Steve Flynn  RE/MAX Crest Realty- Burnaby 

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The Canadian economy rose 0.1 per cent in June, up for the fifth consecutive month. Goods-producing sectors rose 0.1 per cent while services-producing industries were up 0.2 per cent. Canadian real GDP is now roughly 2.3 per cent above its pre-pandemic, February 2020 level. However, preliminary estimates suggest that output in the Canadian economy declined 0.1 per cent in July.

Growth in the second quarter of 2022 registered 3.3 per cent at an annualized rate from the prior quarter, rising for the fourth consecutive month. Growth was driven by increased business investment in inventories and household spending. As consumers returned to offices amid easing COVID restrictions, consumer purchases of semi-durable goods like garments and footwear increased (+5.6 per cent). However, falling activity in the real estate sector was a drag on growth, with economic activity from home sales and renovations slowing. Investment in housing declined 7.8 per cent in Q2. 

GDP growth in the second quarter, though still strong, is showing signs of slowing. Growth was lower than the Bank of Canada's expectations and likely contracted slightly in July. That slowdown will likely continue as the Bank continues its tightening cycle, particularly in interest rate sensitive sectors like housing. The Bank is expected to raise its overnight rate by another 0.75 per cent in September to 3.25 per cent, but increases in the overnight rate are expected to slow in subsequent announcements. 



Copyright British Columbia Real Estate Association. Reprinted with permission.


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Please visit our Open House at 702 719 PRINCESS ST in New Westminster.
Open House on Sunday, August 28, 2022 1:00PM - 3:00PM
SPOTLESS and in excellent condition! This LARGE 1076 sq ft, 2 bed/2 bath, north-east corner unit in coveted STIRLING PLACE has lovely views & stays COOL in the summer. Open, efficient floor plan, w/many UPDATES incl: new laminate flooring & paint throughout, new S/S kitchen appliances, new screen doors & ceiling fans. Gas fireplace for cooler days & 2 BALCONIES . Well-managed building w/very proactive strata, 640k in CRF & new EV charging in parkade! Amenities incl: club room, gym, workshop, etc. CONVENIENT location in Uptown w/health services, schools, dining, shopping, banks, etc, all within 1-3 blocks. Directly across Royal City Centre Mall. Comes w/1 parking & 1 locker. No pets, no rentals allowed. OPEN HOUSE: Sun. July 7, 2-4pm.
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I have sold a property at 308 1175 55 ST in Ysawwassen.
BRIGHT AND OPEN TOP FLOOR CORNER CONDO WITH AN UNBEATABLE LOCATION! This 1,010 sqft 2 bedroom and 2 full bathroom unit in Onyx Court is a rare find. Features include 13’ coffered ceilings, large master with an upgraded en-suite, granite countertops, S/S appliances and a large storage locker downstairs. This 26 unit complex is centrally located, fully rainscreened, pet friendly, rentable and has a large contingency fund. Maintenance fee includes gas, hot water and city utilities
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Please visit our Open House at 702 719 PRINCESS ST in New Westminster.
Open House on Sunday, August 21, 2022 1:00PM - 3:00PM
SPOTLESS and in excellent condition! This LARGE 1076 sq ft, 2 bed/2 bath, north-east corner unit in coveted STIRLING PLACE has lovely views & stays COOL in the summer. Open, efficient floor plan, w/many UPDATES incl: new laminate flooring & paint throughout, new S/S kitchen appliances, new screen doors & ceiling fans. Gas fireplace for cooler days & 2 BALCONIES . Well-managed building w/very proactive strata, 640k in CRF & new EV charging in parkade! Amenities incl: club room, gym, workshop, etc. CONVENIENT location in Uptown w/health services, schools, dining, shopping, banks, etc, all within 1-3 blocks. Directly across Royal City Centre Mall. Comes w/1 parking & 1 locker. No pets, no rentals allowed. OPEN HOUSE: Sun. July 7, 2-4pm.
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Canadian prices, as measured by the Consumer Price Index (CPI), rose 7.6 per cent on a year-over-year basis in July, down from 8.1 per cent last month. The deceleration was driven by declining gasoline prices, but price growth remains high among other components of the index. Excluding gasoline, the CPI rose 6.6 per cent year over year in July, up from 6.5 per cent in June. Month-over-month, on a seasonally-adjusted basis, prices were up 0.1 per cent, the slowest rate since December. In BC, consumer prices rose 8 per cent year-over-year, up from 7.9 per cent last month. Average hourly wages grew 5.2 per cent year-over-year in July, indicating a decline in purchasing power. 

July's CPI numbers provided some encouraging signs that inflation may be slowing, particularly in combination with a flat month-over-month data point in the United States for July. However, markets will want to see sustained declines in the rate of inflation over the next several months before mortgage rates decline significantly. Certain bond yields have been softening in recent weeks, but so far this hasn't translated substantially into mortgage rates. Markets are still expecting an aggressive Bank of Canada, singularly focused on bringing inflation back to its 2 per cent target.



Copyright British Columbia Real Estate Association. Reprinted with permission.


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Canadian housing starts rose by 2.9k (1.1 per cent) to 275.3k units in July at a seasonally-adjusted annual rate (SAAR). Comparing year-over-year, starts were up from July of 2021 (0.5 per cent). Single-detached housing starts rose 1.6 per cent to 72.6k, while multi-family and others rose 0.9 per cent to 202.7k (SAAR). 

In British Columbia, starts fell 12.1 per cent in July, declining to 49.2k units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts rose 4.5 per cent m/m to 7.2k units while multi-family starts fell 16.6 per cent to 38.4k units. Starts in the province were 3.6 per cent below the levels from July 2021. Starts were down by 9.1k units in Vancouver, 7.4k in Kelowna, and flat in Abbotsford from last month, while rising by 8.7k in Victoria. The 6-month moving average trend rose 4 per cent to 44.7k in BC in July. 



Copyright British Columbia Real Estate Association. Reprinted with permission.


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The British Columbia Real Estate Association (BCREA) reports that a total of 5,572 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in July 2022, a decrease of 42.4 per cent from July 2021. The average MLS® residential price in BC was $923,449, a 3.6 per cent increase from $891,376 recorded in July 2021. Total sales dollar volume was $5.1 billion, a 40.3 per cent decline from the same time last year. 


“High mortgage rates continued to lower sales activity in July,” said BCREA Chief Economist Brendon Ogmundson. “Many regions around the province have seen sales slip to levels well below normal for this time of year.”


As the pace of sales activity declines below normal levels, inventory is accumulating. Provincial active listings rose 28 per cent year-over-year, though from a very low level in July 2021. Inventories remain quite low, but the slow pace of sales has tipped some markets into balanced or even buyers’ market territory.


Year-to-date, BC residential sales dollar volume was down 20 per cent from the same period in 2021 to $58.7 billion. Residential unit sales were down 29.3 per cent to 56,801 units, while the average MLS® residential price was up 13.2 per cent to $1.03 million.



Copyright British Columbia Real Estate Association. Reprinted with permission.


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Please visit our Open House at 702 719 PRINCESS ST in New Westminster.
Open House on Sunday, August 14, 2022 1:00PM - 3:00PM
SPOTLESS and in excellent condition! This LARGE 1076 sq ft, 2 bed/2 bath, north-east corner unit in coveted STIRLING PLACE has lovely views & stays COOL in the summer. Open, efficient floor plan, w/many UPDATES incl: new laminate flooring & paint throughout, new S/S kitchen appliances, new screen doors & ceiling fans. Gas fireplace for cooler days & 2 BALCONIES . Well-managed building w/very proactive strata, 640k in CRF & new EV charging in parkade! Amenities incl: club room, gym, workshop, etc. CONVENIENT location in Uptown w/health services, schools, dining, shopping, banks, etc, all within 1-3 blocks. Directly across Royal City Centre Mall. Comes w/1 parking & 1 locker. No pets, no rentals allowed. OPEN HOUSE: Sun. July 7, 2-4pm.
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Please visit our Open House at 702 719 PRINCESS ST in New Westminster.
Open House on Sunday, August 7, 2022 1:00PM - 3:00PM
SPOTLESS and in excellent condition! This LARGE 1076 sq ft, 2 bed/2 bath, north-east corner unit in coveted STIRLING PLACE has lovely views & stays COOL in the summer. Open, efficient floor plan, w/many UPDATES incl: new laminate flooring & paint throughout, new S/S kitchen appliances, new screen doors & ceiling fans. Gas fireplace for cooler days & 2 BALCONIES . Well-managed building w/very proactive strata, 640k in CRF & new EV charging in parkade! Amenities incl: club room, gym, workshop, etc. CONVENIENT location in Uptown w/health services, schools, dining, shopping, banks, etc, all within 1-3 blocks. Directly across Royal City Centre Mall. Comes w/1 parking & 1 locker. No pets, no rentals allowed.
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The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver* is currently $1,207,400. This represents a 2.3% decrease from June 2022 and a 10.3% increase from July 2021.


Specifically:

- The benchmark price for detached homes decreased 2.8% from June 2022 and increased 11% from July 2021.

- The benchmark price for townhouses decreased 1.7% from June 2022 and increased 15.8% from July 2021.

- The benchmark price for apartment/condos decreased 1.5% from June 2022 and increased 11.4% from July 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.

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Metro Vancouver’s* housing market has entered a new cycle marked by quieter home buyer demand and a gradual rise in the supply of homes for sale:


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,887 in July 2022, a 43.3 per cent decrease from the 3,326 sales recorded in July 2021, and a 22.8 per cent decrease from the 2,444 homes sold in June 2022. 
Last month’s sales were 35.2 per cent below the 10-year July sales average.


“Home buyers are exercising more caution in today’s market in response to rising interest rates and inflationary concerns,” Daniel John, REBGV Chair said. “This allowed the selection of homes for sale to increase and prices to edge down in the region over the last three months.”


There were 3,960 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2022. This represents a 9.5 per cent decrease compared to the 4,377 homes listed in July 2021 and a 24.7 per cent decrease compared to June 2022 when 5,256 homes were listed. 
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,288, a 4.4 per cent increase compared to July 2021 (9,850) and a 1.3 per cent decrease compared to June 2022 (10,425).


“After two years of market conditions that favoured home sellers, home buyers now have more selection to choose from and more time to make their decision,” John said. “In today’s changing housing market, both home buyers and sellers should invest the time to understand what these changes mean for their personal circumstances.”


For all property types, the sales-to-active listings ratio for July 2022 is 18.3 per cent. By property type, the ratio is 11.8 per cent for detached homes, 20 per cent for townhomes, and 24.5 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 $1,207,400. This represents a 10.3 per cent increase over July 2021 and a 2.3 per cent decrease compared to June 2022.


Sales of detached homes in July 2022 reached 523, a 50.2 per cent decrease from the 1,050 detached sales recorded in July 2021. The benchmark price for a detached home is $2,000,600. This represents an 11 per cent increase from July 2021 and a 2.8 per cent decrease compared to June 2022.


Sales of apartment homes reached 1,060 in July 2022, a 36.4 per cent decrease compared to the 1,666 sales in July 2021. The benchmark price of an apartment home is $755,000. This represents an 11.4 per cent increase from July 2021 and a 1.5 per cent decrease compared to June 2022.


Attached home sales in July 2022 totalled 304, a 50.2 per cent decrease compared to the 610 sales in July 2021. The benchmark price of an attached home is $1,096,500. This represents a 15.8 per cent increase from July 2021 and a 1.7 per cent decrease compared to June 2022.



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.