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BC Homes Sales Carry Momentum into 2020

BCREA 2019 Fourth Quarter Housing Forecast

After a slow start to 2019, MLS® home sales in BC have embarked on a sustained upward trend since the spring. Slower BC economic growth and headwinds emanating from the South, along with the dampening effects of federal mortgage rules and provincial tax policy, mean that home sales are simply returning to trend after sustaining a significant shock, rather than returning to the heights of recent years.

Despite the significant improvement in market activity, sluggishness out of the gate will likely mean that provincial MLS® sales decline for a third consecutive year in 2019 to 77,100 unit sales. However, we expect all markets across BC to post rising sales in 2020 with total provincial MLS® sales up 10.9 per cent to their long-run average of about 85,500 units. As demand normalizes, the accumulation of resale inventory has reversed course in many markets around BC. We anticipate that this trend will continue in 2020 with sales and listings finding balance. For most markets this will mean price growth that’s in-line with inflation, though for some supply-constrained areas we are forecasting strong price growth. This is particularly true in the parts of Northern BC most directly impacted by massive LNG Canada investment. After a projected 2 per cent decline in the provincial MLS® average price in 2019, we anticipate a rise of 3.6 per cent in 2020.

Unexpectedly strong new home construction activity continued in 2019, particularly in Metro Vancouver. Total provincial housing starts are forecast to rise close to 8 per cent this year, surpassing the 40,000-unit mark for a third consecutive year and reaching a record high of 44,000 total starts. That elevated pace of new home construction adds to an already large pipeline of homes under construction. The overwhelming majority of those units are apartments, which have long and variable completion times. However, as this supply is added to the market, future price growth will likely be constrained.

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Provided by: BCREA

“Copyright British Columbia Real Estate Association. Reprinted with permission.” 

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. .

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.