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Competition among buyers in Metro Vancouver’s housing market heats up as summer arrives

VANCOUVER, BC – June 2, 2023 – While the year started slower than usual, Metro Vancouver’s housing market is showing signs of heating up as summer arrives, with prices increasing for the sixth consecutive month.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,4112 in May 2023, which is a 15.7 per cent increase from the 2,947 sales recorded in May 2022, and a 1.4 per cent decline from the 10-year seasonal average (3,458).

“Back in January, few people would have predicted prices to be up as much as they are –...

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 A Brief Note on New Listings Activity in 2023

Summary of Findings

  • New listings in BC have fallen to 25 per cent below pre-pandemic norms.
     
  • Most of the explanation for low listings is due to overall slow market activity, but a multi-decade high interest rate differential between old and new mortgages is playing a role.
     
  • The situation should resolve with time, but the current period further highlights the structural problem of chronically undersupplied housing markets, which results in volatility and susceptibility to demand shocks.

The post-pandemic housing market has been notable for its stubborn refusal to track expectations. One of the most interesting and unexpected recent housing market trends has been the lack of new listings, which have been trending well below average in all areas of the province since the start of the year. At first blush, the lack of new listings is indeed counterintuitive. With borrowing costs at decade highs and high inflation squeezing household budgets, it seems reasonable to assume that new listings would hold steady, or even rise, as some overburdened households were forced to sell their homes. Instead, new listings have declined substantially in housing markets across Canada.

In this Market Intelligence, we show that the pattern of new listings we see is, in fact, a usual outcome of current market dynamics and underlying economic fundamentals. Contrary to expectations, we show that a sharp rise in interest rates has historically been a deterrent to homeowners’ listing their homes.

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Lack of Inventory Creating Tighter Market Conditions Across BC

The British Columbia Real Estate Association (BCREA) reports that a total of 7,427 residential unit sales were recorded in Multiple Listing Service® (MLS® ) systems in April 2023, a decrease of 17.7 per cent from April 2022. The average MLS® residential price in BC was 995,506 down 5.6 per cent compared to the average price of close to $1.1 million in April 2022. The total sales dollar volume was $7.4 billion, representing a 22.5 per cent decrease from the same time last year.

“BC home sales have now risen for three consecutive months, but that recovery in sales has not been matched...

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Just Sold: 200 9330 University Cr., Burnaby, SFU, UniverCity
Lush Forest Outlook
One UniverCity Crescent
3 Bed, 2 Bath 1290sqft
Priced at $778,800

Lush forest and mountain top views, bright, spacious & in impeccable condition! This is the home you have been searching for. Welcome to this true 3 bed, 2 bath, 1290sqft luxury home, in prestigious One University Cr., located in UniverCity, Vancouver's premier lifestyle neighborhood. Features: freshly painted, East/West exposure, 2 large covered balconies, engineered floors, 9’ ceilings, open kitchen w/SS apps, quartz counters & breakfast bar & a cozy fireplace. The large master has his/her walk-through...

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Prices continue rising across Metro Vancouver as home buyer  confidence returns

VANCOUVER, BC – May 2, 2023 – With listing activity remaining below historical norms, home sales in Metro Vancouver have mounted a surprising comeback, rising near levels seen last spring, before eight consecutive interest rate hikes eroded borrowing power and brought home sales activity down along with it. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,741 in April 2023, a 16.5 per cent decrease from the 3,281 sales recorded in April 2022, and 15.6 per cent below the 10-year seasonal average (3,249). 

“The...

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Just Listed - 200 9330 University Cr., Burnaby, SFU, UniverCity
Lush Forest Outlook
One UniverCity Crescent
3 Bed, 2 Bath 1290sqft
Priced at $778,800

Lush forest and mountain top views, bright, spacious & in impeccable condition! This is the home you have been searching for. Welcome to this true 3 bed, 2 bath, 1290sqft luxury home, in prestigious One University Cr., located in UniverCity, Vancouver's premier lifestyle neighborhood. Features: freshly painted, East/West exposure, 2 large covered balconies, engineered floors, 9’ ceilings, open kitchen w/SS apps, quartz counters & breakfast bar & a cozy fireplace. The large master has his/her walk-through...

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Spring brings renewed price growth across Metro Vancouver’s  housing market while new listings remain dormant

VANCOUVER, BC – April 3, 2023 – Home prices across Metro Vancouver’s1 housing market showed modest increases in March, while new listings remained below long-term historical averages.

March data also indicates home sales are making a stronger than expected spring showing so far, despite elevated borrowing costs.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,5352 in March 2023, a 42.5 per cent decrease from the 4,405 sales recorded in March 2022, and 28.4 per cent below the 10-year seasonal average (3,540).

The MLS...

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Canadian home sales rise in February despite drop in new supply

Highlights:

  • National home sales rose 2.3% month-over-month in February.
  • Actual (not seasonally adjusted) monthly activity came in 40% below February 2022.
  • The number of newly listed properties dropped 7.9% month-over-month.
  • The MLS® Home Price Index (HPI) edged down 1.1% month-over-month and was down 15.8% year-over-year.
  • The actual (not seasonally adjusted) national average sale price posted an 18.9% year-over-year decline in February.

Home sales recorded over Canadian MLS® Systems posted a 2.3% increase from January to February 2023. Gains were led by the Greater Toronto Area (GTA) and...

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Provincial Housing Market Showing Signs of Recovery Heading into Spring

The British Columbia Real Estate Association (BCREA) reports that a total of 4,775 residential unit sales were recorded in Multiple Listing Service® (MLS® ) systems in February 2023, a decrease of 46.5 per cent from February 2022. The average MLS ® residential price in BC in 2023 was 941,575, down 14.7 per cent compared to the average price of over $1.1 million in February 2022, recorded at the market's peak. The total sales dollar volume was $4.5 billion, representing a 54.4 per cent decrease from the same time in the previous year.

“While activity across provincial housing markets...

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After eight successive rate hikes the Bank of Canada has decided to maintain its target for the overnight lending rate at 4.5%, while continuing its policy of quantitative tightening.

The Bank indicated global economic developments have evolved in line with their expectations amidst a backdrop of slowing global growth and easing inflationary pressures. However, China’s economic recovery along with the Russia-Ukraine war were cited as key sources of upside risk. According to the Bank, overall financial conditions have tightened in recent months along with the Canadian dollar losing value against...

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Renters will get a tax credit, families will get a bump in the B.C. Family Benefit and prescription contraception will be free. But the carbon tax is going up, which means gas will get more expensive.

David Eby’s first budget as premier delivered a $4.2 billion deficit to pay for the long-promised $400 renters’ credit, free prescription contraception, new rental housing and $200 million to expand mental health and addiction services across B.C.

The 2023/24 budget, presented Tuesday by Finance Minister Katrine Conroy, also provides cash to help people with the affordability crisis amid...

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Below average home sales allow inventory to inch upwards

February listing data show a continued reluctance among prospective home sellers to engage in Metro Vancouver’s* housing market, leading to below-average sales activity. With sales remaining well-below historical norms, the number of available homes for sale in the region have continued inching upwards.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,808 in February 2023, a 47.2 per cent decrease from the 3,424 sales recorded in February 2022, and a 76.9 per cent increase from the 1,022 homes sold in January 2023.

Last month’s...

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It Is Thanks To Dedicated Supporters Like Hafez

We thank Hafez Panju for his continued support to kidney patients across BC & the Yukon. Since 2008, Hafez has donated $37,700 to the Kidney Foundation, through contributing a percentage of his sales commission, very generously to the BC & Yukon Branch.


Kidney disease is a complex and life‐altering condition that continues to grow at an alarming rate, with no cure. 1 in 10 Canadians (4 million people) now have kidney disease and millions more are at risk with leading causes such as diabetes and heart disease also on the rise.


It is thanks to dedicated supporters like Hafez, who make it possible...

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Housing Market Activity Off to a Slow Start in 2023

The British Columbia Real Estate Association (BCREA) reports that a total of 3,047 residential unit sales were recorded in Multiple Listing Service® (MLS® ) systems in January 2023, a decrease of 50.3 per cent from January 2022. The average MLS® residential price in BC in 2023 has seen a dip to $872,934, down 16.1% compared to the average price of over $1 million in January 2022, which was recorded near the peak of the market. The total sales dollar volume was $2.7 billion, representing a 58.3% decrease from the same time in the previous year.

“Provincial sales are off to a slow...

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How homebuyers can navigate the housing market upheaval

Buyers now face a severe lack of choice as falling prices deter some sellers from listing their property

A lot can change in a year. It's a hard lesson homebuyers and sellers are learning as they navigate an upheaval in the housing and mortgage markets that virtually no one saw coming.

While some might have the luxury to wait until the market stabilizes, certain life events and changes in one's financial situation, known in the real estate industry as the "Four D's" - death, divorce, debt and downsizing – mean the pressure is on for some buyers and sellers who need to relocate.

"Those four...

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What A Year

Incredibly grateful and humbled. Thank you to all my clients for your trust in me to assist you, your family and friends.

Real Estate Board of Greater Vancouver Medallion Presidents Club top 1% of the agents
Royal LePage National 2% for GCI
Royal LePage National 5% for Units
Royal LePage West Real Estate Services #3 individual

TRUST THE VALUE
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BCREA - Housing Forecast Update

The once bright outlook for the economy, with visions of a second “roaring 20s” fueled by pent-up demand and accumulated savings, has given way to uncertainty and the gloom of a potential recession this year. The shift in outlook was brought on by the monetary policy response to multi-decade high inflation as the Bank of Canada tightened its policy rate at its fastest pace since the 1990s. While we are still waiting on a broader economic downturn, the housing market immediately felt the impact of elevated interest rates.

Although the annual level of home sales in 2022 was near its long-term...

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Home sales decline below long-term averages and inventory remains  low to start 2023

– Inventory remains low in Metro Vancouver* while home sales dipped well below monthly historical averages in January.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,022 in January 2023, a 55.3 per cent decrease from the 2,285 sales recorded in January 2022, and a 21.1 per cent decrease from the 1,295 homes sold in December 2022.

Last month’s sales were 42.9 per cent below the 10-year January sales average.

“Due to seasonality, market activity is quieter in January. With mortgage rates having risen so rapidly over...

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The Bank of Canada today increased its target for the overnight rate to 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. The Bank is also continuing its policy of quantitative tightening.

Global inflation remains high and broad-based. Inflation is coming down in many countries, largely reflecting lower energy prices as well as improvements in global supply chains. In the United States and Europe, economies are slowing but proving more resilient than was expected at the time of the Bank’s October Monetary Policy Report (MPR). China’s abrupt lifting...

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Just Sold: 1104 8725 University Cr., Burnaby, Burnaby North, SFU


Developed by Liberty Homes in the centre of SFU’s University community. Two big decent bedrooms with two bathroom condo. Huge balcony with a grand view of Mount Baker, Fraser River, Sea and Metro City. Heat pump and HRV system included. Southeast corner facing. This is a good opportunity for living and renting. Must See!!!


Listing Offered by: LeHomes Realty Premier

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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. .

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.