CREA says May sales hit 5-year low and forecasts overall 11% decline this year

Canadian resale housing activity is seen dropping by 11 per cent this year amid the fallout from tighter mortgage rules, high prices and supply issues, a national real estate group says. (Jonathan Hayward/Canadian Press).

Home sales in Canada are projected to slide by 11 per cent this year, according to a new forecast by a national real estate group.

In a mid-year update to its market outlook released Friday, the Canadian Real Estate Association (CREA) said sales of homes this year via the Multiple Listing Service...

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Spacious and Open Layout

2 bed & Den Concrete Home

Priced at $698,000

 Click here for more details....

Gorgeous Mountain & Water views! Welcome to this 2bed+den/2bath/1205sqft luxury concrete home, located in OneUniversity of UniverCity at SFU; Vancouver's premier lifestyle neighborhood. Features: East/West exposure from 2 large covered balconies, engineered floors, 9’ ceilings, open kitchen w/SS apps, quartz counters & breakfast bar. Enjoy a large master complete with his/her walk-through closet, 5pc ensuite w/soaker & separate shower. Benefit from the spacious 2nd w/plenty...
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The British Columbia Real Estate Association (BCREA) reports that a total of 8,837 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in May, a 28.7 per cent decrease from the same month last year. The average MLS® residential price in BC was $739,783, down 1.7 per cent from May 2017. Total sales dollar volume was $6.54 billion, a 30 per cent decline from May 2017.

“BC home sales continued to slow in May because of more stringent qualifications for conventional

borrowers,” said Cameron Muir, BCREA Chief Economist. “The changes...

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On June 15, 2018, changes to Rules under the Real Estate Services Act that dictate how REALTORS® work with consumers will come into effect. The Rules, mandated by the Office of the Superintendent of Real Estate (OSRE) and finalized on April 27, 2018, have been amended to ensure consumers have a thorough understanding of their relationship with their REALTOR®, particularly when it comes to conflicts of interest and remuneration.

“Since the new Rules were finalized six weeks ago, BCREA has been hard at work to update our Applied Practice Courses for new licensees, continuing...

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Grant Duarte’s parents were just 25 when they bought their first house, a three-bedroom redbrick with a double garage in Mississauga, Ont. It was 1992 and they paid $192,000.

Their subsequent climb up the property ladder, the same one followed by so many of their generation and previous ones, is both ordinary and extraordinary: they welcomed their first child, then two more. In 2000, they sold the Mississauga house for a profit and bought a bigger redbrick home a bit further west down the Queen Elizabeth Highway in Burlington.

“We outgrew one house and moved to another,” said Carolyn...

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Warren ‘Whitey’ Bernard remembers the war years in Metro Vancouver being tough for several reasons — his dad heading off to battle, a dire shortage of money and his mom struggling desperately to find a room to rent.

Bernard ­­— the blond boy, now 82, reaching out to his soldier father in the historic photo of B.C. troops departing New Westminster in 1940 — remembers “living in a storefront, other people’s houses and being boarded out from time to time.”

Eventually, after the Second World War, Bernard said, his struggling, extremely hard-working...

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Home buyer demand continues to decline across the Metro Vancouver* housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,833 in May 2018, a 35.1 per cent decrease from the 4,364 sales recorded in May 2017, and a 9.8 per cent increase compared to April 2018 when 2,579 homes sold.

Last month’s sales were 19.3 per cent below the 10-year May sales average.

“With fewer homes selling today compared to recent years, the number of homes available for sale is rising,” Phil Moore, REBGV president said. “The...

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In line with financial market expectations, the Bank of Canada announced on May 30, 2018 it was keeping its trend-setting overnight lending rate unchanged at 1.25%.

The economy continues to unfold largely as expected. Inflation is close to the 2% target, a little higher than the Bank had projected back in April. That said, the Bank attributes most of that to the bump in gas prices in recent weeks and said that, as usual, it will look past the transitory impact of gas price fluctuations.

The Bank noted that “housing resale activity has remained soft into the second quarter, as the housing market...

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The idea of shelling out $70,000 or more for rent in four years while their children were at university was something two Canadian fathers – thousands of miles apart

– recently decided was a pointless financial sinkhole.

So Tim Morrison, who runs a GM dealership in Burlington, Ont., and Marcel Laforce, a software engineer who lives in Cloverdale, B.C., both did what felt like the smarter financial move. 

They bought condos for their away-from-home students near the universities they are studying at.

It’s a concept that some people have only heard of recently and more as a...

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Simon Fraser
Market Update

Simon Fraser Condos

Altaire by Polygon

Altaire built in 2008/2009 reaches higher then any other condo building in Metro Vancouver offering panoramic views.

Novo I by Intergulf

Novo I built in 2007 known for the amazing sight lines and views from most units and balconies up to 1000 sq ft.

Novo II by Intergulf

Novo II built in 2007 known for the amazing sight lines and views from most units and balconies up to 1000 sq ft.

Aurora by Polygon

Aurora built in 2006 with 103 condos featuring 36 unique floor plans ranging from 715 sq ft to 1500 sq ft.

One University by Millennium

One University built in 2005 is UniverCity's flagship building with luxury homes featuring semi private elevators.

Harmony by Polygon

Harmony built in 2005 was the first condo development at Univercity & as a result offers a unique setting & views.

Serenity Townhomes by Polygon

Serenity is a collection of 2 bedroom townhomes of 1100 sq ft ranging to 4 bedroom 2000+ sq ft townhomes.

The Hub by Liberty Homes

The Hub built in 2009 is set atop Nester's Grocery and steps from High Street giving these homes an urban feel.

Verdant by VanCity Enterprises

Verdant is a two storey town home building built with environmental design and stylish living spaces which complement the modern exterior of these SFU homes.

Origin by Porte Development

Origin is designed by GBL Architect & BYU Interior Designs, developed by Porte Development Corp. and marketed by Red Dot Real Estate.

Nest by Mosaic

Located on UniverCity High Street across from the new University Highlands elementary schools this refreshing building will add further depth to a growing community.

Highland House by Liberty Homes

A 12-storey concrete high-rise development and targeted towards Rental Investors and First-Time Condo Buyers.

Lift by Porte Development

Lift will be a wood frame building comprising of 56 homes. Building technologies, environmental features, and price points should be similar to Origin.

Altitude by Hungerford Group

Altitude will be a 2 tower development comprising of a 12 and 14 story building with a total of 210 strata units.

CentreBlock by Liberty Homes

CentreBlock at UniverCity atop Burnaby Mountain is the latest condo project with sales commencing early 2014. .

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