Steve Flynn  RE/MAX Crest Realty- Burnaby 

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Canadian Employment (April 2025) – May 12, 2025

Canadian employment was virtually unchanged from the previous month, gaining 7,400 jobs to 20.969 million in April. The employment rate fell by 0.1 points to 60.8 per cent, while the unemployment rate rose by 0.2 points to 6.9 per cent. Average hourly wages rose 3.4 per cent year-over-year to $36.13 last month, while total hours worked were up 0.9 per cent compared to April of the previous year.

Employment in B.C. rose by 0.2 per cent to 2.951 million, gaining 6,000 jobs in April. Employment in Metro Vancouver fell by 0.7 per cent to 1.7 million in April. The unemployment rate in B.C. increased by 0.1 points to 6.2 per cent in April. Meanwhile, Vancouver's unemployment rate fell by 0.1 points to 6.3 per cent in the fourth month of the year. 

April's jobs report signals a further cooling of the Canadian labour market through the spring as tariff uncertainties continue to weigh on the Canadian economic outlook on multiple levels. As the anticipated consequences of tariffs ripple through the economy, the Bank of Canada may consider a rate cut during their next meeting to partially alleviate the economic damages caused by a highly volatile global trading environment.

Copyright British Columbia Real Estate Association. Reprinted with permission.

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Open House. Open House on Saturday, May 10, 2025 2:00PM - 4:00PM

Please visit our Open House at 204 258 Nelson's Court in New Westminster.
Open House on Saturday, May 10, 2025 2:00PM - 4:00PM
MODERN & sleek, 876 s.f, 2 bed/2 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. Both bedrooms are decent-sized. 2 balconies, totaling approx 200 s.f. Excellent building 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 & lots of restaurants. This is urban living at its best! Sat. May 10, 2-4pm.
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Open House. Open House on Sunday, May 11, 2025 2:00PM - 4:00PM

Please visit our Open House at 14073 113 Avenue in Surrey.
Open House on Sunday, May 11, 2025 2:00PM - 4:00PM
OPPORTUNITY awaits for builders or investors. 8354 sq ft lot with R3 zoning (up to 4400 sq. ft. house or DUPLEX). 4 bed, 2.5 bath, 2730 sq ft bungalow w/legal 2 bed, 1 bath suite below on quiet, dead-end street. Surrey Traditional School, James Ardiel Elementary school & bus stop only 1-3 blocks away! Separate garage, parking for 6 vehicles on property. Large north-facing yard. Close to Guildford Mall, Central City, King George Boulevard, Hwy 17 & Hwy 1. Quick completion possible to get into this great neighbourhood. OPEN HOUSE: Sun. May 11, 2-4pm.
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Quick Snapshot of METRO VANCOUVER'S April 2025 MLS Sales

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver* is $1,184,500. This represents a 1.8 per cent decrease over April 2024 and a 0.5 per cent decrease compared to March 2025.

Specifically:

- The benchmark price for detached homes decreased 0.7% from Apr 2024 and decreased 0.6% from Mar 2025.

- The benchmark price for townhouses/attached decreased 2.9% from Apr 2024 and decreased 1.0% from Mar 2025.

- The benchmark price for apartment/condos decreased 2.0% from Apr 2024 and decreased 0.6% from Mar 2025.

*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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The slowdown in home sales registered on the Multiple Listing Service® (MLS®) in Metro Vancouver* that began early this year continued in April, with sales down nearly 24 per cent year-over-year:

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,163 in April 2025, a 23.6 per cent decrease from the 2,831 sales recorded in April 2024. This was 28.2 per cent below the 10-year seasonal average (3,014). 

“From a historical perspective, the slower sales we’re now seeing stand out as unusual, particularly against a backdrop of significantly improved borrowing conditions, which typically helps to boost sales,” said Andrew Lis, GVR’s director of economics and data analytics. “What’s also unusual is starting the year with Canada’s largest trading partner threatening to tilt our economy into recession via trade policy, while at the same time having Canadians head to the polls to elect a new federal government. These issues have been hard to ignore, and the April home sales figures suggest some buyers have continued to patiently wait out the storm.” 

There were 6,850 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in April 2025. This represents a 3.4 per cent decrease compared to the 7,092 properties listed in April 2024 and was 19.5 per cent above the 10-year seasonal average (5,731) for the month. 

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 16,207, a 29.7 per cent increase compared to April 2024 (12,491). This is 47.6 per cent above the 10-year seasonal average (10,979). 

Across all detached, attached and apartment property types, the sales-to-active listings ratio for April 2025 is 13.8 per cent. By property type, the ratio is 9.9 per cent for detached homes, 17.5 per cent for attached, and 15.7 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. 

“While the headlines have been filled with worrying news lately, there are positives in the current market worth highlighting, especially for buyers,” Lis said. “Inventory levels have just crested 16,000 for the first time since 2014, prices have stayed fairly stable for the past few months, and borrowing costs are the lowest they’ve been in years. These factors benefit buyers, and with balanced conditions across the market overall, there’s plenty of opportunity for anyone looking to make a purchase.” 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,184,500. This represents a 1.8 per cent decrease over April 2024 and a 0.5 per cent decrease compared to March 2025.

Sales of detached homes in April 2025 reached 578, a 29 per cent decrease from the 814 detached sales recorded in April 2024. The benchmark price for a detached home is $2,021,800. This represents a 0.7 per cent decrease from April 2024 and a 0.6 per cent decrease compared to March 2025. 

Sales of apartment homes reached 1,130 in April 2025, a 20.2 per cent decrease compared to the 1,416 sales in April 2024. The benchmark price of an apartment home is $762,800. This represents a two per cent decrease from April 2024 and a 0.6 per cent decrease compared to March 2025. 

Attached home sales in April 2025 totalled 442, a 23.8 per cent decrease compared to the 580 sales in April 2024. The benchmark price of a townhouse is $1,102,300. This represents a 2.9 per cent decrease from April 2024 and a one per cent decrease compared to March 2025.

*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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Open House. Open House on Saturday, May 3, 2025 2:00PM - 4:00PM

Please visit our Open House at 204 258 Nelson's Court in New Westminster.
Open House on Saturday, May 3, 2025 2:00PM - 4:00PM
MODERN & sleek, 876 s.f, 2 bed/2 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. Both bedrooms are decent-sized. 2 balconies, totaling approx 200 s.f. Excellent building 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 & lots of restaurants. This is urban living at its best! OPEN HOUSE: Sat. May 3, 2-4pm
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Canadian Economic Growth (February 2025) – April 30, 2025

Canadian real GDP decreased by 0.2 per cent in February, following a 0.4 per cent increase in January. Service-producing industries declined by 0.1 per cent, while goods-producing industries fell by 0.6 per cent. Twelve out of twenty major industries contracted from the previous month, driven by mining, quarrying, and oil/gas extraction (-2.5 per cent), construction (-0.5 per cent), and transportation/warehousing (-1.1 per cent). Finally, GDP for real-estate offices and agents was down 10.4 per cent month-over-month. Preliminary estimates suggest that real GDP increased by 0.1 per cent in March.

After a strong beginning to the year, February's GDP data pulled Canadian economic growth below the Bank of Canada's most recent quarterly projection. Additionally, this report captures newly introduced tariffs into the Canadian economic landscape, hence painting a bleak outlook for the subsequent months. During their previous meeting, the Bank emphasized the inflationary risks of tariffs while suggesting patience on policy rate adjustments according to how prices evolve. In a highly volatile environment, the Bank will closely follow next month's CPI and GDP reports to guide its next decision in June. 

Copyright British Columbia Real Estate Association. Reprinted with permission.

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