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BCREA 2020 First Quarter Housing Forecast Update

The British Columbia Real Estate Association (BCREA) released its 2020 First Quarter Housing Forecast Update today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to increase 10.3 per cent to 85,290 units this year, after recording 77,349 residential sales in 2019. MLS® residential sales are forecast to increase 6.3 per cent to 90,700 units in 2021.

“The outlook for home sales in 2020 is considerably brighter than the past two years,” said Brendon Ogmundson, BCREA Chief Economist....

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The British Columbia Real Estate Association (BCREA) reports that a total of 77,331 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in 2019, a decline of 1.5 per cent from the 78,516 units sold in 2018. The annual average MLS® residential price in BC was $700,460, a decline of 1.6 per cent from $711,564 recorded the previous year. Total sales dollar volume was $54.2 billion, a 3 per cent decline from 2018.

“Housing markets across the province staged a strong recovery in the second half of 2019,” said BCREA Chief Economist Brendon Ogmundson. &...

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The trend in housing starts was 212,160 units in December 2019, compared to 219,921 units in November 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 decreased in December,” said Bob Dugan, CMHC's chief economist. “The declines are primarily led by lower-trending multi-family starts in Toronto, Montreal and Ottawa. However, the stable starts at year-end in Vancouver and significant growth in Calgary helped...

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The Metro Vancouver* housing market experienced below average sales activity and moderate price declines in 2019.

The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment homes reached 25,351 in 2019, a three per cent increase from the 24,619 sales recorded in 2018, and a 29.6 per cent decrease over the 35,993 residential sales in 2017.

Last year’s sales total was 20.3 per cent below the region’s 10-year sales average.

“We didn’t see typical seasonal patterns in 2019.Home buyer demand was quieter in the normally busy spring...

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Statistics released today by the Canadian Real Estate Association (CREA) show national home sales continued to edge higher in November 2019.

Highlights:

  • National home sales rose 0.6% month-over-month (m-o-m) basis in November.
  • Actual (not seasonally adjusted) activity was up 11.3% year-over-year (y-o-y).
  • The number of newly listed properties dropped by 2.7% m-o-m.
  • The MLS® Home Price Index (HPI) advanced by 0.8% m-o-m and 2.6% y-o-y.
  • The actual (not seasonally adjusted) national average sale price climbed 8.4% y-o-y.

Home sales recorded via Canadian MLS® Systems inched up by 0.6%...

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The British Columbia Real Estate Association (BCREA) reports that a total of 6,616 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November, an increase of 27.5 per cent from the same month last year. The average MLS® residential price in the province was $746,939, an increase of 5.5 per cent from November 2018. Total sales dollar volume was $4.94 billion, a 34.4 per cent increase from the same month last year.

“After several months of strong gains, home sales are now firming around long-run averages,” said BCREA Chief Economist Brendon Ogmundson....

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The sincerest of  thank you's to all of 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.
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The trend in housing starts was 219,047 units in November 2019, compared to 218,253 units in October 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 was essentially unchanged in November, reflecting slight increases in the national trends of both multi-family and single-detached starts" said Bob Dugan, CMHC's chief economist. “Vancouver saw a significant decline in the trend of multi-unit starts for...

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After a quieter first half of 2019, home buyer activity has returned to more historically typical levels in Metro Vancouver*.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,498 in November 2019, a 55.3 per cent increase from the 1,608 sales recorded in November 2018, and a 12.6 per cent decline from the 2,858 homes sold in October 2019.

Last month’s sales were four per cent above the 10-year November sales average.

“We started to see more home buyer confidence in the summer and this trend continues today,” says Ashley...

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We live in our homes very differently then when we try to sell them. Ensuring your home appeals to the broadest of audiences, is critical in getting the maximum dollar value possible. We have all walked into a show home and fallen in love. Ever wonder why? One reason is that developers spend a great deal of time and effort to ensure the home shows well. That is the same sense we want to convey to a buyer when they walk into your home, “Wow this place shows so well!”

So how do we do that? Decluttering and depersonalizing goes a long way to achieve this goal. Decluttering helps make the...

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Central 1 Credit Union is forecasting a recovery for Metro Vancouver and B.C.'s real estate market

A new report from Central 1 Credit Union suggests Metro Vancouver’s housing market could be bouncing back faster than anticipated.

The institution’s 2019-2021 B.C. Resale Market Housing Outlook said demand is picking up once again after the 2018 real estate slowdown, amid lower mortgage rates and continued population growth.

 “Home sales have returned to more normal levels following over a year of policy-induced declines but B.C.’s sales recovery has lagged the...
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Vancouver's empty homes tax should not be increased beyond its current rate in order to ensure people keep paying it, a city staff report states.

While the report, which will be presented to city council on Tuesday, said further exemptions for second homes should not go ahead, staff do recommend further exemptions to homes under renovation.

The tax applies a one per cent levy on a home's assessed value if owners cannot prove they occupy the property for more than six months of the year, either themselves or with renters.

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Statistics released today by the Canadian Real Estate Association (CREA) show national home sales were unchanged from September to October 2019.

Highlights:

  • National home sales held steady on a month-over-month (m-o-m) basis in October.
  • Actual (not seasonally adjusted) activity was up 12.9% year-over-year (y-o-y).
  • The number of newly listed properties declined by 1.8% m-o-m.
  • The MLS® Home Price Index (HPI) advanced by 0.6% m-o-m and 1.8% y-o-y.
  • The actual (not seasonally adjusted) national average sale price climbed 5.8% y-o-y.

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

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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...

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Another sincere thank you to all of 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.

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The Metro Vancouver* housing market is experiencing a fall pickup in home sale activity.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,858 in October 2019, a 45.4 per cent increase from the 1,966 sales recorded in October 2018, and a 22.5 per cent increase from the 2,333 homes sold in September 2019.

Last month’s sales were 9.8 per cent above the 10-year October sales average.

“Home buyers have more confidence today than we saw in the first half of the year,” says Ashley Smith, REBGV president. “With prices...

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Rebound in market sales activity likely to spark return to price growth, which could be “modest” or significant.

Home sales activity and average sale prices in Metro Vancouver are likely to increase over the next two years, according to a new forecast by Canada Mortgage and Housing Corp. (CMHC) Resale activity on the region’s MLS, which has seen significant year-over-year growth over the past few months, is predicted to continue that streak in 2020 and 2021. This increase in sales and demand for product will push up prices.

Although the housing agency described the expected...

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Immigrants buy 21 per cent of houses and may purchase 680,000 homes during the next five years, a Royal LePage poll shows.

Newcomers to Canada account for more than a fifth of the housing market, helping boost real estate in Ontario, Quebec and B.C., according to a new survey.

Immigrants buy 21 per cent of houses and may purchase 680,000 homes during the next five years if migration levels are maintained, the poll commissioned by Royal LePage shows.

“In addition to supporting Canada’s economic growth, newcomers to Canada are vital to the health of our national real estate market,”...

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The British Columbia Real Estate Association (BCREA) reports that a total of 6,938 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in September, an increase of 24 per cent from the same month last year. The average MLS® residential price in the province was $697,943, an increase of 2.1 per cent from September 2018. Total sales dollar volume was $4.84 billion, a 26.5 per cent increase from the same month last year. “Markets across BC built on momentum from the summer,” said BCREA Chief Economist Brendon Ogmundson. “While the year-over-year...

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Large 2 Bed Home

Fully Covered Patio

Price at $484,800

 Click here for more...

Clean & Spacious! Located in UniverCity, Vancouver's premier lifestyle neighborhood, Novo II is a concrete rental & pet friendly building with private gym & amenity room. This South East facing, 2bed, 2bath, 916sqft home offers an open layout, excellent room separation & well sized second bed. You won't be disappointed. Features: freshly painted, stainless apps, granite counters throughout, breakfast bar & lots of cupboard/counter/closet space. The large master has 3pc ensuite & walk-in closet....
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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.