units in January at a seasonally-adjusted annual rate (SAAR). Housing starts were down by 7.7k (3% m/m) in January (SAAR). Comparing year-over-year, starts were down from January of 2021 (26.9% y/y). Single-detached housing starts rose 8.9% in January to 78.5k, while multi-family and others dropped 8.5% to 152.2k (SAAR). 

In British Columbia, starts were down 29.2% in January, falling to 39.4k units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts fell 23.4% m/m to 7.2k units while multi-family starts declined 33.4% to 28.2k units. Starts in the province were 33.7% below the levels from January 2021. Starts were down by 4.4k units in Vancouver, 4.2k in Victoria, 5.2k in Kelowna, and 0.1k in Abbotsford. The 6-month moving average trend declined 4.4% to 42.3k in BC in January. 



Copyright British Columbia Real Estate Association. Reprinted with permission.


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Extremely Tight Conditions Persist in Jan 2022 in BC Housing Market


The British Columbia Real Estate Association (BCREA) reports that a total of 6,138 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in January 2022, a decrease of 14.7 per cent from January 2021. The average MLS® residential price in BC was $1,042,169, a 23.5 per cent increase from $843,918 recorded in January 2021. Total sales dollar volume was $6.4 billion, a 5.3 per cent increase from the same time last year. 

“Sales activity is down compared to record levels at the start of last year,” said BCREA Chief Economist Brendon Ogmundson. “However, the level of sales activity remains strong compared to the long-term average and inventory is still incredibly low. As a result, it will take quite some time to get back to healthy balance in the BC market.”

Total active listings remain near record lows with just 13,000 total listings in the province. For context, a healthy level of re-sale listings for the province is closer to 40,000 listings. As a result of this listings drought, markets all over the province are seeing significant upward pressure on prices.   



Copyright British Columbia Real Estate Association. Reprinted with permission.


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I have sold a property at 124 5880 DOVER CRES in Richmond

I have sold a property at 124 5880 DOVER CRES in Richmond.
STYLISH & smart 533 s.f. 1 bed/1 bath, ground-floor condo w/LARGE 189 s.f. patio. Faces north into private & serene courtyard. Lots of 2020 updates: flooring, kitchen countertop, paint, lighting, doors, baseboards, etc. Amenities incl: gym & party room. $1.2M in CRF and LOW strata fee of $206! Great location: across from park, 3 min walk to 5.5 km Fraser river trail, 10 min walk to Olympic Oval, T & T, Shoppers, Richmond Hospital, banks, dining, etc, & easy access to airport & Vancouver. 1 parking, no locker. Rentals allowed w/restrictions & 1 cat allowed. Showings start now, OFFERS AS THEY COME. Open House: Sun. Feb 6, 1-4pm, by appointment only.
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Canadian Employment (January 2022) - February 4, 2022


Canadian employment declined by 200,000 (-1.0%) in January following seven consecutive months of gains, according to Statistics Canada. Employment losses in January were driven by stricter public health measures implemented to control Omicron in Ontario, Quebec, and in the Maritimes during the survey reference week of January 9 to 15.

In January, youth, core-aged women, and workers in food and accommodation suffered the largest drops in employment. Part-time workers saw steeper losses (-117,000; -3.3%) relative to full-time workers (-83,000; -0.5%). In January, 10% of workers reported being absent from work due to sickness or injury. The Canadian unemployment rate rose 0.5% to 6.5% in January, while the labour force participation rate declined 0.4% to 65%. 

In BC, the economic story diverged from much of the rest of the country. Employment rose modestly (+4,200; 0.2%), remaining at the highest level since the pandemic began. The unemployment rate continued declining in January, reaching 5.1%. For the first time since the pandemic began, the unemployment rate in BC reached pre-pandemic levels, falling below the level of  February 2020. BC is now tied with Manitoba for the lowest unemployment rate among the provinces. 



Copyright British Columbia Real Estate Association. Reprinted with permission.


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JUST LISTED: 124-5880 DOVER Crescent at $468,800


STYLISH & smart 533 s.f. 1 bed/1 bath, ground-floor condo w/LARGE 189 s.f. patio. Faces north into private & serene courtyard. Lots of 2020 updates: flooring, kitchen countertop, paint, lighting, doors, baseboards, etc. Amenities incl: gym & party room. $1.2M in CRF and LOW strata fee of $206! Great location: across from park, 3 min walk to 5.5 km Fraser river trail, 10 min walk to Olympic Oval, T & T, Shoppers, Richmond Hospital, banks, dining, etc, & easy access to airport & Vancouver. 1 parking, no locker. Rentals allowed w/restrictions & 1 cat allowed. 

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New property listed in Riverdale RI, Richmond

I have listed a new property at 124 5880 DOVER CRES in Richmond.
STYLISH & smart 533 s.f. 1 bed/1 bath, ground-floor condo w/LARGE 189 s.f. patio. Faces north into private & serene courtyard. Lots of 2020 updates: flooring, kitchen countertop, paint, lighting, doors, baseboards, etc. Amenities incl: gym & party room. $1.2M in CRF and LOW strata fee of $206! Great location: across from park, 3 min walk to 5.5 km Fraser river trail, 10 min walk to Olympic Oval, T & T, Shoppers, banks, dining, etc, & easy access to airport & Vancouver. 1 parking, no locker. Rentals allowed w/restrictions & 1 cat allowed. Showings start now, OFFERS AS THEY COME. Open House: Sun. Feb 6, 1-4pm, by appointment only.
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Open House. Open House on Sunday, February 6, 2022 1:00PM - 4:00PM

Please visit our Open House at 124 5880 DOVER CRES in Richmond.
Open House on Sunday, February 6, 2022 1:00PM - 4:00PM
STYLISH & smart 533 s.f. 1 bed/1 bath, ground-floor condo w/LARGE 189 s.f. patio. Faces north into private & serene courtyard. Lots of 2020 updates: flooring, kitchen countertop, paint, lighting, doors, baseboards, etc. Amenities incl: gym & party room. $1.2M in CRF and LOW strata fee of $206! Great location: across from park, 3 min walk to 5.5 km Fraser river trail, 10 min walk to Olympic Oval, T & T, Shoppers, banks, dining, etc, & easy access to airport & Vancouver. 1 parking, no locker. Rentals allowed w/restrictions & 1 cat allowed. Showings start now, OFFERS AS THEY COME. Open House: Sun. Feb 6, 1-4pm, by appointment only.
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I have sold a property at 501 9857 MANCHESTER DR in Burnaby

I have sold a property at 501 9857 MANCHESTER DR in Burnaby.
TOP FLOOR, end unit, 2 bed/1 bath, 788 sq ft. West-facing, looking into lovely, mature trees. HUGE living room, 2 good-sized bedrooms, s/s kitchen appliances & in-suite storage (no locker). Private & bright balcony. Proactive strata has replaced/updated: piping, roofs, elevators, windows & patio doors, balcony membranes, etc. Amenities include gym, social room & community garden. FANTASTIC location with Cameron Elementary, parks, shopping & dining, Lougheed Skytrain station, etc, all within 5-15 min walk. Very QUICK access to Lougheed Hwy & Hwy 1. 1 dog or cat & rentals allowed. 1 parking stall.
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The first month of 2022 saw home sales come down from last year’s record-setting pace, while low supply continued to cause home prices to edge higher across Metro Vancouver*


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,285 in January 2022, a 4.4 per cent decrease from the 2,389 sales recorded in January 2021, and a 15 per cent decrease from the 2,688 homes sold in December 2021. 
Last month’s sales were 25.3 per cent above the 10-year January sales average. 


There were 4,170 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2022. This represents a 6.9 per cent decrease compared to the 4,480 homes listed in January 2021 and a 114.4 per cent increase compared to December 2021 when 1,945 homes were listed.  


“Our listing inventory on MLS® is less than half of what would be optimal to begin the year. As a result, hopeful home buyers have limited choice in the market today. This trend is causing fierce competition for a scarce number of homes for sale, which, in turn, increases prices,” Keith Stewart, REBGV economist said. 
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 5,663, a 31.8 per cent decrease compared to January 2021 (8,306) and an 8.2 per cent increase compared to December 2021 (5,236). 


“As we approach spring, we’ll keep a close eye on the impact of rising interest rates on buyers’ willingness to buy and on whether more home owners will opt to become sellers in what’s traditionally the busiest season of the year,” Stewart said. “With home prices reaching new highs in recent months, the need has never been greater for government to collaborate with the building community to expedite the creation of housing supply and provide more choice for those struggling to buy a home today.” 


For all property types, the sales-to-active listings ratio for January 2022 is 40.3 per cent. By property type, the ratio is 28 per cent for detached homes, 51.6 per cent for townhomes, and 49.7 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 $1,255,200. This represents a 18.5 per cent increase over January 2021 and a two per cent increase compared to December 2021. 


Sales of detached homes in January 2022 reached 622, a 15.9 per cent decrease from the 740 detached sales recorded in January 2021. The benchmark price for a detached home is $1,953,000. This represents a 22.7 per cent increase from January 2021 and a 2.2 per cent increase compared to December 2021. 


Sales of apartment homes reached 1,315 in January 2022, a 10 per cent increase compared to the 1,195 sales in January 2021. The benchmark price of an apartment property is $775,700. This represents a 14 per cent increase from January 2021 and a 1.8 per cent increase compared to December 2021. 


Attached home sales in January 2022 totalled 348, a 23.3 per cent decrease compared to the 454 sales in January 2021. The benchmark price of an attached home is $1,029,500. This represents a 24.3 per cent increase from January 2021 and a 2.5 per cent increase compared to December 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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Canadian Monthly Economic Growth (November 2021) - February 1, 2021


The Canadian economy expanded 0.6 per cent in November on a month-over-month basis, propelled by strong growth across essentially all sectors. Canadian real GDP is now 0.2 per cent above its pre-pandemic, February 2020 level. Preliminary estimates suggest that output in the Canadian economy was essentially flat in December.

At its most recent meeting, the Bank of Canada noted that the slack in the Canadian economy has been largely absorbed. Growth in the economy accelerated in the fourth quarter with real GDP growth tracking at 6.4 per cent annualized. Even with an expected Omicron driven slowdown in the first quarter of 2022, the Canadian economy is clearly on a very strong growth path. With inflation elevated and the robust growth, the Bank of Canada will begin raising its overnight rate at its March 2nd meeting, continuing quarterly rate hikes until the overnight policy rate reaches 1.75 per cent. Canadian 5-year fixed rates have already risen substantially, returning to their pre-pandemic level of about 2.9 per cent.



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.