Steve Flynn  RE/MAX Crest Realty- Burnaby 

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Canadian seasonally-adjusted retail sales fell 0.5 per cent in September to $61.1 billion. Sales fell in 7 of 11 subsectors, but were led by lower sales at food and beverage stores (-1.3 per cent) and gas stations (-2.4 per cent). Core retail sales, which strips out gasoline and motor vehicle and parts dealers, fell 0.4 per cent in September. In volume terms, sales were down 0.1 per cent. 

In BC, seasonally-adjusted sales fell 2 per cent in September. Compared to the same month last year, retail sales were up 3.1 per cent in the province. In the Greater Vancouver region, sales fell 3.8 per cent month-over-month and were up 3.5 per cent year-over-year. 

In September, Canadian e-commerce sales fell 3.3 per cent to $3.4 billion, corresponding to 5.7 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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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, 680k 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, no rentals allowed. 

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Canadian housing starts fell by 31.8k (-10.6 per cent) to 267.1k units in October at a seasonally-adjusted annual rate (SAAR). Comparing year-over-year, starts were up from October of 2021 (11.5 per cent). Single-detached housing starts fell 4 per cent to 72.8k, while multi-family and others fell 13 per cent to 194.3k (SAAR). 

In British Columbia, starts fell by 14 per cent in October to 46.6k units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts fell 4 per cent m/m to 7.7k units while multi-family starts fell 17 per cent to 35k units. Starts in the province were 29.5 per cent above the levels from October 2021. Starts were down by 6.1k in Vancouver, 1.1k in Abbotsford, and 0.6k in Kelowna, but were up by 4.1k in Victoria. The 6-month moving average trend fell 2.3 per cent to 49.3k in BC in October. 



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 5,242 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October 2022, a decrease of 45.5 per cent from October 2021. The average MLS® residential price in BC was $932,979, a 3.1 per cent decrease from $963,011 recorded in October 2021. Total sales dollar volume was $4.9 billion, a 47.2 per cent decline from the same time last year. 


“Sales activity remains slow across the province and inventories appear to be plateauing,” said BCREA Chief Economist Brendon Ogmundson. “While prices have fallen from peak levels reached in early 2022, average prices have recently leveled off.”
  

Year-to-date, BC residential sales dollar volume was down 26.3 per cent from the same period in 2021 to $73.3 billion. Residential unit sales were down 33 per cent to 72,824 units, while the average MLS® residential price was up 10 per cent to $1.01 million.



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Canadian prices, as measured by the Consumer Price Index (CPI), rose 6.9 per cent on a year-over-year basis in October, a rate of change equal to the prior month. After falling for the prior three months, a rise in gasoline prices in October kept the CPI steady year-over-year. Excluding energy, the CPI rose 6.2 per cent year over year in October, down from 6.3 per cent last month. Rising interest rates also contributed to an increase in mortgage interest costs, which was up 11.2 per cent year-over-year as Canadians renewed or initiated higher-rate mortgages. Slowing increases in food prices, meanwhile, dampened overall CPI growth. Month-over-month, on a seasonally-adjusted basis, prices were up 0.6 per cent in October. In BC, consumer prices rose 7.8 per cent year-over-year, up from 7.7 per cent last month. Average hourly wages grew 5.6 per cent year-over-year in October, indicating a decline in purchasing power. 

October's CPI numbers continued to suggest that inflation may be slowing. Despite higher gasoline prices, slowing increases in food prices kept the annual rate of change in the CPI stable. Core inflation, however, remains well above the Bank of Canada's 2 per cent target and will need to decline significantly over the next several months before the Bank rethinks its current tightening policy. 



Copyright British Columbia Real Estate Association. Reprinted with permission.


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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, 670k 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, no rentals allowed. 

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Canadian employment rose by 108,000 (0.6 per cent) to 19.656 million in October. The Canadian unemployment rate remained steady from last month at 5.2 per cent, hovering just above all-time lows. Average hourly wages were up 5.6 per cent from this time last year. Wage gains remain below the inflation rate, however, which hit 6.9 per cent year-over-year in the most-recent data. Total hours worked were up 2.2 per cent year-over-year. 

Employment in BC rose by 0.4 per cent to 2.762 million in October, while Metro Vancouver's employment rose by 0.3 per cent month over month. BC's unemployment rate fell in October to 4.2 per cent, just shy of the all-time low, while Metro Vancouver's rate fell to 4.4 per cent. Among the provinces, only Quebec currently has a lower unemployment rate. 



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 $1,148,900. This represents a 0.6% decrease from September 2022 and a 2.1% increase from September 2021.



Specifically:

- The benchmark price for detached homes decreased 0.7% from Sep 2022 and increased 1.6% from Oct 2021.


- The benchmark price for townhouses decreased 0.5% from Sep 2022 and increased 7.1% from Oct 2021.


- The benchmark price for apartment/condos decreased 0.2% from Sep 2022 and increased 5.1% from Oct 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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Home sale activity across the Metro Vancouver* housing market continued to trend well below historical averages in October:


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,903 in October 2022, a 45.5 per cent decrease from the 3,494 sales recorded in October 2021, and a 12.8 per cent increase from the 1,687 homes sold in September 2022.


Last month’s sales were 33.3 per cent below the 10-year October sales average. “Inflation and rising interest rates continue to dominate headlines, leading many buyers and sellers to assess how these factors impact their housing options,” Andrew Lis, REBGV’s director, economics and data analytics said. “With sales remaining near historic lows, the number of active listings continues to inch upward, causing home prices to recede from the record highs set in the spring of 2022.”


There were 4,033 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in October 2022. This represents a 0.4 per cent decrease compared to the 4,049 homes listed in October 2021 and a 4.6 per cent decrease compared to September 2022 when 4,229 homes were listed.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,852, a 22.6 per cent increase compared to October 2021 (8,034) and a 1.2 per cent decrease compared to September 2022 (9,971).


“Recent years have been characterized by a frenetic pace of sales amplified by scarce listings on the market to choose from. Today’s market cycle is a marked departure, with a slower pace of sales and more selection to choose from,” Lis said. “This environment provides buyers and sellers more time to conduct home inspections, strata minute reviews, and other due diligence. With the possibly of yet another rate hike by the Bank of Canada this December, it has become even more important to secure financing as early in the process as possible.”


For all property types, the sales-to-active listings ratio for October 2022 is 19.3 per cent. By property type, the ratio is 14.3 per cent for detached homes, 21.6 per cent for townhomes, and 23.2 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 $1,148,900. This represents a 2.1 per cent increase from October 2021, a 9.2 per cent decrease over the last six months, and a 0.6 per cent decrease compared to September 2022.


Sales of detached homes in October 2022 reached 575, a 47.2 per cent decrease from the 1,090 detached sales recorded in October 2021. The benchmark price for a detached home is $1,892,100. This represents a 1.6 per cent increase from October 2021 and a 0.7 per cent decrease compared to September 2022.


Sales of apartment homes reached 995 in October 2022, a 44.8 per cent decrease compared to the 1,801 sales in October 2021. The benchmark price of an apartment home is $727,100. This represents a 5.1 per cent increase from October 2021 and a 0.2 per cent decrease compared to September 2022.


Attached home sales in October 2022 totalled 333, a 44.8 per cent decrease compared to the 603 sales in October 2021. The benchmark price of an attached unit is $1,043,600. This represents a 7.1 per cent increase from October 2021 and a 0.5 per cent decrease compared to September 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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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, 650k 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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Canadian GDP edged up by 0.1 per cent in August, following similar increases in June and July. Growth in services-producing industries (+0.3 per cent) offset declines in goods-producing industries (-0.3 per cent) as GDP grew in 14 of 20 subsectors. Canadian real GDP is roughly 2.6 per cent above its pre-pandemic, February 2020 level. Preliminary estimates suggest that output in the Canadian economy grew again by 0.1 per cent in September. GDP from the offices of real estate agents and brokers dropped 2.1 per cent in August, the sixth consecutive decline, as rising interest rates continued to restrain home sales. 

GDP growth in recent months, though still positive, is showing signs of slowing. We are currently tracking Q3 real GDP growth at just 1.5 per cent, or about half the rate realized over the first half of 2022. That slowdown will likely continue as the Bank continues its tightening cycle, particularly in interest rate sensitive sectors like housing. The Bank raised its overnight rate in October to 3.75 per cent and the final destination for the overnight rate may be around 4 per cent or above. However, with the rate now higher than the bank's estimate of the neutral rate, meaning monetary policy is no longer stimulative, 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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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, 650k 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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Canadian seasonally-adjusted retail sales increased 0.7 per cent in August to $61.8 billion. Sales rose in 6 of 11 subsectors, but were led by higher sales at food and beverage stores (+2.4 per cent) and motor vehicle and parts dealers (+0.6 per cent). Core retail sales, which strips out gasoline and motor vehicle and parts dealers, rose 0.9 per cent in August. In volume terms, sales were up 1.1 per cent. 

In BC, seasonally-adjusted sales rose 2 per cent in August. Compared to the same month last year, retail sales were up 5.9 per cent in the province. In the Greater Vancouver region, sales rose 3.3 per cent month-over-month and were up 7.4 per cent year-over-year. 

In August, Canadian e-commerce sales rose 11.1 per cent to $3.5 billion, corresponding to 5.2 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 prices, as measured by the Consumer Price Index (CPI), rose 6.9 per cent on a year-over-year basis in September, down from 7 per cent last month. This was the third consecutive month of decelerating price growth driven primarily by declining gasoline prices. Excluding energy, the CPI rose 6.3 per cent year over year in September, up from 6.1 per cent in August. Despite slower overall CPI growth, many subcomponents were still quickly appreciating, with prices for food purchased from stores (+11.4 per cent) growing at the fastest pace year-over-year since August 1981. Month-over-month, on a seasonally-adjusted basis, prices were up 0.4 per cent in September. In BC, consumer prices rose 7.7 per cent year-over-year, up from 7.3 per cent last month. This increase is because BC was the only province where gas prices rose from last month, partially due to multiple refinery shutdowns in the Pacific Northwest. Average hourly wages grew 5.2 per cent year-over-year in September, indicating a decline in purchasing power. 

September's CPI numbers continued to suggest that inflation may be slowing, despite certain areas such as food still rising in price at an increasing pace. The latest data show declines not just driven by falling gas prices, but softening in the rate of appreciation in core inflation including transport and shelter. However, core inflation remains well above the Bank of Canada's 2 per cent target and will need to decline significantly over the next several months before the Bank rethinks its current tightening policy. 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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Canadian housing starts rose by 29.2k (10.8 per cent) to 299.6k units in September at a seasonally-adjusted annual rate (SAAR). Comparing year-over-year, starts were up from September of 2021 (19.3 per cent). Single-detached housing starts fell 1 per cent to 76.5k, while multi-family and others rose 16 per cent to 223.1k (SAAR). 

In British Columbia, starts increased by 10.9 per cent in September, rising to 54.3k units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts rose 18 per cent m/m to 8k units while multi-family starts rose 10 per cent to 42.1k units. Starts in the province were 50 per cent above the levels from September 2021. Starts were up by 8.8k in Vancouver and 1.3k in Abbotsford, but were down by 4.5k in Kelowna and 1.2k in Victoria. The 6-month moving average trend rose 7.7 per cent to 50.5k in BC in September. 


Copyright British Columbia Real Estate Association. Reprinted with permission.


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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, 650k 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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The British Columbia Real Estate Association (BCREA) reports that a total of 4,977 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in September 2022, a decrease of 45.8 per cent from September 2021. The average MLS® residential price in BC was $927,119, a 1.7 per cent increase from $912,008 recorded in September 2021. Total sales dollar volume was $4.6 billion, a 44.9 per cent decline from the same time last year. 


“Mortgage qualifying continues to be a significant hurdle for many potential buyers as interest rates rise,” said BCREA Chief Economist Brendon Ogmundson. “In addition, many trends that drove demand in smaller markets, such as remote work and the quest for affordable space, have faded in prominence. As a result, we see a stronger pullback in markets outside of major metropolitan areas.”


Year-to-date, BC residential sales dollar volume was down 24.2 per cent from the same period in 2021 to $68.5 billion. Residential unit sales were down 31.8 per cent to 67,547 units, while the average MLS® residential price was up 11.3 per cent to $1.01 million.



Copyright British Columbia Real Estate Association. Reprinted with permission.


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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, 650k 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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Canadian employment rose by 21,000 (0.1 per cent) to 19.547 million in September, after falling for the prior three months. The Canadian unemployment rate fell by 0.2 to 5.2 per cent, hovering just above all-time lows, as fewer Canadians looked for work in September. Average hourly wages were up 5.2 per cent from this time last year. Wage gains remain below the inflation rate, however, which hit 7 per cent year-over-year in the most-recent data. Total hours worked were up 2.4 per cent year-over-year.

Employment in BC jumped by 1.2 per cent to 2.752 million in September, while Metro Vancouver's employment rose by 0.5 per cent month over month. BC's unemployment rate fell sharply in September to 4.3 per cent, with Metro Vancouver falling to 4.5 per cent. Among the provinces, only Saskatchewan currently has a lower unemployment rate. 



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 $1,155,300. This represents a 2.1% decrease from August 2022 and a 3.9% increase from September 2021.



Specifically:

- The benchmark price for detached homes decreased 2.4% from Aug 2022 and increased 3.8% from Sep 2021.


- The benchmark price for townhouses decreased 1.9% from Aug 2022 and increased 9.1% from Sep 2021.


- The benchmark price for apartment/condos decreased 1.6% from Aug 2022 and increased 6.1% from Sep 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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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.