August 31, 2016
Strong BC Economy Fuels Growth in Commercial Real Estate
The BCREA Commercial Leading Indicator (CLI) increased 1.7 index points in the second quarter of 2016, propelled higher by strong growth in the BC economy. The CLI index rose to a new high of 122.2, up 2.2 per cent compared to the second quarter of 2015.
“The recent uptrend in the CLI is reflective of a strong underlying economy and accelerated employment growth,” said BCREA Economist Brendon Ogmundson. “The CLI was further boosted by a rebound in financial markets that were previously dragging the index lower.”
All components of the CLI...
August 30, 2016
JUST SOLD: 614 9009 Cornerstone Mews., Burnaby, SFU
Welcome to "The HUB" at UniverCity. Located in the heart of the SFU community. Built by the highly reputable builder LIBERTY Homes. This 574sqft, one bedroom, one bathroom unit offers a flexible open concept living with great room sizes. This unit includes: Stainless steel appliances, Hardwood flooring, quartz countertops and the perfect sized, private balcony. This concrete building is a part of the LEED program = better windows for energy saving, low emission paints, efficient plumbing fixtures reduce water use, and a green roof to regulate stormwater runoff. The PERFECT investment property for...
August 25, 2016
Record BC Home Sale Forecast Despite Vancouver Slowdown
The British Columbia Real Estate Association (BCREA) released its 2016 Third Quarter Housing Forecast Update today.
Multiple Listing Service® (MLS®) residential sales in the province are forecast to climb 10.4 per cent to a record 113,000 units this year, eclipsing the previous record of 106,310 units in 2005. Housing demand is expected to moderate next year, with home sales declining nearly 8 per cent to 104,400 units. However, housing demand is expected to remain well above the ten-year average of 85,000 unit sales.
“The introduction of a 15 per cent tax on foreign...
August 22, 2016
Vancouver real estate vulnerable after tax on foreign buyers: Fitch
With a new tax on foreign homebuyers in Vancouver expected to slow purchase activity, there is a greater risk that the city’s lofty real estate prices would be vulnerable to a potential jump in local unemployment, Fitch Ratings said on Monday.
Earlier this month, Vancouver implemented a 15 per cent tax on foreign home buyers to try to address a lack of affordability for residents.
The new tax will likely be effective in tamping down buyer activity, Fitch analysts wrote, but with signs that the market may have begun to cool even before the tax, that leaves Vancouver home prices more exposed...
August 15, 2016
Canadian home sales post third consecutive decline in July
According to statistics released today by The Canadian Real Estate Association (CREA), national home sales declined for a third consecutive month in July 2016.
- National home sales fell 1.3% from June to July.
- Actual (not seasonally adjusted) activity came in 2.9% below July 2015.
- The number of newly listed homes rose 1.2% from June to July.
- The MLS® Home Price Index (HPI) rose 14.3% year-over-year in July.
- The national average sale price climbed 9.9% in July from one year ago; net of the Greater Toronto Area (GTA) and Greater Vancouver, it advanced 7% year-over-year.
August 15, 2016
Online Vancouver rental bidding site gets mixed reception
A new Vancouver-based company says it aims to lessen the headache of finding rental accommodation in the city’s hot housing market, but renters’ advocates are blasting it as more bad news for tenants.
Biddwell, which officially launched last week, allows prospective tenants to review online postings and submit a “sealed offer” on a unit, similar to a bid at a silent auction. The landlord can then review the applicant’s “renter resumé” – which can include a short biography, references and verified income – and decide whether the offered...
August 15, 2016
Vancouver’s real estate tax sparks backlash from Chinese buyers
Three years ago, Jack Li signed to buy a modest one-bedroom condo in Richmond for about $200,000, a chance to gain a relatively cheap foothold in British Columbia’s Lower Mainland.
Then he waited as his new home slowly emerged from the ground. But far more exciting than construction progress was the rapid rise in the value of his purchase as real estate prices took flight. Mr. Li, a Beijing oil and gas worker who turned to real estate when energy prices crashed, decided to buy more.
In January, he bought into another condo development in Yaletown. In July, he signed for a third, in Burnaby....
August 11, 2016
Housing Market Slows to a Simmer in BC
The British Columbia Real Estate Association (BCREA) reports that 9,900 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in July, down 3.4 per cent from the same month last year. Total sales dollar volume was $6.57 billion in July, up 5.4 per cent compared to the previous year. The average MLS® residential price in the province was up 9.1 per cent year-over-year, to $663,411.
“Housing demand has moderated in many regions of the province, after setting records earlier in the year,” said Cameron Muir, BCREA Chief Economist. “The less frenetic...
August 9, 2016
Canadian Housing Starts Trend Increases in July
The trend measure of housing starts in Canada was 201,936 units in July compared to 197,847 in June, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.
“July’s housing starts continued to pick up pace, as construction strengthened in BC and Ontario’s multi-unit segments,” said Aled ab Iorwerth, CMHC’s Deputy Chief Economist. “This reflects continued strong demand for lower-priced homes and low inventories of completed and unsold new units....
August 6, 2016
JUST SOLD: 411 9232 University Cr., Burnaby, SFU
UniverCity, a city within a city. Enjoy the peace & tranquility this area has to offer. Features: open layout, granite throughout, stainless steel appliances & spacious balcony. Located in Novo ii, this building offers recreation facilities & allows for rentals & pets. Close to transit, shopping, indoor/outdoor recreation & a host of perks available only to UniverCity residences.
August 3, 2016
Home sales move off of record-breaking pace in July
Metro Vancouver* homes sales resembled more typical levels in July.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales inthe region totalled 3,226 in July 2016, a decrease of 18.9 per cent from the 3,978 sales recorded in July 2015 and a decrease of 26.7 per cent compared to June 2016 when 4,400 homes sold. This is the first time since January that home sales in the region have registered below 4,000 in a month.
“After several months of record-breaking sales activity, home buyer demand returned to more historically normal levels...