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Finally, the search is over! Fully renovated, top floor corner unit with an abundance of light. This South facing, 2bed/1bath/898sqft home in popular Brookside Park complex of Cariboo, Burnaby has it all. Features: freshly painted, new floors, crown & base moldings, new blinds, updated kitchen w/newer appliances, in-suite W/D, good sized balcony & cozy wood F/P. The large master has walk-in closet & access to 4pc cheater ensuite. The 2nd bed is spacious & has large closet. The location can't be beat with 75 walk-score: Skytrain, transit, parks, rec., shopping & more all within a short walk. Bonus: well maintained building, recently re-piped, live-in caretaker, 1 parking and locker. Act Now! Open Sun Sep 25 from 2 to 4.

 

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Immaculate! The only way to describe this spacious 1 bed & den, 1 bath, 861sqft South West facing home in pristine, move-in condition. Located in James Court, a 19+ adult oriented complex and central to all types of amenities; you won’t be disappointed. Enjoy an abundance of light throughout. Features: functional layout, large kitchen w/excellent cupboard & counter space, insuite W/D, cozy gas F/P and a large covered balcony facing the quiet side of the building. The excellent sized master bedroom has a walk in closet & convenient 4 pc cheater ensuite. Bonus: 1 parking & secured locker. Rentals not allowed, pets are ok. Act Now!


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Immaculate! The only way to describe this spacious 1 bed & den, 1 bath, 861sqft South West facing home in pristine, move-in condition. Located in James Court, a 19+ adult oriented complex and central to all types of amenities; you won’t be disappointed. Enjoy an abundance of light throughout. Features: functional layout, large kitchen w/excellent cupboard & counter space, insuite W/D, cozy gas F/P and a large covered balcony facing the quiet side of the building. The excellent sized master bedroom has a walk in closet & convenient 4 pc cheater ensuite. Bonus: 1 parking & secured locker. Rentals not allowed, pets are ok. Act Now!


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Finally, the search is over! Fully renovated, top floor corner unit with an abundance of light. This South facing, 2bed/1bath/898sqft home in popular Brookside Park complex of Cariboo, Burnaby has it all. Features: freshly painted, new floors, crown & base moldings, new blinds, updated kitchen w/newer appliances, in-suite W/D, good sized balcony & cozy wood F/P. The large master has walk-in closet & access to 4pc cheater ensuite. The 2nd bed is spacious & has large closet. The location can't be beat with 75 walk-score: Skytrain, transit, parks, rec., shopping & more all within a short walk. Bonus: well maintained building, recently re-piped, live-in caretaker, 1 parking and locker. Act Now! OPEN HOUSE Sun Sep 25 from 2 to 4.


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Gorgeous home offering breath-taking views of Burrard Inlet & privacy from green space. This exceptionally bright 2bed/2bath/1039sqft home features a spacious layout, fireplace, floor to ceiling windows, a large balcony, granite counters, stainless apps & so much more. The large master has walk-in & ensuite w/dual sinks, soaker & shower. Bonus: custom closet organizers & cabinets add lots of in-suite storage & separate locker. Altaire, Polygon built, offers balance of 2-5-10 warranty & fully equipped exercise room. Close to: transit, shopping, indoor/outdoor rec & a host of perks available only to UniverCity residences. Do not miss your chance to enjoy living in this great lifestyle neighborhood!  Open Sept 24 from 1:00 to 3:00.


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Investor, student and first time buyer alert! This 1bed/1bath/599sq home features Inlet & green space views, an efficient floor plan, quality flooring, GE Cafe appliances, quartz counters, a spacious kitchen w/breakfast bar & covered balcony. Spacious master has walk-through closet to a cheater 4pc bathroom. Altitude is Vancouver's highest rising tower, 1 yr young & rental & pet friendly. Bonus: 1 locker & Parking. Walk to: transit, campus, childcare, shopping, indoor/outdoor rec. & a host of resident-only perks. Do not miss your chance to enjoy living in this great lifestyle neighborhood!  


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According to statistics released today by The Canadian Real Estate Association (CREA), national home sales declined for a fourth consecutive month in August 2016.

Highlights:

  • National home sales fell 3.1% from July to August.
  • Actual (not seasonally adjusted) activity came in 10.2% above August 2015.
  • The number of newly listed homes declined 2.7% from July to August.
  • The MLS® Home Price Index (HPI) rose 14.7% year-over-year in August.
  • The national average sale price climbed 5.4% in August from one year ago.

The number of homes trading hands via Canadian MLS® Systems fell by 3.1 percent month-over-month in August 2016 – the largest monthly decline since December 2014. Together with declines in each of the three previous months, the slowdown in August places national home sales activity 6.9 percent below the record set in April 2016.

 

Sales activity was down from levels in the previous month in close to 60 per cent of all markets in August, led by a steep decline in Greater Vancouver following the introduction of a new property transfer tax on homes purchased by foreign buyers.

 

Activity also dropped significantly in the Fraser Valley. August marked the sixth consecutive monthly decline for home sales in the Lower Mainland, as transactions in Greater Vancouver and the Fraser Valley had already been retreating sharply from their peak reached in February. Much of the monthly declines in national sales in recent months reflect slowing activity in the Lower Mainland.

 

“The sudden introduction of the new property transfer tax on homes purchased by foreign buyers in Metro Vancouver has created a cloud of uncertainty among home buyers and sellers,” said CREA President Cliff Iverson. “That the tax applies to sales that had not yet closed shows how the details for a new tax policy can unnecessarily destabilize housing markets. More broadly, it speaks to the importance of evidence-based decision making to ensure that unintended consequences and collateral damage are minimized when new policies or tighter regulations affecting housing markets are being actively considered.”

 

“Single family homes sales were already cooling before the new land transfer tax on foreign home buyers in Metro Vancouver came into effect,” said Gregory Klump, CREA’s Chief Economist. “The surprise announcement of the new tax caused sales to brake hard.”

 

Actual (not seasonally adjusted) sales activity was up 10.2 percent year-over-year (y-o-y) in August 2016. Sales were up from year-ago levels in about three-quarters of all Canadian markets, led by Greater Toronto. By contrast, Greater Vancouver posted the largest year-over-year sales decline.

 

The number of newly listed homes fell by 2.7 percent in August 2016 compared to July. While new supply was down in just over half of all local markets, declines in the Lower Mainland, Greater Toronto and Montreal far outweighed the monthly rise in new listings in less active markets.

 

With sales and new listings both down by similar magnitudes in August, the national sales-to-new listings ratio was 61.6 percent, which was little changed from 61.8 percent in July. The ratio had previously been as high as 65.3 percent in May.

 

A sales-to-new listings ratio between 40 and 60 percent is generally consistent with balanced housing market conditions, with readings below and above this range indicating buyers’ and sellers’ markets respectively.

 

The ratio was above 60 percent in almost half of all local housing markets in August, virtually all of which continue to be located in British Columbia, in and around the Greater Toronto Area and across Southwestern Ontario.

 

Notably, the ratio moved into the mid-50 percent range in Greater Vancouver in August after having begun the year at 90 percent.

 

The number of months of inventory is another important measure of the balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity.

 

There were 4.8 months of inventory on a national basis at the end of August 2016. This was up from 4.6 months in the previous three months and marked the first increase in almost a year.

 

The number of months of inventory had been trending lower since early 2015, reflecting increasingly tighter housing markets in Ontario – and, until recently, in B.C. It nonetheless remains below two months in Victoria and virtually everywhere within the Greater Golden Horseshoe region, including Greater Toronto, Hamilton-Burlington, Oakville-Milton, Guelph,Kitchener-Waterloo, Cambridge, Brantford, the Niagara Region, Barrie and Woodstock- Ingersoll. Indeed, major areas within the GTA have less than one month of inventory.

 

The Aggregate Composite MLS® HPI rose by 14.7 percent y-o-y in August 2016, the biggest gain since October 2006.

 

For the seventh consecutive month, y-o-y price growth accelerated for all Benchmark property types tracked by the index.

 

Two-storey single family home prices posted a 16.3 percent year-over-year increase in August 2016, as did townhouse/row units. One-storey single family homes followed close behind with a y-o-y increase of 14.4 percent, while apartment unit prices rose 11.7 percent y-o-y.

 

While prices in 9 of the 11 markets tracked by the MLS® HPI posted y-o-y gains in August, increases continue to vary widely among housing markets.

 

Greater Vancouver (+31.4 percent) and the Fraser Valley (+38.3 percent) posted the largest y-o-y gains by a wide margin. Smaller double-digit y-o-y percentage price gains were also recorded by Greater Toronto (+17.2 percent), Victoria (+18.9 percent) and Vancouver Island (+13.1 percent).

 

By contrast, prices were down -4.1 percent y-o-y in Calgary in August. Although prices there have held steady since May 2016, they have remained down from year-ago levels since September 2015 and are 4.7 percent below the peak reached in January 2015.

 

Additionally, prices were down by -0.9 percent y-o-y in Saskatoon in August. While prices have remained below year-ago levels since August 2015, they are on track to begin rebounding before year-end should current trends persist.

 

Meanwhile, home prices posted additional y-o-y gains in Greater Moncton (+6.6 percent), Regina (+3.7 percent), Greater Montreal (+2.5 percent) and Ottawa (+1.7 percent).

 

The MLS® Home Price Index (MLS® HPI) provides the best way of gauging price trends because average price trends are prone to being distorted by changes in the mix of sales activity from one month to the next.

 

The actual (not seasonally adjusted) national average price for homes sold in August 2016 was $456,722, up 5.4 percent y-o-y, making it the smallest increase since January 2015.

 

The national average price continues to be pulled upward by sales activity in Greater Vancouver and Greater Toronto, which remain two of Canada’s tightest, most active and expensive housing markets.

 

Greater Vancouver’s share of national sales activity has diminished, causing it to have less upward influence on the national average price. Nonetheless, if Greater Vancouver and Greater Toronto are excluded from calculations, the average price is reduced by about $100,000 to $357,033.

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The British Columbia Real Estate Association (BCREA) reports that 8,945 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in August, up 1.5 per cent from the same month last year. Total sales dollar volume was $5.1 billion in August, down 6.7 per cent compared to the previous year. The average MLS® residential price in the province was $569,393, a decline of 8.1 per cent compared to the same month last year.

“Strong housing demand across most regions of the province offset slowing home sales in Vancouver last month,” said Cameron Muir, BCREA Chief Economist. “The newly introduced 15 per cent foreign buyer tax combined with the 3 per cent property transfer tax on homes over $2 million brought in earlier this year, slowed demand at the top end of the market in Vancouver last month.”

“The decline in the average home price was due to a change in the composition and location of homes sold in the province,” added Muir. “Fewer sales of high priced detached homes relative to all other homes sales in Vancouver as well as fewer Vancouver home sales relative to the rest of the province has caused the average price statistic to decline.”

Year-to-date, BC residential sales dollar volume increased 39.1 per cent to $61.6 billion, when compared with the same period in 2015. Residential unit sales climbed by 22.1 per cent to 86,206 units, while the average MLS® residential price was up 13.9 per cent to $714.400.

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Investor, student and first time buyer alert! This 1bed/1bath/599sq home features Inlet & green space views, an efficient floor plan, quality flooring, GE Cafe appliances, quartz counters, a spacious kitchen w/breakfast bar & covered balcony. Spacious master has walk-through closet to a cheater 4pc bathroom. Altitude is Vancouver's highest rising tower, 1 yr young & rental & pet friendly. Bonus: 1 locker & Parking. Walk to: transit, campus, childcare, shopping, indoor/outdoor rec. & a host of resident-only perks. Do not miss your chance to enjoy living in this great lifestyle neighborhood!  


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The trend measure of housing starts in Canada was 195,640 units in August compared to 201,379 in July, 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.

 

"Housing starts declined in August, as construction of multi-unit dwellings slowed in most regions, led by lower activity in Alberta and Manitoba” said Bob Dugan, CMHC Chief Economist. "However, housing market activity levels remain elevated and this decline in starts is the market's response to increasing levels of supply. Multi-unit inventories are above average in several major markets across the country."

 

CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of the state of Canada’s housing market. In some situations analyzing only SAAR data can be misleading, as they are largely driven by the multi-unit segment of the market which can vary significantly from one month to the next.

 

The standalone monthly SAAR for all areas in Canada was 182,703 units in August, down from 194,663 units in July. The SAAR of urban starts decreased by 6.1 per cent in August to 167,879 units. Multiple urban starts decreased by 7.3 per cent to 111,378 units in August and single-detached urban starts decreased by 3.7 per cent to 56,501 units.

 

In August, the seasonally adjusted annual rate of urban starts decreased in the Prairies, British Columbia, Ontario, and in Atlantic Canada, but increased in Quebec.

 

Rural starts were estimated at a seasonally adjusted annual rate of 14,824 units.

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The Bank of Canada announced on September 7th, 2016 that it was keeping its trend-setting target overnight lending rate at 0.5 per cent.


 The Bank acknowledged that inflation risks were “tilted more to the downside since July” when it published its most recent economic forecast. Normally, this would signal that it may lower interest rates in the near future.

 

However, the Bank also said it remains concerned about rising mortgage debt, throwing cold water on the idea that it might lower rates for fear of fueling further household debt.

 

The big picture for the Bank’s key policy interest rate remains unchanged: it will stay low for longer – likely remaining where it is when the first day of school rolls around next year and maybe beyond.

 

As of September 7th, 2016, the advertised five-year lending rate stood at 4.74 per cent, unchanged from the previous Bank rate announcement on July 13th and up 0.1 per cent from one year ago.

 

The next interest rate announcement will be on October 19th, 2016 and will be accompanied by its Monetary Policy Report which will update the Bank economic forecast.

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For the second straight month, home buyer demand in Metro Vancouver* moved off of the record-breaking pace seen earlier this year and returned to more
typical levels.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver totalled 2,489 in August 2016, a decline of 26 per cent compared to the 3,362 sales in August 2015; 10.2 per cent less than the 2,771 sales in August 2014; and one per cent less than the 2,514 sales in August 2013. August 2016 sales also represent a 22.8 per cent decline compared to last month’s sales.


From a historical perspective, last month’s sales were 3.5 per cent below the 10-year sales average for the month.


“The record-breaking sales we saw earlier this year were replaced by more historically normal activity throughout July and August,” Dan Morrison, REBGV president said. "Sales have been trending downward in Metro Vancouver for a few months. The new foreign buyer tax appears to have added to this trend by reducing foreign buyer activity and causing some uncertainty amongst local home buyers and sellers.


“It’ll take some months before we can really understand the impact of the new tax. We'll be interested to see the government's next round of foreign buyer data."


New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,293 in August 2016. This represents an increase of 0.3 per cent compared to the 4,281 units listed in August 2015 and an 18.1 per cent decrease compared to July 2016 when 5,241 properties were listed.


The total number of properties currently listed for sale on the MLS® in Metro Vancouver is 8,506, a 21.9 per cent decline compared to August 2015 (10,897) and a 1.9 per cent increase from July 2016 (8,351).


The sales-to-active listings ratio for August 2016 is 29.3 per cent. This is indicative of a seller’s market.


Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices often experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period.


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $933,100. This represents a 31.4 per cent increase compared to August 2015 and a 4.9 per cent increase over the last three months.


“In aggregate, we continue to see an imbalance between supply and demand in most communities. However, we’re also seeing fewer detached sales in the highest price points and fewer detached home sales relative to all residential sales,” Morrison said. “This is causing average sale prices to show a decline in recent months, while benchmark home prices remain virtually unchanged from July.”


The average price is the simplest home price measure to explain but is not the most accurate since it may be skewed by the mix of properties. More high-end or low-end sales will skew the number up or down. Based on the Consumer Price Index, MLS HPI® benchmark prices are a more reliable and stable indicator of typical home prices across regions over time.


Sales of detached properties in August 2016 reached 715, a decrease of 44.6 per cent from the 1,290 detached sales recorded in August 2015. The benchmark price for detached properties increased 35.8 per cent from August 2015 to $1,577,300. This represents a 4.2 per cent increase over the last three months.


Sales of apartment properties reached 1,343 in August 2016, a decrease of 10.1 per cent compared to the 1,494 sales in August 2015.The benchmark price of an apartment property increased 26.9 per cent from August 2015 to $514,300. This represents a 6.1 per cent increase over the last three months.


Attached property sales in August 2016 totalled 431, a decrease of 25.4 per cent compared to the 578 sales in August 2015. The benchmark price of an attached home increased 31.1 per cent from August 2015 to $677,600. This represents a 7.1 per cent increase over the last three months.


 

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Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), 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 GVR, 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 GVR, the FVREB or the CADREB.