BC HOME SALES TO REMAIN STRONG THROUGH 2017

Multiple Listing Service® (MLS®) residential sales in the province are expected to edge back 6.3 per cent to 96,100 units in 2016. Home sales surpassed the 100,000 unit threshold for only the third time on record last year, as strong market fundamentals and elevated consumer confidence charged demand. While fewer home sales are expected this year, economic conditions remain robust and will support relatively high levels of housing demand. Strengthening economic conditions at home and abroad are expected to bolster housing consumption activity in 2017. BC MLS® residential sales are forecast to increase 2 per cent to 98,000 units next year.

The BC economy is proving resilient to the collapse in oil prices and weak commodity demand. Consumer spending through retail sales is growing at its fastest rate in a decade, while employment in the province increased by over 2 per cent during the latter half of 2015, with a marked increase in full-time jobs. Tighter labour market conditions have also led to a 4 per cent rise in average wages. While BC exports have yet to fully realize the competitive advantage of the lower dollar, tourism has experienced significant gains. A record level of overnight visitors came to Vancouver over the last 12 months. Finally, interprovincial migration to BC is on an upswing, with waning job opportunities in Alberta driving workers from the province.  

Market conditions are not consistent around the province. Regional economies with a heavy reliance on commodities have demonstrated weaker housing market conditions, while larger urban areas have experienced declining inventories and strong sellers’ market conditions. Indeed, Vancouver and the Fraser Valley are exhibiting accelerating market conditions. However, a marked increase in new construction activity, now at its highest level since 2008, and an increase in new listings during the spring market are expected to ease some of the upward pressure on home prices. After rising 12 per cent in 2015, the average MLS® residential price in the province is forecast to increase 6.4 per cent to $677,200 this year and a further 4.2 per cent to $705,300 in 2017. 

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.