My daughter and I were looking to buy a two-bedroom condo and a friend recommended Hafez. We are tremendously grateful to our friend for recommending him.

Hafez was honest, extremely helpful and supportive, very knowledgeable about the real estate market, and responsive to emails, texts, and inquiries that we had before, during, and after the purchase. He always made communication a priority and ensured that we were well informed about the many steps in the purchase process. In addition, we truly felt that he was looking out for our best interests at all times. He has a keen eye for highlighting potential issues when viewing potential properties and for noting important specifics when reviewing documentation.

After taking possession of the condo, he discovered that the seller’s agent failed to disclose an issue with the stove, and we are grateful to Hafez for resolving the issue quickly and ethically.

We will be recommending Hafez to all our friends, family, and associates for their real estate needs.

With sincere thanks and appreciation,

M. & P.


NEW PRICE - 208 9232 University Cr., Burnaby, SFU, Burnaby North

Spacious 1 Bed Home

Excellent Condition

Priced at $448,800

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Enjoy the peace & tranquility this area has to offer. Welcome to UniverCity at SFU, Vancouver premier lifestyle neighborhood. This 1 bed, 1 bath 624sqft home, located in Novo II; a concrete, rental and pet friendly building will not disappoint. Perfect for investors, first time buyers, students & everyone else in between. Features: an abundance of natural light, an open layout, granite counters, SS appliances, laminate floors, newer front load washer & dryer & covered balcony. The large bedroom has plenty of closet space and overlooks the balcony. 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 great neighborhood!


Canadian home sales down again in June, but declines are getting smaller


  • National home sales fell by 5.6% on a month-over-month basis in June.
  • Actual (not seasonally adjusted) monthly activity came in 23.9% below the June record set in 2021.
  • The number of newly listed properties was up 4.1% month-over-month.
  • The MLS® Home Price Index (HPI) edged down 1.9% month-over-month but was still up 14.9% year-over-year.
  • The actual (not seasonally adjusted) national average sale price posted a 1.8% year-over-year decline in June.

Home sales recorded over Canadian MLS® Systems fell by 5.6% between May and June 2022. Althoughlarger declines were recorded in April and May, monthly activity has dropped to slightly below average levels for the month of June.

Sales were down in three-quarters of all local markets, led by Canada’s biggest cities – the Greater Toronto Area (GTA), Greater Vancouver, Calgary, Edmonton, Ottawa and HamiltonBurlington to name a few.

The actual (not seasonally adjusted) number of transactions in June 2022 came in 23.9% below the record for that month set last year.

“Sales activity continues to slow in the face of rising interest rates and uncertainty,” said Jill Oudil, Chair of CREA. “The cost of borrowing has overtaken supply as the dominant factor affecting housing markets at the moment, but the supply issue has not gone away. While some people may choose to wait on the sidelines as the dust settles in the wake of recent rate hikes, others will still engage in the market in these challenging times. Markets adjust to change and the guidance of your local REALTOR® is paramount. If you’re looking to buy or sell in 2022, contact your local REALTOR® about how to navigate the current environment,” continued Oudil.

“One important feature of the market right now that isn’t getting enough attention is the difference in mortgage qualification criteria between fixed and variable, because while variable rates adjust in real time, fixed rates have already priced in most of what the Bank of Canada is expected to do over the balance of 2022,” said Shaun Cathcart, CREA’s Senior Economist. “As such, it’s no surprise to see people piling into variable rate mortgages at record levels, but probably not for the reasons they may have chosen them in the past. It’s because the 200 basis points plus the contract rate element of the stress test has, just since April, become much more difficult to pass if you want a fixed-rate mortgage. A strict stress test made sense when rates were at a record-low, but policymakers may want to assess if it continues to meet its policy objectives now that fixed mortgage rates are back at more normal levels.”

The number of newly listed homes climbed 4.1% on a month-over-month basis in June. The monthly increase was most influenced by a jump in new supply in Montreal, while new listings in the GTA and Greater Vancouver posted small declines.

With sales down and new listings up in June, the sales-to-new listings ratio eased back to 51.7% -- its lowest level since January 2015. It was also below the long-term average for the national sales-to-new listings ratio of 55.1%. Almost three-quarters of local markets were balanced markets based on the sales-to-new listings ratio being between one standard deviation above or below the long-term average in June 2022.

There were 3.1 months of inventory on a national basis at the end of June 2022, still historically low but slowly increasing from the tightest conditions ever recorded just six months ago. The long-term average for this measure is more than five months.

The Aggregate Composite MLS® Home Price Index (HPI) edged down 1.9% on a month-over-month basis in June 2022.

Regionally, most of the monthly declines were seen in markets in Ontario. Home prices have also eased in parts of British Columbia, although the B.C. provincial totals have been propped up by mostly static prices in Greater Vancouver.

Prices continue to be more or less flat across the Prairies while only just now showing small signs of declines in Quebec.

On the East Coast, prices are mostly continuing to rise but appear to have stalled in Halifax-Dartmouth.

The non-seasonally adjusted Aggregate Composite MLS® HPI was still up by 14.9% on a year-over-year basis in June, although this was just half the near 30% record year-overyear increases logged in January and February.

The actual (not seasonally adjusted) national average home price was $665,850 in June 2022, down 1.8% from the same month last year. The national average price is heavily influenced by sales in Greater Vancouver and the GTA, two of Canada’s most active and expensive housing markets. Excluding these two markets from the calculation in June 2022 cuts almost $114,500 from the national average price.

Provided by: CREA


Just Sold: 209 7377 14th Ave., Burnaby, Edmonds BE

Excellent Condition

Move-In Ready

1 Bed, 1 Bath, 615sqft

Priced at $558,800

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Bright West facing with a location to beat! This 1 bed, 1 bath, 615sqft home located in the Vibe, a 9 year young contemporary styled building of Edmonds, Burnaby East will not disappoint. Features: an open plan, laminate flooring, spacious kitchen with stainless appliances, granite counters, tiled back splash, convenient breakfast bar, large covered balcony & laundry closet with extra storage. The well size carpeted bedroom offers good closet space. All this and: rental & pet friendly, 2 parking spots, locker, gym and designed with wheelchair/accessibility in mind. Close to: transit, shopping, recreation & all sorts of amenities. Act Now!


The Bank of Canada today increased its target for the overnight rate to 2½%, with the Bank Rate at 2¾% and the deposit rate at 2½%. The Bank is also continuing its policy of quantitative tightening (QT).

Inflation in Canada is higher and more persistent than the Bank expected in its April Monetary Policy Report (MPR), and will likely remain around 8% in the next few months. While global factors such as the war in Ukraine and ongoing supply disruptions have been the biggest drivers, domestic price pressures from excess demand are becoming more prominent. More than half of the components that make up the CPI are now rising by more than 5%. With this broadening of price pressures, the Bank’s core measures of inflation have moved up to between 3.9% and 5.4%. Also, surveys indicate more consumers and businesses are expecting inflation to be higher for longer, raising the risk that elevated inflation becomes entrenched in price- and wage-setting. If that occurs, the economic cost of restoring price stability will be higher.

Global inflation is higher, reflecting the impact of the Russian invasion of Ukraine, ongoing supply constraints, and strong demand. Many central banks are tightening monetary policy to combat inflation, and the resulting tighter financial conditions are moderating economic growth. In the United States, high inflation and rising interest rates are contributing to a slowdown in domestic demand. China’s economy is being held back by waves of restrictive measures to contain COVID-19 outbreaks. Oil prices remain high and volatile. The Bank now expects global economic growth to slow to about 3½% this year and 2% in 2023 before strengthening to 3% in 2024.

Further excess demand has built up in the Canadian economy. Labour markets are tight with a record low unemployment rate, widespread labour shortages, and increasing wage pressures. With strong demand, businesses are passing on higher input and labour costs by raising prices. Consumption is robust, led by a rebound in spending on hard-to-distance services. Business investment is solid and exports are being boosted by elevated commodity prices. The Bank estimates that GDP grew by about 4% in the second quarter. Growth is expected to slow to about 2% in the third quarter as consumption growth moderates and housing market activity pulls back following unsustainable strength during the pandemic.

The Bank expects Canada’s economy to grow by 3½% in 2022, 1¾% in 2023, and 2½% in 2024. Economic activity will slow as global growth moderates and tighter monetary policy works its way through the economy. This, combined with the resolution of supply disruptions, will bring demand and supply back into balance and alleviate inflationary pressures. Global energy prices are also projected to decline. The July outlook has inflation starting to come back down later this year, easing to about 3% by the end of next year and returning to the 2% target by the end of 2024.

With the economy clearly in excess demand, inflation high and broadening, and more businesses and consumers expecting high inflation to persist for longer, the Governing Council decided to front-load the path to higher interest rates by raising the policy rate by 100 basis points today. The Governing Council continues to judge that interest rates will need to rise further, and the pace of increases will be guided by the Bank’s ongoing assessment of the economy and inflation. Quantitative tightening continues and is complementing increases in the policy interest rate. The Governing Council is resolute in its commitment to price stability and will continue to take action as required to achieve the 2% inflation target.

Information note

The next scheduled date for announcing the overnight rate target is September 7, 2022. The Bank will publish its next full outlook for the economy and inflation, including risks to the projection, in the MPR on October 26, 2022.

Provided by:BOC


Generation Rent: 9 million Canadians don’t believe they will ever be homeowners

Is housing affordable in Canada?

Not according to the data. A new survey shows that approximately 9 million Canadians are settling to rent forever or completely giving up on the idea of homeownership.

This comes shortly after RBC Economics released a report showing that housing affordability in Canada is at its lowest in 31 years and hot on the heels of multiple mortgage rate hikes – making homeownership even more unaffordable.

In the new ‘Generation Rent’ survey, 29% of Canadians – approximately 9 million adults (18+) – have either given up on the homeownership dream or resigned themselves to being “forever renters”.

Shortly after the Bank of Canada’s most recent rate hike, Finder asked more than 1,200 Canadians about their home-buying intentions. Turns out 1 in 10 Canadians are optimistic about becoming a first-time home buyer within the next 5 years, but almost a third (29%) confessed that “renting forever” was a far more realistic option.

Data shows, 16% of Canadians – representing more than 5 million adults aged 18 and older – said they were no longer interested in homeownership in 2022. Another 13% (almost 4 million) said they expected to rent for the rest of their lives.

Turns out the number of Canadians no longer interested in homeownership rose over the last few years. In a similar 2019 Finder survey, 1 in 10 Canadians reported no interest in owning a home. In only a few years, the number of Canadians joining the ranks of Generation Rent rose by 60%.

“Buying a home is a significant decision that requires a large emotional and financial commitment,” says Romana King, senior finance editor with fintech comparison platform “For many, the erosion of housing affordability combined with rising mortgage costs, means the barriers to homeownership appear almost insurmountable – and it’s turning a generation of Canadians into forever renters.”

What is the homeownership rate in Canada?

Over the last 2 years, the number of Canadians expecting to make the leap from renting to buying dropped.In 2020, almost a quarter (17%) of Canadians anticipated becoming first-time home buyers within 5 years.

Fast-forward to 2022 and only 10% (1 in 10) of Canadians expected to transition from renter to buyer in the next 5 years.

“It’s important to help first-time home buyers, as they are the engine of the housing market,” says King. According to CMHC data, 53% of new mortgages in 2021 were due to first-time home buyer transactions. “Whether it’s educating buyers on the sales process, helping to define loan terms, implementing rebates and tax-free saving incentives or getting buyers the best mortgage rates – every little bit helps.”

Homeownership rates in Canada hover between 65% and 70%, with the latest data showing 68.5% owner-occupied homes in Canada, as of 2018, according to Statistics Canada. While this is a relatively high rate of homeownership, it appears that Canada lags behind similar countries, as measured through the Organisation for Economic Cooperation and Development (OECD). Based on data from the OECD, Canada’s homeownership rate is in the bottom third when compared to 38 other European, Eastern European and Scandinavian countries.

Women have slightly less desire than men for homeownership

According to survey data, women and men are almost on par in their resolve at renting forever – an attitude that didn’t shift much over the last few years, despite all the frothy sales activity in the real estate marketplace. However, the desire to become a homeowner did dwindle – with 17% of women reporting no interest in homeownership in 2022, up from 9% of women in 2020.

Homeownership expectations change with age

The survey results did show some surprising difference in attitudes towards homeownership among various age groups. For instance, the youngest potential homeowners – those aged 18 to 24 – were the most hopeful about homeownership. More than a third in this age group (34%) already owned a home with another 45% convinced they’d transition from renter to homeowner within the next 10 years. This age group was also the most interested in owning property, with only 8% declaring “no interest” in homeownership.

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Analysis conducted by

Provided by: Nicole McKnight


Just Sold: 18 9525 204th St., Langley, Walnut Grove

Bright, spacious and in impeccable condition. Just a few ways to describe this South facing 3bed/2bath/1439sqft town home. Located in what is arguably one of the Langley's most mature & desirable neighborhoods - Walnut Grove. You won't be disappointed. Main: rich laminate floors, open concept plan, kitchen w/granite counters, large island w/breakfast bar, SS appls, generous sized living & dining rooms & access to partially covered balcony overlooking just enough yard space for fido. Up: plush carpets, large master w/pass through closets, 4pc ensuite, 2 well sized rooms, 4pc bath & laundry. Lower: has tandem garage w/extra nook space & plenty of additional storage. Close to: shopping, parks, all levels of schools, Golden Ears bridge & HWY 1. Act Now!


Home listings up, sales down and prices starting to decrease to start  the summer season

With interest rates and housing supply increasing, Metro Vancouver* home buyers are operating in a changing marketplace to begin the summer season.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,444 in June 2022, a 35 per cent decrease from the 3,762 sales recorded in June 2021, and a 16.2 per cent decrease from the 2,918 homes sold in May 2022.

Last month’s sales were 23.3 per cent below the 10-year June sales average.

“Home buyers have more selection to choose from and more time to make decisions than they did over the past year,” Daniel John, REBGV Chair said. “Rising interest rates and inflationary concerns are making buyers more cautious in today’s housing market, which is allowing listings to accumulate.”

There were 5,256 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2022. This represents a 10.1 per cent decrease compared to the 5,849 homes listed in June 2021 and a 17.6 per cent decrease compared to May 2022 when 6,377 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,425, a 3.8 per cent decrease compared to June 2021 (10,839) and a 4.1 per cent increase compared to May 2022 (10,010).

“We’re seeing downward pressure on home prices as we enter summer in Metro Vancouver due to declining home buyer activity, not increased supply,” John said. “To meet Metro Vancouver’s long-term housing demands, we still need to significantly increase housing supply.”

For all property types, the sales-to-active listings ratio for June 2022 is 23.4 per cent. By property type, the ratio is 14.3 per cent for detached homes, 31.5 per cent for townhomes, and 30.2 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.

he MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,235,900. This represents a 12.4 per cent increase over June 2021, a two per cent decrease compared to May 2022, and a 2.2 per cent decrease over the past three months.

Sales of detached homes in June 2022 reached 653, a 48.3 per cent decrease from the 1,262 detached sales recorded in June 2021. The benchmark price for a detached home is $2,058,600. This represents a 13.4 per cent increase from June 2021, a 1.7 per cent decrease compared to May 2022, and a 1.8 per cent decrease over the past three months.

Sales of apartment homes reached 1,326 in June 2022, a 25.3 per cent decrease compared to the 1,774 sales in June 2021. The benchmark price of an apartment home is $766,300. This represents a 12.7 per cent increase from June 2021, a 1.7 per cent decrease compared to May 2022, and a 0.8 per cent decrease over the past three months.

Attached home sales in June 2022 totalled 465, a 36 per cent decrease compared to the 726 sales in June 2021. The benchmark price of an attached home is $1,115,600. This represents a 17.8 per cent increase from June 2021, a 2.2 per cent decrease compared to May 2022, and a 2.7 per cent decrease over the past three months.

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Provided By: REBGV


June 2022 Top Ten

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Just Sold: 507 9339 University Cr., Burnaby, Burnaby North, SFU

Top Floor Unit

12’ Ceilings, 2 Parking & Locker

Priced at $568,800

Enjoy bright, south east exposure from this penthouse home located in Harmony At The Highlands in UniverCity; Vancouver's premier lifestyle neighborhood! Features: soaring 12’ ceilings, laminate floors, open plan, stainless appliances & breakfast bar, plenty of storage space & cozy gas F/P. Excellent sized master w/nook space, ensuite with soaker & walk-in closet, well sized 2nd bed & 3pc main bath complete this home. Harmony is a rental and pet friendly complex with gym facilities. Bonus: 2 PARKING spots & locker 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 great lifestyle neighborhood!

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.