Steve Flynn  RE/MAX Crest Realty- Burnaby 

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The Bank of Canada raised its overnight policy rate by 25 basis points to 4.5 per cent this morning. In the statement accompanying the decision, the Bank noted that recent economic growth in Canada as been stronger than expected and labour markets remain tight but it sees growing evidence that monetary policy is working to slow the economy. The Bank expects the economy to stall through the middle of 2023 before picking up later in the year.  The Bank sees improvement in the inflation outlook with signs that core inflation has peaked and it projects a significant decline in inflation this year. It expects inflation to return to its 2 per cent target by 2024.

Most importantly, the Bank stated that it expects to hold its policy rate at 4.5 per cent as it monitors the impact of the last year of rate increases. While the door remains open to further rate increases should the outlook for inflation change, the Bank for now is on hold.  From here, the trajectory of mortgage rates will depend on the outlook for the economy. With growth expected to slow in 2023, markets are pricing in Bank of Canada rate cuts by the end of this year and average five-year fixed mortgage rates have declined in January from their peak of 5.5 per cent to 5.19 per cent and will likely fall further in coming months. However, the average variable rate mortgage, now at 6.35 per cent will stay elevated until the Bank of Canada begins lowering its policy rate.



Copyright British Columbia Real Estate Association. Reprinted with permission.


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I have sold a property at 702 719 PRINCESS ST in New Westminster

I have sold a property at 702 719 PRINCESS ST in New Westminster.
BIG, BRIGHT and in impeccable condition! This 1076 sq ft, 2 bed/2 bath, north-east corner unit in coveted STIRLING PLACE has lovely views & an open, efficient floor plan, w/many UPDATES incl: new laminate flooring & paint throughout, new S/S kitchen appliances, new screen doors & ceiling fans. Stays WARM in the cooler weather with a gas fireplace & has 2 BALCONIES. Well-managed building w/very proactive strata, 680k in CRF & new electric vehicle charging installed in parkade! Amenities incl: club room, gym, workshop, bike room. 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. RENTALS allowed! No pets allowed. OPEN HOUSE: Sun. Jan 22, 2-4pm.
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JUST SOLD: 702-719 Princess St, New Westminster!


BIG, BRIGHT and in impeccable condition! This 1076 sq ft, 2 bed/2 bath, north-east corner unit in coveted STIRLING PLACE has lovely views & an open, efficient floor plan, w/many UPDATES incl: new laminate flooring & paint throughout, new S/S kitchen appliances, new screen doors & ceiling fans. Stays WARM in the cooler weather with a gas fireplace & has 2 BALCONIES.


Well-managed building w/very proactive strata, 680k in CRF & electric vehicle charging installed in parkade! Amenities incl: club room, gym, workshop, bike room. 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. RENTALS allowed! No pets allowed. 

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OPEN HOUSE today, 2-4pm, at 702-719 Princess St, New Westminster!


Listed at $698,800:


BIG, BRIGHT and in impeccable condition! This 1076 sq ft, 2 bed/2 bath, north-east corner unit in coveted STIRLING PLACE has lovely views & an open, efficient floor plan, w/many UPDATES incl: new laminate flooring & paint throughout, new S/S kitchen appliances, new screen doors & ceiling fans. Stays WARM in the cooler weather with a gas fireplace & has 2 BALCONIES.


Well-managed building w/very proactive strata, 700k in CRF & new electric vehicle charging installed 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 allowed, rentals allowed. 

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Open House. Open House on Sunday, January 22, 2023 2:00PM - 4:00PM

Please visit our Open House at 702 719 PRINCESS ST in New Westminster.
Open House on Sunday, January 22, 2023 2:00PM - 4:00PM
BIG, BRIGHT and in impeccable condition! This 1076 sq ft, 2 bed/2 bath, north-east corner unit in coveted STIRLING PLACE has lovely views & an open, efficient floor plan, w/many UPDATES incl: new laminate flooring & paint throughout, new S/S kitchen appliances, new screen doors & ceiling fans. Stays WARM in the cooler weather with a gas fireplace & has 2 BALCONIES. Well-managed building w/very proactive strata, 680k in CRF & new electric vehicle charging installed in parkade! Amenities incl: club room, gym, workshop, bike room. 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. RENTALS allowed! No pets allowed. OPEN HOUSE: Sun. Jan 22, 2-4pm.
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Canadian Retail Sales (November 2022) - January 20, 2023


Canadian seasonally-adjusted retail sales fell 0.1 per cent in November to $61.8 billion. Sales fell in 6 of 11 subsectors, but were led by lower sales at food and beverage stores (-1.6 per cent) and building material and garden equipment and supplies dealers (-3.8 per cent). Core retail sales, which strips out gasoline and motor vehicle and parts dealers, declined 1.1 per cent. In volume terms, sales fell 0.4 per cent in November. 

In BC, seasonally-adjusted sales rose 0.9 per cent in November. Compared to the same month last year, retail sales were up 4.4 per cent in the province. In the Greater Vancouver region, sales rose 0.9 per cent month-over-month and were up 4 per cent year-over-year. 

In November, in the run-up to the holiday shopping season, Canadian e-commerce sales rose 26 per cent to $4.4 billion, corresponding to 6.5 per cent of retail sales. This percentage remains elevated relative to pre-pandemic levels, but is lower than during core months of the pandemic in 2020 and 2021.



Copyright British Columbia Real Estate Association. Reprinted with permission.


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Canadian Housing Starts (December 2022) - January 18, 2023


Canadian housing starts declined 5.5 per cent to 248,625 units in December at a seasonally-adjusted annual rate (SAAR). Starts were up 1.4 per cent from December of 2021. Single-detached housing starts fell 10.4 per cent to 58.5k, while multi-family and others fell 3.9 per cent to 190.1k (SAAR). 

In British Columbia, starts rose by 20.7 per cent in December to 58.6k units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts rose 2.7 per cent m/m to 7.2k units while multi-family starts rose 25.1 per cent to 47.4k units. Starts in the province were 5 per cent above the levels from December 2021. Starts were up by 10k in Vancouver, 1.2k in Kelowna, and 0.9k in Abbotsford, while declining by 4k units Victoria. The 6-month moving average trend rose 0.8 per cent to 50.5k in BC in November. 



Copyright British Columbia Real Estate Association. Reprinted with permission.


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Canadian Inflation (December 2022) - January 17, 2023


Canadian prices, as measured by the Consumer Price Index (CPI), rose 6.3 per cent on a year-over-year basis in December, a decrease from the 6.8 per cent rate in November. Falling gasoline (-13.1 per cent month on month) and fuel oil prices drove the decline, while softening costs for durable goods such as furniture and used vehicles also slowed price appreciation. Rising interest rates contributed to an increase in mortgage interest costs, which were up 18 per cent year-over-year as Canadians renewed or initiated higher-rate mortgages. In contrast, the Homeowner's Replacement Cost, which tracks home prices, continued to slow, pushing the CPI downwards. Month-over-month, on a seasonally-adjusted basis, prices were down 0.1 per cent in December. In BC, consumer prices rose 6.6 per cent year-over-year, down from 7.2 per cent last month.

While sharply declining gasoline prices were mostly responsible for the drop in CPI in December, there are encouraging signs that price appreciation is slowing in other sectors of the economy as well. Prices for household furnishings and equipment fell from last month amid ameliorating supply chain issues. The Bank of Canada's measures of core inflation, which strip out volatile components, ticked down in December for the first time since the summer. Weighing CPI numbers against a strong December jobs report, most analysts are expecting a final modest increase in rates on January 25th before the Bank concludes the tightening cycle. 



Copyright British Columbia Real Estate Association. Reprinted with permission.


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OPEN HOUSE today, 2-4pm, at 702-719 Princess St, New Westminster!


Listed at $698,800:


BIG, BRIGHT and in impeccable condition! This 1076 sq ft, 2 bed/2 bath, north-east corner unit in coveted STIRLING PLACE has lovely views & an open, efficient floor plan, w/many UPDATES incl: new laminate flooring & paint throughout, new S/S kitchen appliances, new screen doors & ceiling fans. Stays WARM in the cooler weather with a gas fireplace & has 2 BALCONIES. Well-managed building w/very proactive strata, 700k in CRF & new electric vehicle charging installed 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 allowed, rentals allowed. 

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BC Home Sales Decline in 2022 After a Record 2021



The British Columbia Real Estate Association (BCREA) reports that 80,874 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in 2022, a 35.2 per cent decline from a record 124,788 units sold in 2021. The annual average MLS® residential price in BC was $996,878, a 7.5 per cent increase from $927,513 recorded the previous year. Total sales dollar volume was $80.6 billion, a 30.3 per cent decline from 2021. 


"2022 could not match last year's record pace," said Brendon Ogmundson, Chief Economist. "While strong momentum from the end of 2021 carried through to the first quarter of the year, the pace and degree of Bank of Canada interest rate tightening ultimately precipitated a dramatic shift in the provincial housing market."


A total of 3,490 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in December 2022, a decrease of 49.4 per cent from December 2021. The average MLS® residential price in BC was $911,753 an 11.5 per cent decrease from $1.03 million recorded in December 2021. Total sales dollar volume was $3.2 billion, a 55.2 per cent decline from the same time last year.



Copyright British Columbia Real Estate Association. Reprinted with permission.

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Open House. Open House on Sunday, January 15, 2023 2:00PM - 4:00PM

Please visit our Open House at 702 719 PRINCESS ST in New Westminster.
Open House on Sunday, January 15, 2023 2:00PM - 4:00PM
BIG, BRIGHT and in impeccable condition! This 1076 sq ft, 2 bed/2 bath, north-east corner unit in coveted STIRLING PLACE has lovely views & an open, efficient floor plan, w/many UPDATES incl: new laminate flooring & paint throughout, new S/S kitchen appliances, new screen doors & ceiling fans. Stays WARM in the cooler weather with a gas fireplace & has 2 BALCONIES. Well-managed building w/very proactive strata, 680k in CRF & new electric vehicle charging installed in parkade! Amenities incl: club room, gym, workshop, bike room. 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. RENTALS allowed! No pets allowed. OPEN HOUSE: Sun. Jan 15, 2-4pm.
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Canadian Employment (December 2022) - January 7, 2023



Canadian employment rose to 19.77 million in December, up by 104,000 (0.5 per cent). The Canadian unemployment rate fell by 0.1 to 5 per cent, hovering just above all-time lows. Employment rose or was steady in all Canadian provinces month-over-month, and employment rose in the private sector while holding steady in the public sector. Average hourly wages were up 5.1 per cent from December of last year, while total hours worked were up 1.4 per cent year-over-year. 


Employment in BC rose by 16,600 (0.6 per cent) to 2.765 million in December, while Metro Vancouver's employment rose by 0.1 per cent month over month. BC's unemployment rate fell in December to 4.2 per cent, near record lows, while Metro Vancouver's rate fell to 4.4 per cent. Among the provinces, only Quebec and Saskatchewan currently have a lower unemployment rate. 



Copyright British Columbia Real Estate Association. Reprinted with permission.


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Open House. Open House on Sunday, January 8, 2023 2:00PM - 4:00PM

Please visit our Open House at 702 719 PRINCESS ST in New Westminster.
Open House on Sunday, January 8, 2023 2:00PM - 4:00PM
BIG, BRIGHT and in impeccable condition! This 1076 sq ft, 2 bed/2 bath, north-east corner unit in coveted STIRLING PLACE has lovely views & an open, efficient floor plan, w/many UPDATES incl: new laminate flooring & paint throughout, new S/S kitchen appliances, new screen doors & ceiling fans. Stays WARM in the cooler weather with a gas fireplace & has 2 BALCONIES. Well-managed building w/very proactive strata, 680k in CRF & new electric vehicle charging installed in parkade! Amenities incl: club room, gym, workshop, bike room. 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. RENTALS allowed! No pets allowed. OPEN HOUSE: Sun, Jan 8, 2-4pm.
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Quick Snapshot of METRO VANCOUVER'S December 2022 MLS Sales



The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver* is currently $1,114,300. This represents a 1.5% decrease from Nov 2022 and a 3.3% decrease from December 2021.


Specifically:


- The benchmark price for detached homes decreased 1.8% from Nov 2022 and decreased 5.1% from Dec 2021.


- The benchmark price for townhouses decreased 1.5% from Nov 2022 and decreased 0.2% from Dec 2021.


- The benchmark price for apartment/condos decreased 0.9% from Nov 2022 and increased 1.7% from Dec 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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Rising mortgage rates brought uncertainty and caution to Metro Vancouver’s* housing market in 2022:

 

After seeing record sales and prices during the pandemic, Metro Vancouver’s housing market experienced a year of caution in 2022 due to rising borrowing costs fueled by the Bank of Canada’s ongoing battle with inflation. 


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 28,903 in 2022, a 34.3 per cent decrease from the 43,999 sales recorded in 2021, and a 6.6 per cent decrease from the 30,944 homes sold in 2020. 
Last year’s sales total was 13.4 per cent below the 10-year sales average. 


“The headline story in our market in 2022 was all about inflation and the Bank of Canada’s efforts to bring inflation back to target by rapidly raising the policy rate. This is a story we expect to continue to make headlines into 2023, as inflationary pressures remain persistent across Canada,” Andrew Lis, REBGV’s director, economics and data analytics said. 


Home listings on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 53,865 in 2022. This is a 13.5 per cent decrease compared to the 62,265 homes listed in 2021 and a 0.8 per cent decrease compared to the 54,305 homes listed in 2020. 
Last year’s listings total was 3.2 per cent below the region’s 10-year average. 


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 7,384, a 41 per cent increase compared to December 2021 (5,236) and a 19.6 per cent decrease compared to November 2022 (9,179). 


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,114,300. This represents a 3.3 per cent decrease over December 2021, a 1.5 per cent decrease compared to November 2022, and a 9.8 per cent decrease over the past six months. 


“Closing out 2022, the data show that the Bank of Canada’s decisions to increase the policy rate at seven of the eight interest rate announcement dates in 2022 has translated into downward pressure on home sale activity and, to a lesser extent, home prices in Metro Vancouver,” Lis said. “While the consensus among many economists and forecasters suggests the Bank of Canada may be near the end of this tightening cycle, rates may remain elevated for longer than previously expected since the latest inflation figures aren’t showing signs of abating quickly. We’ll watch the 2023 spring market closely to see if buyers and sellers have adjusted to the higher borrowing-costs and are participating more actively in the market than we have seen over the last 12 months.” 



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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Residential home sales in Metro Vancouver* totalled 1,295 in December 2022, a 51.8 per cent decrease from the 2,688 sales recorded in December 2021, and a 19.8 per cent decrease from the 1,614 homes sold in November 2022. 


Last month’s sales were 37.7 per cent below the 10-year December sales average.


There were 1,206 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in December 2022. This represents a 38 per cent decrease compared to the 1,945 homes listed in December 2021 and a 60.5 per cent decrease compared to November 2022 when 3,055 homes were listed. 


For all property types, the sales-to-active listings ratio for December 2022 is 17.5 per cent. By property type, the ratio is 12.3 per cent for detached homes, 19.5 per cent for townhomes, and 21.7 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. 


Sales of detached homes in December 2022 reached 371, a 53.3 per cent decrease from the 794 detached sales recorded in December 2021. The benchmark price for a detached home is $1,823,300. This represents a 5.1 per cent decrease from December 2021, a 1.8 per cent decrease compared to November 2022, and a 11.4 per cent decrease over the past six months.


Sales of apartment homes reached 702 in December 2022, a 52 per cent decrease compared to the 1,464 sales in December 2021. The benchmark price of an apartment home is $713,700. This represents a 1.7 per cent increase from December 2021, a 0.9 per cent decrease compared to November 2022, and a 6.9 per cent decrease over the past six months. 


Attached home sales in December 2022 totalled 222, a 48.4 per cent decrease compared to the 430 sales in December 2021. The benchmark price of an attached home is $1,012,700. This represents a 0.2 per cent decrease from December 2021, a 1.5 per cent decrease compared to November 2022, and a 9.2 per cent decrease over the past six months.




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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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.