Total home transactions across province expected to rise 11 per cent versus 2019, with average sale prices also predicted to increase in every area

Although every region in B.C. is expected to see lower home sales in 2019 than in 2018, sales will more than recover in 2020, according to a September 5 forecast by the British Columbia Real Estate Association (BCREA). 

Overall in 2019, residential transactions across the province are predicted to be five per cent lower, at about 75,000 units, than the 78,505 sales of 2018. Every one of B.C.’s 12 boards is expected to report a year-over-year...

Home buyer activity increased to more typical levels in Metro Vancouver* throughout the summer months.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,231 in August 2019, a 15.7 per cent increase from the 1,929 sales recorded in August 2018, and a 12.7 per cent decrease from the 2,557 homes sold in July 2019.

Last month’s sales were 9.2 per cent below the 10-year August sales average.

“Home sales returned to more historically normal levels in July and August compared to what we saw in the first six months of the year,”...

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A sincere thank you to all my clients that have placed their trust in me to assist them with their real estate needs. I am Proud to be part of the Royal LePage West Real Estate Services team and congrats to my fellow realtors. 

The British Columbia Real Estate Association (BCREA) reports that a total of 7,930 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in July, an increase of 12.4 per cent from the same month last year. The average MLS® residential price in the province was $684,497, a decline of 1.6 per cent from July 2018. Total sales dollar volume was $5.43 billion, a 10.5 per cent increase from the same month last year. “BC home sales climbed higher for the first time in 18 months on a year-over-year basis in July,” said BCREA Chief Economist Cameron Muir. Housing...

The trend in housing starts was 208,970 units in July 2019, compared to 205,765 units in June 2019, 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.

“The national trend in housing starts increased in July, despite a decrease in the level of SAAR activity from June," said Bob Dugan, CMHC's chief economist. “High levels of activity in apartment and row starts in urban centres in recent months continued to be reflected in the high level of the...

Home buyer demand picked up across Metro Vancouver* last month, making July, a traditionally quieter month in real estate, the second highest selling month so far this year. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,557 in July 2019, a 23.5 per cent increase from the 2,070 sales recorded in July 2018, and a 23.1 per cent increase from the 2,077 homes sold in June 2019. 

Last month’s sales were 7.8 per cent below the 10-year July sales average. 

“While home sale activity remains below long-term averages,...

Spacious 2 Bed

243sqft Fully Covered Patio

Price at $474,800

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Looking for a home with more space? Your search is over! Welcome to this spacious 2 bed , 1 bath, 829sqft home. Located in Altaire, a concrete building at UniverCity; Vancouver's premier lifestyle neighborhood. Features: spacious open layout, dining & living rooms to accommodate full size furniture, a kitchen with plenty of counter & cupboard space, SS apps, cozy F/P, extra storage plus a 243sqft fully covered patio. The well sized master has pass-through closets & access to a cheater ensuite. The 2nd...

TransLink to consider three possible routes

The dream of one day gliding up Burnaby Mountain in a gondola is one step closer to coming true, thanks to a unanimous vote of the Mayors’ Council on Regional Transportation.

Metro Vancouver mayors advanced the planning process for the proposed project Thursday. It will now go to public consultation, and TransLink staff will start trying to secure funding from senior levels of government. 

The agency’s vice-president of transportation planning and policy, Geoff Cross, explained the mountain’s topography makes it hard to build other...

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Looking for that perfect 1 bed condo & can't seem to find it? Well your search ends here! Located in the "The Heart" of SFU, UniverCity, in The Hub, a concrete, LEED building. This 1bed/1bath/594sqft home is perfect for investors, first time buyers, aspiring students & everyone else in between. Features: an open concept plan, plenty of natural light, wood floors, a kitchen with SS apps, quartz counters & plenty of cupboards. The well sized master offers excellent closet space & large windows looking...

The interest rate used by the federally regulated banks in mortgage stress tests has declined for the first time since 2016, making it a bit easier to get a mortgage. This is particularly important for first-time homeowners who have been struggling to pass the B-20 stress test. The benchmark posted 5-year fixed rate has fallen from 5.34% to 5.19%. It’s the first change since May 9, 2018. And it’s the first decrease since Sept. 7, 2016, despite a 106-basis-point nosedive in Canada’s 5-year bond rate since November 8 (see chart below).

Five-Year Canadian Bond Yield

The benchmark...

The British Columbia Real Estate Association (BCREA) reports that a total of 6,960 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in June, a decline of 11.8 per cent from the same month last year. The average MLS® residential price in the province was $687,584, a decline of 4 per cent from June 2018. Total sales dollar volume was $4.8 billion, a 15.3 per cent decline from the same month last year. “BC home sales moderated lower in June after a stronger showing in May,” said BCREA Deputy Chief Economist Brendon Ogmundson. “While mortgage...

Statistics released today by the Canadian Real Estate Association (CREA) show national home sales were little changed in June 2019 from the previous month.

Highlights:

• National home sales edged back 0.2% month-over-month (m-o-m) in June.
• Actual (not seasonally adjusted) activity ticked up 0.3% year-over-year (y-o-y).
• The number of newly listed homes rose 0.8% m-o-m.
• The MLS® Home Price Index (HPI) climbed 0.3% m-o-m in June but was down 0.3% y-o-y.
• The actual (not seasonally adjusted) national average sale price was up 1.7% y-o-y.

Home sales recorded via Canadian MLS® Systems were...

Spacious 1 Bed Condo

The Heart of SFU

Open: July 14, from 2 to 4

Price at $414,800

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Looking for that perfect 1 bed condo & can't seem to find it? Well your search ends here! Located in the "The Heart" of SFU, UniverCity, in The Hub, a concrete, LEED building. This 1bed/1bath/594sqft home is perfect for investors, first time buyers, aspiring students & everyone else in between. Features: an open concept plan, plenty of natural light, wood floors, a kitchen with SS apps, quartz counters & plenty of cupboards. The well sized master offers excellent closet space &...

With home buyer demand below long-term historical averages in June, the supply of homes for sale continued to accumulate in Metro Vancouver*. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,077 in June 2019, a 14.4 per cent decrease from the 2,425 sales recorded in June 2018 and a 21.3 per cent decrease from the 2,638 homes sold in May 2019. 

Last month’s sales were 34.7 per cent below the 10-year June sales average. This is the lowest total for the month since 2000. 

“We’re continuing to see an expectation...

Real estate prices in the region have risen by 316 per cent since 2000; New York just 103 per cent

We all know that real estate prices in Metro Vancouver have gone nuts over the past decade or so, but how does that growth compare with other North American cities? 

Canadian housing blog Better Dwelling crunched the numbers and came up with a jaw-dropping graph that shows just how dramatically prices have risen in the region since 2000, as compared with cities such as New York, San Francisco, Los Angeles, Toronto and Montreal.

It found that Metro Vancouver home prices have risen a whopping...

Rising atop Burnaby Mountain, this stylish one bedroom apartment residence at Veritas by Polygon is ideally situated for higher learning. Steps from a protected forest renowned for its natural beauty and spectacular views, Veritas enjoys immediate access to Simon Fraser University - Canada's top comprehensive university and a setting rich in culture and lifestyle opportunities. It is a very spacious one bedroom. The flex room is a bonus which can be used as study room. It is a great opportunity to own your dream home! Walk to SFU campus, bus loop, Nestors Market, and all the shops and restaurants....

The British Columbia Real Estate Association (BCREA) released its 2019 Second Quarter Housing Forecast today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 9 per cent to 71,400 units this year, after recording 78,346 residential sales in 2018. MLS® residential sales are forecast to increase 14 per cent to 81,700 units in 2020. The 10-year average for MLS® residential sales in the province is 84,300 units.

“The shock to affordability from restrictive mortgage policies, especially the B20 stress test, will continue to limit housing...