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Home price acceleration, alongside continued overvaluation, as home prices further detach from fundamental factors, such as labour income, has created a high degree of vulnerability in Canada’s housing market. This according to the latest Housing Market Assessment released by Canada Mortgage and Housing Corporation (CMHC). High vulnerability at the national level is largely a reflection of problematic conditions in several local housing markets across Ontario and Eastern Canada. A high degree of vulnerability means the housing market is more vulnerable to a potential downturn, with greater consequences if the downturn were to happen.


Historically low interest rates, government supports, and the rollout of mass vaccination programs provided higher purchasing power, disposable income levels, and employment amongst Canadians in the first half of 2021, however, recent home price growth was not fully explained by these improving housing market fundamentals.


“Exceptionally strong demand and home price appreciation through the course of the pandemic may have contributed to increased expectations of continued price growth for homebuyers in several local housing markets across Ontario and Eastern Canada,” said Bob Dugan, CMHC’s chief economist. “This, in turn, may have caused more buyers to enter the market than was warranted.”


The number of home sales in Canada reached a historic high in the first quarter of 2021, with demand far outpacing the supply of available homes. Sales moderated in the second quarter of 2021, albeit to a still historically elevated level, with market overheating still detected at the national level.


There is low evidence of excess inventories in the national housing market. This means there is not an unusually high level of vacant, newly built, and unsold housing units. As well, the rental apartment vacancy rate is not significantly above normal levels.


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Provided by: CMHC

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Just Listed: 307 9262 University Cr., Burnaby, Burnaby North, SFU

Spacious & Open Layout

Lush Forest Outlook

2 Bed + Den, 2 Bath, 1024sqft

Priced at $598,800


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Bright, spacious and very private. Just a few ways to describe this immaculate one-owner home. Welcome to a 2 bed + den, 2 bath, 1024sqft home with lush forest outlook that breaks away during winter months to allow for plenty of natural light. Located in Novo II, a concrete building found in UniverCity; Vancouver's premier lifestyle neighborhood, allowing for rentals and pets. Features: new flooring, new dishwasher, open layout, plenty of counter and cupboard space, island w/breakfast bar, covered balcony and more. The spacious master has 3pc ensuite & large closet space. The 2nd bedroom is well sized. Bonus open den; perfect for home office, 1 parking & locker. Close to: transit, shopping, indoor/outdoor rec. & a host of perks available only to UniverCity residents. Act Now!

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Just Sold: 102 9300 University Cr., Burnaby, Burnaby North, SFU

Two Level One University Home

Updated Throughout

4 bed, 3 bath, 1739sqft

Priced at $998,000


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Nestled in a gorgeous, forested outlook, this unique and amazing 4bed/3bath/1739sqft/2level home, located at One University Crescent, SFU's flagship development, will not disappoint! Features: freshly painted, new flooring throughout, over height ceilings on main lvl, expansive windows, open living & dining areas, update kitchen w/quartz counters, newer appls, tile backsplash, refaced cupboards & direct access to a massive partially covered patio. The large master has pass through closets & 5 pc ensuite. The 2nd & 3rd rooms are well sized. Down: 1bed suite w/separate entry, cooking area, laundry hook-up & patio; perfect mortgage helper or for multi-gen families. Close to: transit, shopping, indoor/outdoor rec. & a host of UniverCity resident only perks. Act Now! Call for showing details.

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BC Home Sales Returning to Normal While Supply Hits Record Low


The British Columbia Real Estate Association (BCREA) reports that a total 9,507 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in August 2021, a decrease of 7.1 per cent over August 2020. The average MLS® residential price in BC was $901,712, a 17.2 per cent increase from $769,691 recorded in August 2020. Total sales dollar volume was $8.6 billion, an 8.9 per cent increase from last year.


“Home sales around the province have essentially returned to normal after a record setting spring,” said BCREA Chief Economist Brendon Ogmundson. “However, we continue to see a drought in the total supply of listings as well as downward trend in new listings activity.”


Total active residential listings were down 37.9 per cent yearover-year in August and were 42 per cent below normal levels for the month of August.


Year-to-date, BC residential sales dollar volume was up 102.2 per cent to $82 billion, compared with the same period in 2020. Residential unit sales were up 67.8 per cent to 89,980 units, while the average MLS® residential price was up 20.5 per cent to $911,245.


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Provided By: BCREA

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Just Sold: 101 9222 University Cr., Burnaby, Burnaby North, SFU

Spectacular Home with 12’ Ceilings

Open Layout

2 Bed, 2 Bath, 1071 sqft

Priced at $598,800


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Stunning & bright corner home that will exceed your expectations. This 2bed/2bath/1071sqft home offers West exposure, green space & mountain top views, 12' ceilings, expansive windows, a spacious open plan, a covered balcony & unique foyer. Altaire is a concrete hi-rise with high-end finishing, excellent amenities & is rental & pet friendly. Features: granite counters, stainless appliances, large great room style layout, breakfast bar & excellent in-suite storage. The spacious master has walk-in closet & ensuite w/2 sinks, soaker & shower. Bonus: 1 parking & locker. Close to: transit, shopping, indoor/outdoor rec & a host of perks available only to UniverCity residents. Do not miss your chance to enjoy living in this great lifestyle neighborhood! Act Now. Call for showing details.

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Back On The Market - 1507 3980 Carrigan Crt., Burnaby North, Government Road

Gorgeous Views

A Location to Beat

1281sqft, 2 Bed & 2 Bath

Priced at $638,800


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Stunning South/East 180 degree endless views. Soaring on the 15th story of popular Discovery Place next to The City of Lougheed is this 2bed/2bath/1281sqft home that will not disappoint. Features: a bright & spacious layout, welcoming entrance, hardwood floors, updated kitchen cabinets & counters, excellent sized living & dining rooms, crown moldings & huge covered balcony; perfect for year-round use. The generous sized master has its own balcony, walk-in closet & updated 5pc ensuite. 2nd bed is well sized with cheater ensuite. Bonus: 1 parking & locker, newer roof, water risers & elevator motor. Don't forget: indoor pool, gym, racket ball court & games rooms. Close to: Skytrain, shopping, recreation, transit & every amenity you could need. Act now! Call for a private showing..

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Just Listed: 101 9222 University Cr., Burnaby, Burnaby North, SFU

Spectacular Home with 12’ Ceilings

Open Layout

2 Bed, 2 Bath, 1071 sqft

Priced at $598,800


Click here for more...


Stunning & bright corner home that will exceed your expectations. This 2bed/2bath/1071sqft home offers West exposure, green space & mountain top views, 12' ceilings, expansive windows, a spacious open plan, a covered balcony & unique foyer. Altaire is a concrete hi-rise with high-end finishing, excellent amenities & is rental & pet friendly. Features: granite counters, stainless appliances, large great room style layout, breakfast bar & excellent in-suite storage. The spacious master has walk-in closet & ensuite w/2 sinks, soaker & shower. Bonus: 1 parking & locker. Close to: transit, shopping, indoor/outdoor rec & a host of perks available only to UniverCity residents. Do not miss your chance to enjoy living in this great lifestyle neighborhood! Act Now. Call for showing details.

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Just Sold: 500 9390 University Cr., Burnaby, Burnaby North, SFU


Exclusive large 3-bed + den, top-floor unit w/ 400 feet of decks in this concrete building at One University Crescent. Peaceful and private views over the treetops to the mountains and gulf islands. Very bright w/ floor-to-ceiling windows on 3 sides (east, south, and west). Excellent open layout. Amenities include gym, meeting room, and pool room. Only 2 units per floor -- only 1 shared wall. Banks of EV chargers in visitor parking. No rentals. One dog or cat welcome.


Listing Offered by: ReMax Select Properties

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Summer sees home listing supply decline across Metro Vancouver


While home buyers have remained active in Metro Vancouver* throughout the summer, the supply of homes for sale has declined steadily since June.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,152 in August 2021, a 3.4 per cent increase from the 3,047 sales recorded in August 2020, and a 5.2 per cent decrease from the 3,326 homes sold in July 2021.


Last month’s sales were 20.4 per cent above the 10-year August sales average.


“August was busier than expected, and listings activity isn’t keeping up with the pace of demand. This is leaving the market under supplied.” said Keith Stewart, REBGV economist.


There were 4,032 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2021. This represents a 30.6 per cent decrease compared to the 5,813 homes listed in August 2020 and a 7.9 per cent decrease compared to July 2021 when 4,377 homes were listed.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,005, a 29.7 per cent decrease compared to August 2020 (12,803) and an 8.6 per cent decrease compared to July 2021 (9,850).


“Housing supply is the biggest factor impacting the market right now. To help relieve pressure on prices and improve peoples’ home buying options, the market needs a more abundant supply of homes for sale.” Stewart said. “Housing affordability has been a key issue in the federal election. We encourage the political parties to focus on policy solutions that will help streamline the creation of more diverse housing options for hopeful home buyers today and into the future.”


For all property types, the sales-to-active listings ratio for August 2021 is 35 per cent. By property type, the ratio is 25.3 per cent for detached homes, 51.8 per cent for townhomes, and 39.2 per cent for apartments.


Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.


“When assessing the market, it’s important to understand that while year-over-year price increases have reached double digits, most of the increases happened three or more months ago,”


Stewart said. “To better understand the latest home price trends in your preferred location and home type, talk with your local REALTOR®.”


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,176,600. This represents a 13.2 per cent increase over August 2020 and a 0.1 per cent increase compared to July 2021.


Sales of detached homes in August 2021 reached 945, a 13.7 per cent decrease from the 1,095 detached sales recorded in August 2020. The benchmark price for a detached home is $1,807,100. This represents a 20.4 per cent increase from August 2020 and a 0.3 per cent increase compared to July 2021.


Sales of apartment homes reached 1,631 in August 2021, a 22.4 per cent increase compared to the 1,332 sales in August 2020. The benchmark price of an apartment property is $735,100. This represents a 7.6 per cent increase from August 2020 and a 0.2 per cent decrease compared to July 2021.


Attached home sales in August 2021 totalled 576, a 7.1 per cent decrease compared to the 620 sales in August 2020. The benchmark price of an attached home is $952,600. This represents a 16.5 per cent increase from August 2020 and a 0.3 per cent increase compared to July 2021.


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Provided by: REBGV

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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.