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Just Sold: 208 2353 Marpole Ave., Port Coquitlam, Central Pt. Coquitlam


BRIGHT Corner unit with maximum light & huge windows! Bedrooms on opposite sides of the home for extra privacy, Huge master bedroom with luxury walk in closet, Spacious foyer & entry, open concept kitchen/living room, Gourmet kitchen with SS Appliances, large island eating area &separate dining/nook or office! Upgrades include new flooring, fridge, baseboards, fixtures, high end Sherwin Williams paint, Mysa smart home thermostats,LED lighting+ More! Steps to Patina Brewery, grab a growler & Bring your doggy's or kitty's! trails, river, restaurants, shopping & transportation. Gates park just around the corner, easy access to highway & Coquitlam Center. Rainscreened !WOW! Over 1,050 SqFt 2 bed, 2 full bath, 2 parking + Locker Home. Pet Friendly!


Listing Offered by: Keller Williams Elite Realty

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Douglas Todd: How to make sense of Canada’s falling housing market


Analysis: ‘Buyers don’t know whether to purchase yet. And sellers don’t know if they should sell for less’


From all corners come the forecasts of lower housing prices in Canada. Everyone is nervous.


The predictions portend gloom for many who bought homes in recent years, particularly over-leveraged investors. But drastically reduced prices also signal a possible opening for middle-income earners so far barricaded out of ownership.


The Bank of Canada is expected to again hike the prime rate in September, to about 3.5 per cent. This will further deflate the housing bubble exacerbated by the pandemic, when the bank drastically lowered rates and printed new money, and the Liberal government went further than almost any other to hand out subsidies.


“Both buyers and sellers are now running for cover,” says veteran Vancouver realtor David Hutchinson.

“Buyers don’t know whether to purchase yet. And sellers don’t know if they should sell for less than they would have received earlier in the year. Or to wait until a more favourable market.”


All players are weighing their shaky options while The Desjardins Group is calling for a national 25-per-cent price drop from the peak. And the Royal Bank of Canada is expecting the steepest drop in more than 40 years.


For different reasons Canadians are feeling dark about housing.

More than half the residents in Vancouver,  Toronto and Montreal regions think prices are “outrageously high.” At the same time 25 per cent of homeowners say they will have to sell their home if interest rates go up further, according to Manulife. And no one should forget the millions of tenants fretting about rapidly rising rents.


Here’s some help on navigating Canada’s stormy housing waters.

Some are ‘safe’

Two of three Canadians own their own homes. And 35 per cent of them no longer have a mortgage: They’re fine.


And, despite the debt crunch, the real estate market, especially in Metro Vancouver, still lacks listings. That’s keeping prices a bit steadier than if more homeowners were feeling pressure to sell immediately.


“On the ground things are pretty weak here in Metro Vancouver,” says analyst Steve Saretsky.  “Greater Vancouver homes are selling anywhere from 10 to 20 per cent lower than peak valuations in February.” Vancouver’s suburbs have been hit the hardest.


But while analyst John Pasalis notes Toronto’s prices have already collapsed to pre-pandemic levels, Saretsky says if Metro Vancouver’s “bear market is going to continue inventory needs to pick up. There are fewer houses on the market than this time a year ago.”


Worries will grow for homeowners with cheap mortgages, however, if they are forced to refinance or move because of a job, divorce or another factor.

Meet the most anxious

Investors, people who already own at least one home, were responsible for more than one of five Canadian purchases during the extremely low rates of the pandemic, with their proportion soaring highest in Toronto.


Individuals in Canada who made it their business to buy and rent several dwellings, while waiting for prices to go up, are often over-leveraged. For instance, any who bought into pre-sale condo towers, which were not yet built, will be hammered when they realize they have to fork over the full cost of the completed unit as mortgages rates start coming in between five to seven per cent.


Even while giant corporations have been snapping up properties, many often refer to how “mom and pop” investors get hit first by falling prices. Despite the “cute moniker,” Hutchinson says, “I haven’t really seen this elusive mom and pop investor. But I’ve seen a lot of investors. Some defend investors by saying, ‘Look, they scoop up properties and thereby provide much-needed rentals.’ In reality, investors drive up prices and force buyers into overpriced rental properties. People need to own their own homes.”

Rental squeeze tightens

With the property investment craze collapsing in China, the country now has 50 million empty apartments. But Canada’s falling real-estate prices haven’t necessarily led to a glut of barren units. Few dwellings are empty in B.C., especially where vacancy taxes have been in effect for several years.


Unlike in China, the cost of renting in Canada is actually soaring again. That’s possible salvation for at least some overstretched investors. But it’s making existence hard for the one-third of Canadians who are tenants, especially those currently on the lookout for a place.


Rental prices are up seven per cent across the country compared to a year earlier, according to Rentals.ca. The median rent is $1,750.


And B.C. rental costs shot up much more shockingly than that — by 25 per cent. A two-bedroom Vancouver apartment is the most pricey in the country – at $3,597 per month. The Toronto equivalent comes in second, at $3,115. Meanwhile, Richmond is third at $2,703.


Of note is that the cost of being a tenant in a condo has gone up much more rapidly than for those in a purpose-built rental building, for several reasons.


“I’m not sure if these rental increases will keep condo investors afloat, considering they still have increased costs of borrowing, taxes and maintenance fees,” Hutchinson says. “But it’s certainly a bit of a lifeline for them.”

High immigration will soften Canada’s housing price crash

The difference between China’s investors and those in Canada is that there is virtually no immigration to the populous country. So there is little demand from “new” buyers.


In contrast, RBC chief economist Robert Hogue said Wednesday that high immigration rates will be “a powerful counterforce in Canada’s housing market correction.”


“We expect the number of Canadian households to rise by 730,000 by 2024 compared to 2021. Immigration is key to this surge. Ottawa’s targets are set to bring in a record 1.3 million new permanent residents,” Hogue said.


While the demand from newcomers from India, China and France will soften the price collapse and provide new tenants, many business economists criticize Ottawa for failing to come up with any affordability plan for young Canadians desperate to buy — or for battered renters.


With international student numbers in Canada also rebounding to 700,000 a year, plus a large new wave of temporary workers, Hutchinson is among the many lamenting how the Liberals “are pushing in-migration to an all-time high in an obvious attempt at propping up a lagging economy.”


It’s not very creative, Hutchinson said. “It comes at the expense of affordable housing. And will definitely put more stress on housing supply and affordability. In most instances it will affect those who need shelter the most — first-time home buyers.”


Provided by : Douglas Todd for the Vancouer Sun

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Just Sold: 208 9232 University Cr., Burnaby, Burnaby North, SFU

Spacious 1 Bed Home
Excellent Condition
Priced at $439,800


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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!

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July 2022 Top Ten
 
Thanks again to my clients for helping me wrap up another great month. It never gets old and I truly appreciate the trust you have in me.

"Trust The Value"
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BC Home Sales Continue to Slow in July

The British Columbia Real Estate Association (BCREA) reports that a total of 5,572 residential unit sales were recorded by the Multiple Listing Service® (MLS® ) in July 2022, a decrease of 42.4 per cent from July 2021. The average MLS® residential price in BC was $923,449, a 3.6 per cent increase from $891,376 recorded in July 2021. Total sales dollar volume was $5.1 billion, a 40.3 per cent decline from the same time last year.

“High mortgage rates continued to lower sales activity in July,” said BCREA Chief Economist Brendon Ogmundson. “Many regions around the province have seen sales slip to levels well below normal for this time of year.”

As the pace of sales activity declines below normal levels, inventory is accumulating. Provincial active listings rose 28 per cent year-over-year, though from a very low level in July 2021. Inventories remain quite low, but the slow pace of sales has tipped some markets into balanced or even buyers’ market territory.

Year-to-date, BC residential sales dollar volume was down 20 per cent from the same period in 2021 to $58.7 billion. Residential unit sales were down 29.3 per cent to 56,801 units, while the average MLS® residential price was up 13.2 per cent to $1.03 million.


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Provided by: BCREA

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Price Reduced - 208 9232 University Cr., Burnaby, Burnaby North, SFU


Spacious 1 Bed Home

Excellent Condition

Priced at $439,800


Click here for more...


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!

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Home buyer demand continues to ease across Metro Vancouver


Metro Vancouver’s* housing market has entered a new cycle marked by quieter home buyer demand and a gradual rise in the supply of homes for sale.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,887 in July 2022, a 43.3 per cent decrease from the 3,326 sales recorded in July 2021, and a 22.8 per cent decrease from the 2,444 homes sold in June 2022.


Last month’s sales were 35.2 per cent below the 10-year July sales average.


“Home buyers are exercising more caution in today’s market in response to rising interest rates and inflationary concerns,” Daniel John, REBGV Chair said. “This allowed the selection of homes for sale to increase and prices to edge down in the region over the last three months.”


There were 3,960 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2022. This represents a 9.5 per cent decrease compared to the 4,377 homes listed in July 2021 and a 24.7 per cent decrease compared to June 2022 when 5,256 homes were listed.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,288, a 4.4 per cent increase compared to July 2021 (9,850) and a 1.3 per cent decrease compared to June 2022 (10,425).


“After two years of market conditions that favoured home sellers, home buyers now have more selection to choose from and more time to make their decision,” John said. “In today’s changing housing market, both home buyers and sellers should invest the time to understand what these changes mean for their personal circumstances.”


For all property types, the sales-to-active listings ratio for July 2022 is 18.3 per cent. By property type, the ratio is 11.8 per cent for detached homes, 20 per cent for townhomes, and 24.5 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.


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,207,400. This represents a 10.3 per cent increase over July 2021 and a 2.3 per cent decrease compared to June 2022.


Sales of detached homes in July 2022 reached 523, a 50.2 per cent decrease from the 1,050 detached sales recorded in July 2021. The benchmark price for a detached home is $2,000,600. This represents an 11 per cent increase from July 2021 and a 2.8 per cent decrease compared to June 2022.


Sales of apartment homes reached 1,060 in July 2022, a 36.4 per cent decrease compared to the 1,666 sales in July 2021. The benchmark price of an apartment home is $755,000. This represents an 11.4 per cent increase from July 2021 and a 1.5 per cent decrease compared to June 2022.


Attached home sales in July 2022 totalled 304, a 50.2 per cent decrease compared to the 610 sales in July 2021. The benchmark price of an attached home is $1,096,500. This represents a 15.8 per cent increase from July 2021 and a 1.7 per cent decrease compared to June 2022.


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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.