February 27, 2017
BC Commercial Leading Indicator Ends Year on a High Note
The BCREA Commercial Leading Indicator (CLI) increased for the fourth consecutive quarter, rising 1.5 index points from the third to fourth quarter. The index now sits at 123.9, a 5 per cent increase from a year ago, and about a 1.2 per cent gain on a quarterly basis.
“The CLI was propelled higher by strong fourth quarter growth in the BC economy,” says BCREA Economist Brendon Ogmundson. “The strength of the underlying BC economy, particularly relative to the rest of Canada, makes BC a very attractive destination for commercial investment.”
Five straight quarters...
February 27, 2017
Just Listed: 602 9298 University Cr., Simon Fraser University
What a view! Perfect for the students, singles or investors alike. This bright 376sqft studio is in excellent condition & shows well. Features: over height ceilings, granite counters, updated appliances, in-suite laundry, 1 parking & beautiful City and open Sky views. Located in Novo I a concrete building with exercise room and pet and rental friendly. Move-in or generate excellent cash flow from high rental demand. Close to: transit, shopping, indoor/outdoor recreation & a host of perks available only to UniverCity residences. Do not miss your chance to enjoy living in this...
February 23, 2017
Just Listed: 405 9262 University Cr., Simon Fraser University
Spacious 1 Bed & Den
Priced at $339,800
University, a city within a city. Enjoy the peace & tranquility this area has to offer. This 1 bed & den 669 sqft unit will not disappoint. Features: open layout, granite counters throughout, stainless steel appliances, laminate floors, front load washer & dryer, large covered balcony, & excellent sized den. Located in Novo II, this building offers recreation facilities & allows for rentals & pets. Close to: transit, shopping, indoor/outdoor recreation & a host of perks available only to UniverCity residences....
February 21, 2017
Budget 2017—BCREA News Release
On the heels of multiple government announcements in 2016 and early 2017, the British Columbia Real Estate Association (BCREA) welcomes the latest: an increase in the Property Transfer Tax exemption threshold for first-time buyers, announced in Budget 2017. The increase, to $500,000 from $475,000, takes effect today.
BCREA appreciates this government’s attention to the needs of first-time homebuyers. To keep pace with the dynamic real estate market and ensure that homebuyers aren’t left behind, the Association strongly believes that this threshold—and all others related to the...
February 16, 2017
Economy, Population Growth Support Housing Demand Through 2018
The British Columbia Real Estate Association (BCREA) released its 2017 First Quarter Housing Forecast Update today.
Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 14.1 per cent to 96,345 units this year, after reaching a record 112,209 units in 2016. A moderation trend that began early in 2016, combined with tougher federal government mortgage qualification rules and the foreign buyer tax in Vancouver, is expected to limit consumer demand over the next two years. However, housing demand is expected to remain well above the tenyear average...
February 15, 2017
BC Home Sales Return to Historic Average
The British Columbia Real Estate Association (BCREA) reports that a total of 4,487 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in January, down 23 per cent from the same period last year. Total sales dollar volume was $2.79 billion, down 36.5 per cent from January 2016. The average MLS® residential price in the province was $621,093, a 17.5 per cent decrease from the same period last year.
“Housing demand across the province returned to long-term average levels last month,” said Cameron Muir, BCREA Chief Economist. “However, regional...
February 14, 2017
Canadian home sales edge down from December to January
According to statistics released today by The Canadian Real Estate Association (CREA), national home sales were down slightly in January 2017 on a month-over-month basis.
- National home sales declined 1.3% from December 2016 to January 2017.
- Actual (not seasonally adjusted) activity in January was up 1.9% from a year earlier.
- The number of newly listed homes dropped 6.7% from December 2016 to January 2017.
- The MLS® Home Price Index (HPI) in January was up 15.0% year-over-year (y-o-y).
- The national average sale price was little changed (+0.2%) y-o-y in January.
Home sales over...
February 10, 2017
Canadian Housing Starts Trend Increased in January
The trend measure of housing starts in Canada was 199,834 units in January compared to 197,881 in December, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.
“New home construction started off strong in 2017, both in terms of single-detached homes and multi-unit residential,” said Bob Dugan, CMHC Chief Economist. “While Ontario starts continue to drive the national trend upwards, construction has slowed in BC since last July when it reached a near record...
February 8, 2017
JUST SOLD: 400 9390 University Cr., Burnaby, SFU
Spacious and Open Layout
3 Bedroom Concrete Home
Open House Feb 4 1:00 to 3:00
Priced at $538,800
Open Sky views, bright, spacious & extremely clean! This 3bed/2bath/1168sqft luxury concrete home, located in OneUniversity offers an excellent layout, fresh paint & shows well. You won't be disappointed. Features: East/West exposure from two large covered balconies, 9’ ceilings, open kitchen w/SS apps, bar fridge, quartz counters & breakfast bar & a cozy fireplace. The large master has his/her walk-through closet, 5pc ensuite w/soaker & separate shower. The 2nd & 3rd rooms...
February 2, 2017
Metro Vancouver housing market off to a quieter start than last year
Home sales and listings trends are below long-term averages in the Metro Vancouver* housing market. This is due largely to reduced activity in the detached home market.
Residential property sales in the region totalled 1,523 in January 2017, a 39.5 per cent decrease from the 2,519 sales recorded in January 2016 and an 11.1 per cent decrease compared to December 2016 when 1,714 homes sold. Last month’s sales were 10.3 per cent below our 10-year January sales average.
“From a real estate perspective, it’s a lukewarm start to the year compared to 2016,” Dan Morrison, Real Estate...