August 31, 2017
Robust BC Home Sales Supported by Strong Economy
The British Columbia Real Estate Association (BCREA) released its 2017 Third Quarter Housing Forecast update today.
Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 10 per cent to 100,900 units this year, after reaching a record 112,209 units in 2016. Strong economic fundamentals are underpinning consumer demand and are expected to keep home sales at elevated levels through 2018. The ten-year average for MLS® residential sales in the province is 84,700 units.
“British Columbia’s postion as the best performing economy...
August 25, 2017
Eliminating tolls might be a bridge too far for B.C. taxpayers
First off, there is the timing. In government, Fridays are usually reserved for bad-news announcements that will, hopefully, fade away over the weekend. Really bad news is relegated to late Friday afternoon, when, again hopefully, coverage will be minimal.
So Premier John Horgan and the BC NDP announcing on Friday that the tolls on the Port Mann and Golden Ears bridges will be eliminated as of Sept. 1 is a curious thing.
It is, after all, great news for those who have to travel over either bridge on a daily basis. The government estimates it will save daily car commuters $1,500 a year and commercial...
August 22, 2017
Commercial real estate activity below last year’s record-setting pace
Commercial real estate activity in the LowerMainland declined from the record highs of one year ago and returned to more historically typical levels in the second quarter (Q2) of 2017.
There were 595 commercial real estate sales in the Lower Mainland in Q2 2017, a 32 per cent decrease from the record 875 sales in Q2 2016, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).
The total dollar value of commercial real estate sales in the Lower Mainland was $2.886 billion in Q2 2017, a 37.5 per cent decrease from $4.615...
August 15, 2017
Canadian home sales fall further in July
According to statistics released today by The Canadian Real Estate Association (CREA), national home sales declined further in July 2017.
- National home sales fell 2.1% from June to July.
- Actual (not seasonally adjusted) activity in July stood 11.9% below last July’s level.
- The number of newly listed homes edged back by 1.8% from June to July.
- The MLS® Home Price Index (HPI) was up 12.9% year-over-year (y-o-y) in July 2017.
- The national average sale price edged down by 0.3% y-o-y in July.
The number of homes sold via Canadian MLS® Systems fell 2.1% in July 2017,...
August 14, 2017
Summer Housing Market Continues to Sizzle
The British Columbia Real Estate Association (BCREA) reports that a total of 9,275 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in July, down 6.3 per cent from the same period last year. Total sales dollar volume was $6.48 billion, down 1.3 per cent from July 2016. The average MLS® residential price in the province was $698,761, a 5.3 per cent increase from the same period last year.
“Strong economic growth, an expanding population base and a lack of supply continue to drive BC home sales and prices this summer,” said Cameron Muir, BCREA...
August 14, 2017
For many young Canadians, home won’t be a house
It’s probably time for Prime Minister Justin Trudeau to tell his young followers that the “Canadian dream” no longer comes with a lawn.
Last week, Statistics Canada reported a big drop in the issuance of building permits for single-family homes in cities with populations greater than 10,000. Municipalities in June granted permissions for such structures at a seasonally adjusted rate that would yield 65,100 units in a year, the slowest pace since April 2009 and one of the weakest on records that date to 1960.
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August 9, 2017
Canadian housing starts trend increased in July
The trend in housing starts was 217,550 units in July 2017, compared to 215,175 units in June 2017, according to Canada Mortgage and Housing Corporation (CMHC). This trend measure is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.
“In July, Canada’s pace in housing construction ramped up for a seventh consecutive month,” said Bob Dugan, CMHC’s chief economist. “British Columbia and Alberta were the main contributors to the higher trend in housing starts. While BC’s construction coincides with near-record...
August 4, 2017
Metro Vancouver sees fewer home sales and more listings in Jul
Home buyer activity returned to more typical summer levels in Metro Vancouver* last month.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,960 in July 2017, an 8.2 per cent decrease from the 3,226 sales recorded in July 2016, and a decrease of 24 per cent compared to June 2017 when 3,893 homes sold.
Last month’s sales were 0.7 per cent above the 10-year July sales average.
“Housing demand is inconsistent across the region right now. Pockets of the market are still receiving multiple offers and others are not. It depends...
August 1, 2017
In Canada, a nation of realtors braces for the end of the boom
Canada's long housing boom has drawn thousands into the sector, from realtors and home stagers to construction workers, and a looming slowdown threatens to trigger an exodus that could wipe out many of those jobs and force the economy to shift down.
While housing has long been the main engine of Canadian growth, economists say a drop in home sales has already started to weigh on the economy and if price declines follow, consumer spending and jobs will suffer.
"To a lot of people, it is a get-rich-quick scheme," Toronto realtor David Fleming said about the real estate market. "But history shows when...
July 31, 2017
JUST SOLD: 415 9339 University, Burnaby, SFU, UniverCity
UniverCity's Harmony by Polygon. Seldom available North West facing PENTHOUSE CORNER UNIT features 9' ceiling throughout and a 12' ceiling in the living/dining room, separate kitchen with nook and balcony, big windows on both sides for lots of natural light and natural air, and overlooks a beautiful water fountain that provides for a calm and serene home. Upgraded laminate wood flooring throughout, ensuite with large tub, master bedroom large enough for a king size bed with walk in closet, and second bathroom with stand up shower adjacent to bedroom. Extra large parking stall next to entrance....