Steve Flynn  RE/MAX Crest Realty- Burnaby 

Cell: 604.785.3977 |

Categories
RSS

Canadian Retail Sales (March 2024) - May 24, 2024

Canadian retail sales fell 0.2 per cent to $66.4 billion in March. Excluding volatile items, sales were down 0.6 per cent on a month-over-month basis. In volume terms, adjusted for rising prices, retail sales fell 0.4 per cent in March.

After rising more than 1 per cent in February, retail sales in BC were down by 0.4 per cent in March and were down by 0.4 per cent from the same time last year. In the CMA of Vancouver, retail sales were down 0.1 per cent from the prior month and were up 1 from March 2023.

Copyright British Columbia Real Estate Association. Reprinted with permission.

Read

Canadian Inflation (April 2024) - May 22, 2024

Canadian prices, as measured by the Consumer Price Index (CPI), rose 2.7 per cent on a year-over-year basis in April, down from a 2.9 per cent increase in March. Month-over-month, on a seasonally adjusted basis, CPI rose by 0.2 per cent in April. The deceleration in headline CPI was driven by softening food, services, and durable goods prices, but was moderated by an uptick in gasoline prices (up 6.1 per cent year-over-year). Excluding energy costs, CPI rose 2.5 per cent year-over-year in April, down from 2.8 per cent in March. The shelter cost index remains the major driver of inflation with the rate of increases higher now (6.4 per cent) than they were this time last year (4.9 per cent). Mortgage interest costs were up 24.5 per cent and rent was up 8.2 per cent from the same time last year in April. Excluding shelter, consumer prices rose just 1.2 per cent, year over year. In BC, consumer prices rose 2.9 per cent year-over-year, up from 2.7 per cent in March. The Bank of Canada's preferred measures of core inflation, which strip out volatile components, fell to between 2.6 and 2.9 per cent per cent year-over-year in March.

Canada's inflation rate continued to trend in the right direction in April, hitting the slowest rate of appreciation since March 2021. The Bank of Canada's preferred measures of core inflation, CPI median and CPI trim, have now been below the 2 per cent target for two consecutive months when measured on a 3-month annualized basis. Food costs also appear to be normalizing, and the overall food price index is essentially at 2 per cent. The main problem within the CPI basket is now almost exclusively the shelter component; rent appreciation in particular is troublingly high and the rate of increase continues to rise. Excluding shelter from the CPI index and comparing prices on an annualized 3-month basis, price appreciation in Canada has been close to zero for about half a year. Overall, this report contained yet more good news on inflation and will support the Bank of Canada's case to lower its policy rate in June. The next rate announcement is on Wednesday, June 5th.



Copyright British Columbia Real Estate Association. Reprinted with permission.

Read

Canadian Employment (April 2024) - May 11th, 2024


Canadian employment rose by 90,400, or 0.4 per cent, to 20.491 million in April. The unemployment rate was unchanged at 6.1 per cent. Average hourly wages rose 4.7 per cent year-over-year to $34.95 last month, while total hours worked were up 1.2 per cent from April of last year.


Employment in BC rose 0.8 per cent to 2.871 million, while employment in Metro Vancouver rose 0.7 per cent to 1.627 million in April. The unemployment rate fell 0.5 points in BC to 5 per cent while falling in Metro Vancouver by 0.3 points to 5.3 per cent last month.



Copyright British Columbia Real Estate Association. Reprinted with permission.

Read


Actively listed homes for sale on the MLS® in Metro Vancouver* continued climbing in April, up 42 per cent year-over-year, breaching the 12,000 mark, a number not seen in the region since the summer of 2020. 


Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,831 in April 2024, a 3.3 per cent increase from the 2,741 sales recorded in April 2023. This was 12.2 per cent below the 10-year seasonal average (3,223). 


“It’s a feat to see inventory finally climb above 12,000. Many were predicting higher inventory levels would materialize quickly when the Bank of Canada began its aggressive rate hikes, but we’re only seeing a steady climb in inventory in the more recent data,” Andrew Lis, GVR’s director of economics and data analytics said. “The surprise for many market watchers has been the continued strength of demand along with the fact few homeowners have been forced to sell in the face of the highest borrowing costs experienced in over a decade.” 


There were 7,092 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April 2024. This represents a 64.7 per cent increase compared to the 4,307 properties listed in April 2023.  


This was 25.8 per cent above the 10-year seasonal average (5,637). 


The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 12,491, a 42.1 per cent increase compared to April 2023 (8,790).  


This is 16.7 per cent above the 10-year seasonal average (10,704). 


Across all detached, attached and apartment property types, the sales-to-active listings ratio for April 2024 is 23.5 per cent. By property type, the ratio is 17.6 per cent for detached homes, 31.0 per cent for attached, and 26.0 per cent for apartments. 


Analysis of the historical data suggests 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. 


“Another surprising story in the April data is the fact prices continue climbing across most segments with recent increases typically in the range of one to two per cent month-over-month,” Lis said. “The one segment that didn’t see an uptick in prices in April were apartments, which saw a 0.1 per cent decline month-over-month. This moderation is likely due to a confluence of factors impacting this more affordability sensitive segment of the market, particularly the impact of higher mortgage rates and the recent boost to inventory levels, tempering competition somewhat.” 


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,205,800. This represents a 2.8 per cent increase over April 2023 and a 0.8 per cent increase compared to March 2024. 


Sales of detached homes in April 2024 reached 814, a 0.7 per cent increase from the 808 detached sales recorded in April 2023. The benchmark price for a detached home is $2,040,000. This represents a 6.3 per cent increase from April 2023 and a 1.6 per cent increase compared to March 2024. 


Sales of apartment homes reached 1,416 in April 2024, a 0.2 per cent increase compared to the 1,413 sales in April 2023. The benchmark price of an apartment home is $776,500. This represents a 3.2 per cent increase from April 2023 and a 0.1 per cent decrease compared to March 2024. 


Attached home sales in April 2024 totalled 580, a 16 per cent increase compared to the 500 sales in April 2023. The benchmark price of a townhouse is $1,127,200. This represents a 4.3 per cent increase from April 2023 and a 1.3 per cent increase compared to March 2024.



*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.

Read

Canadian Monthly Real GDP Growth (February 2024) - May 1st, 2024


Canadian real GDP grew 0.2 per cent in February, following a 0.5 per cent increase in January. The growth was driven by services-producing sectors (+0.2 per cent), led by growth in rail, air, and pipeline transportation. Residential construction activity fell by 0.5 per cent, declining for the fourth consecutive month following a burst of activity in the summer and fall of 2023. Cooler home sales caused GDP from offices of real estate agents and brokers to fall 1.9 per cent last month, undoing some of the growth in December and January. Preliminary estimates suggest that output in the Canadian economy was essentially unchanged in March.

Amid cooling inflation and weakening labour markets, February's rather soft GDP report provides additional support for the broadly anticipated beginning of rate cuts in June. Although growth appeared strong in January, this was largely due to the conclusion of public sector strikes in Quebec, which caused a temporary boost to growth. Meanwhile, February's growth came in cooler than expected and the preliminary estimate for March is for zero growth. Markets currently expect the Bank to make its first overnight rate cut since early 2020 at its next meeting on June 5th. 



Copyright British Columbia Real Estate Association. Reprinted with permission.

Read
Categories:   Abbotsford West, Abbotsford Real Estate | Brentwood Park, Burnaby North Real Estate | Brighouse, Richmond Real Estate | Burnaby | Burnaby Real Estate | Burnaby South Real Estate | Cape Horn, Coquitlam Real Estate | Cariboo, Burnaby North Real Estate | Central BN, Burnaby North Real Estate | Central Coquitlam, Coquitlam | Central Coquitlam, Coquitlam Real Estate | Champlain Heights, Vancouver East | Champlain Heights, Vancouver East Real Estate | Cloverdale BC, Cloverdale Real Estate | Cloverdale BC, Surrey Real Estate | Cloverdale Real Estate | Coal Harbour, Vancouver West Real Estate | Coaquitlam | College Park PM, Port Moody Real Estate | Collingwood VE, Vancouver East Real Estate | Coquitlam | Coquitlam West, Coquitlam Real Estate | Downtown NW, New Westminster Real Estate | Downtown VW, Vancouver West | Downtown VW, Vancouver West Real Estate | Eagleridge, Coquitlam Real Estate | False Creek North, Vancouver West | Fraserview NW, New Westminster | Fraserview NW, New Westminster Real Estate | Fraserview VE, Vancouver East Real Estate | GlenBrooke North, New Westminster Real Estate | Grandview Surrey, Surrey Real Estate | Harrison Hot Springs Real Estate | Hastings, Vancouver East Real Estate | Highgate, Burnaby South Real Estate | Hockaday, Coquitlam Real Estate | January 2014 Sales in Greater Vancouver | Metrotown, Burnaby South Real Estate | New Horizons, Coquitlam Real Estate | New Westminster Real Estate | Port Moody | Port Moody Real Estate | Quay, New Westminster Real Estate | Queensborough, New Westminster Real Estate | Richmond Real Estate | Riverdale RI, Richmond Real Estate | Riverwood, Port Coquitlam Real Estate | Sapperton, New Westminster Real Estate | Simon Fraser Univer., Burnaby North Real Estate | Surrey | The Heights NW, New Westminster | The Heights NW, New Westminster Real Estate | Tsawwassen Central, Tsawwassen Real Estate | Uptown NW, New Westminster Real Estate | Uptown, New Westminster Real Estate | Vancouver | Vancouver East Real Estate | Videocast of January 2014 sales | Walnut Grove, Langley Real Estate | West Central, Maple Ridge Real Estate | West End VW, Vancouver West Real Estate | Whalley, North Surrey Real Estate | Whalley, Surrey Real Estate | Willoughby Heights, Langley Real Estate
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.