Steve Flynn  RE/MAX Crest Realty- Burnaby 

Cell: 604.785.3977 |

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List Price: $699,900.

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-ready stalls 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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Please visit our Open House at 702 719 PRINCESS ST in New Westminster.
Open House on Sunday, September 25, 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, 650k 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. Sep 25, 1-3pm.
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I have sold a property at 60 8716 Walnut Grove DR in Langley.
Well maintained family home (END UNIT) in the heart of Walnut Grove. Spacious main floor with hardwood flooring. The living / dining room with a cozy gas fireplace offers room to expand each room based on your lifestyle. Good size kitchen with lots of cupboards and counter space plus an eating area. Sliding doors off the eating area to a nice sundeck (east facing) to enjoy your morning coffee. The master bedroom has a large closet and a full en-suite with a newer shower stall. Another spacious bedroom completes the main floor. The basement has an additional bedroom plus a great size recreation room with a gas fireplace and sliding doors to a nice size backyard. Which is fully fenced to keep your kids and pets secure. There are three full bathrooms for your convenience. Walk to everything!
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Canadian prices, as measured by the Consumer Price Index (CPI), rose 7 per cent on a year-over-year basis in August, down from 7.6 per cent last month. This was the second consecutive month of decelerating price growth driven primarily by declining gasoline prices. Excluding gasoline, the CPI rose 6.3 per cent year over year in August, down from 6.6 per cent in July. This reduced pace of price appreciation was driven by slowing increases in the price of transportation (+10.3 per cent) and shelter (+6.6 per cent), although grocery prices rose quickly (+11.9 per cent). Month-over-month, on a seasonally-adjusted basis, prices were up 0.1 per cent, the slowest rate since December 2020. In BC, consumer prices rose 7.3 per cent year-over-year, down from 8 per cent last month. Average hourly wages grew 5.4 per cent year-over-year in August, indicating a decline in purchasing power. 

August's CPI numbers continued to provide encouraging signs that inflation may be slowing. The latest data show declines not just driven by falling gas prices, but a softening in the rate of appreciation in core inflation including transport and shelter. However, markets will want to see sustained declines in the rate of inflation over the next several months before mortgage rates decline significantly. Bond yields are continuing to trend upwards, meaning that 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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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-ready stalls 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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Please visit our Open House at 702 719 PRINCESS ST in New Westminster.
Open House on Sunday, September 11, 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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As was widely expected, the Bank of Canada raised its overnight policy rate by 0.75 basis points, bringing it to 3.25 per cent.  In the statement accompanying the decision, the Bank noted that while CPI inflation eased somewhat in July, that easing was due only to a fall in gasoline prices and more broad-based measures of price growth like core inflation moved slightly higher. The Bank continues to see excess demand in the Canadian economy, but does anticipate a moderation in the second half of the year. Ultimately, the Bank sees a need for the policy rate to rise further and will be assessing how much higher interest rates need to go to bring inflation back to its 2 per cent target.

The overnight rate is now above the Bank's estimate of "neutral", or the level of its policy rate at which inflation should run at 2 per cent and the economy is operating at full-capacity.  How much further the Bank will go and how long rates will stay above neutral depends entirely on the trajectory of inflation going forward. We expect the Bank will its policy rate at least one more time this year, ultimately settling at 3.5 or 3.75 per cent.



Copyright British Columbia Real Estate Association. Reprinted with permission.


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The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver* is currently $1,180,500. This represents a 2.2% decrease from July 2022 and a 7.4% increase from August 2021.



Specifically:

- The benchmark price for detached homes decreased 2.3% from July 2022 and increased 7.9% from Aug 2021.


- The benchmark price for townhouses decreased 2.5% from July 2022 and increased 12.7% from Aug 2021.


- The benchmark price for apartment/condos decreased 2% from July 2022 and increased 8.7% from Aug 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 is experiencing a quieter summer season marked by reduced sale and listing activity:

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,870 in August 2022, a 40.7 per cent decrease from the 3,152 sales recorded in August 2021, and a 0.9 per cent decrease from the 1,887 homes sold in July 2022.

 

Last month’s sales were 29.2 per cent below the 10-year August sales average. “With inflationary pressure and interest rates on the rise, home buyer and seller activity shifted below our long-term seasonal averages this summer,” Andrew Lis, REBGV’s director, economics and data analytics said. “This shift in market conditions caused prices to edge down over the past four months.”

 

There were 3,328 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2022. This represents a 17.5 per cent decrease compared to the 4,032 homes listed in August 2021 and a 16 per cent decrease compared to July 2022 when 3,960 homes were listed.

 

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,662, a 7.3 per cent increase compared to August 2021 (9,005) and a 6.1 per cent decrease compared to July 2022 (10,288). “Home buyers and sellers are taking more time to assess what this changing landscape means for their housing needs,” Lis said. “Preparation is critical in today’s market. Work with your Realtor to assess what today’s home prices, financing options, and other considerations mean for you.”

 

For all property types, the sales-to-active listings ratio for August 2022 is 19.4 per cent. By property type, the ratio is 12.2 per cent for detached homes, 25.3 per cent for townhomes, and 24.8 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 $1,180,500. This represents a 7.4 per cent increase over August 2021 and a 2.2 per cent decrease compared to July 2022.

 

Sales of detached homes in August 2022 reached 517, a 45.3 per cent decrease from the 945 detached sales recorded in August 2021. The benchmark price for a detached home is $1,954,100. This represents a 7.9 per cent increase from August 2021 and a 2.3 per cent decrease compared to July 2022.

 

Sales of apartment homes reached 998 in August 2022, a 38.8 per cent decrease compared to the 1,631 sales in August 2021. The benchmark price of an apartment home is $740,100. This represents an 8.7 per cent increase from August 2021 and a two per cent decrease compared to July 2022.

 

Attached home sales in August 2022 totalled 355, a 38.4 per cent decrease compared to the 576 sales in August 2021. The benchmark price of an attached home is $1,069,100. This represents a 12.7 per cent increase from August 2021 and a 2.5 per cent decrease compared to July 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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Please visit our Open House at 702 719 PRINCESS ST in New Westminster.
Open House on Sunday, September 4, 2022 2:00PM - 4:00PM
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 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.