The British Columbia Real Estate Association (BCREA) reports that a total of 4,426 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in January 2020, an increase of 23.7 per cent from the 3,579 units sold in January 2019. The average MLS® residential price in BC was $725,370, a 9.1 per cent increase from $664,633 recorded the previous year. Total sales dollar volume in January was $3.2 billion, a 35 per cent increase over 2019.

“Housing markets in BC are off to a strong start in 2020,” said BCREA Chief Economist Brendon Ogmundson. “We expect a much more typical year of home sales in 2020 as markets recover from the policy-induced slowdown of the past two years.”

Total MLS® residential active listings fell 12.6 per cent to 25,790 units compared to the same month last year. The ratio of sales to active residential listings increased to 17.2 per cent from just 12.1 per cent last January.

“While many markets are showing strong signs of recovery, the struggling forestry sector is having a clear impact on housing demand, particularly in the North and parts of Vancouver Island,” added Ogmundson.

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Provided by: BCREA

Thank you to all my clients for your support and continued business. Fantastic start to 2020!

Home sale and price activity remained steady in Metro Vancouver* to start 2020 while home listing activity declined in January.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,571 in January 2020, a 42.4 per cent increase from the 1,103 sales recorded in January 2019, and a 22.1 per cent decrease from the 2,016 homes sold in December 2019.

Last month’s sales were 7.3 per cent below the 10-year January sales average.

“We've begun 2020 with steady home buyer demand that tracks close to the region's long-term average,” Ashley Smith, REBGV president said. “Looking at supply, we’re seeing fewer homes listed for sale than is typical for this time of year. As we approach the traditionally more active spring market, we’ll keep a close eye on supply to see if the number of homes being listed is keeping pace with demand.”

There were 3,872 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2020. This represents a 20.1 per cent decrease compared to the 4,848 homes listed in January 2019 and a 143.8 per cent increase compared to December 2019 when 1,588 homes were listed.

Last month’s new listings were 17.4 per cent below January’s 10-year average.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,617, a 20.3 per cent decrease compared to January 2019 (10,808) and a 0.2 per cent increase compared to December 2019 (8,603), and is 13.7 per cent below the 10-year January average.

For all property types, the sales-to-active listings ratio for January 2020 is 18.2 per cent. By property type, the ratio is 11.6 per cent for detached homes, 22.6 per cent for townhomes, and 23.9 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 $1,008,700. This represents a 1.2 per cent decrease over January 2019, a 1.4 per cent increase over the past six months, and a 0.8 per cent increase compared to December 2019.

Sales of detached homes in January 2020 reached 439, a 29.5 per cent increase from the 339 detached sales recorded in January 2019. The benchmark price for detached properties is $1,431,200. This represents a 1.7 per cent decrease from January 2019, a one per cent increase over the past six months, and a 0.5 per cent increase compared to December 2019.

Sales of apartment homes reached 814 in January 2020, a 45.6 per cent increase compared to the 559 sales in January 2019. The benchmark price of an apartment property is $663,200. This represents a one per cent decrease from January 2019, a 1.5 per cent increase over the past six months, and a one per cent increase compared to December 2019.

Attached home sales in January 2020 totalled 318, a 55.1 per cent increase compared to the 205 sales in January 2019. The benchmark price of an attached unit is $782,500. This represents a 0.7 per cent decrease from January 2019, a 1.6 per cent increase over the past six months, and a 0.5 per cent increase compared to December 2019.

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Provided by: REBGV

Gorgeous 3 Level Home

4 Bedrooms on Top Floor

Price at $1,448,800

Open: Jan 25 from 1 to 3.

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Gorgeous Mnt Baker views. Highly sought 4 bedroom layout. Perched on a cul-de-sac in desirable Coquitlam East, is this tastefully updated home; you won't be disappointed! Beautiful 5bed/4bath/3629sqft/3lvl home on a 7000sqft+ lot complete w/3 mature Palm Trees to call yours. Main: living & dining rooms, den, spacious kitchen w/island & massive family room complete w/private balcony & cozy F/P. Level yard access w/brand new cedar deck, hot tub & fruit trees; entertainer's delight. Up: massive master w/walk-in & 5pc ensuite, 3 excellent sized rooms & main bath. Down: rec room, separate entry, kitchen, bed & 3pc bath; perfect nanny suite. Location: RC McDonald catchment, walk to Starbucks, shopping, restaurants, transit, easy Hwy 1 access & more. Act Now! Open Jan 25 from 1 to 3.

Fully Renovated

Top Floor

Price at $298,800

Open: Feb 1, from 2 to 4

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Top floor, extensively renovated, green space facing, centrally located; your search ends here. This massive 1bed/1bath/851sqft West facing home, located in Mark's Place of East Central Maple Ridge, will not disappoint! Upgrades: fresh paint, brand new carpet & vinyl floors, LED light fixtures, new faucets, new closet doors & brushed nickel hardware, upgraded bathroom w/vanity, lighting & mirror, new fireplace surround; nothing to do but move right in. Features: large living & dining areas, spacious kitchen w/plenty of cupboard & counter space & eating area, covered balcony, functional laundry rm & plenty of storage space. Enjoy the huge master w/lots of closet space & access to balcony. Close to: shopping, recreation, transit, parks & schools. Act Now! Open Feb 1 from 2 to 4.

Cancel the Gym Membership! This stunning, spacious two bedroom, two bath apartment complex has a outdoor pool, hot tub and exercise room. Bright and spacious unit with a gorgeous view off the covered deck of Mount Baker, this will tick a lot of the boxes. Laminate flooring throughout, granite counters in the kitchen, gas fireplace with new facing, two parking spots side by side. There are 2 pets allowed 1 dog and 1 cat or 2 cats. Conveniently situated, close to schools, transit (buses and Evergreen line) and shopping just down the hill at Coquitlam Center. Excellent condition, new roof (2 year project just completed) and strata fee includes gas and hot water. Hurry, its a great opportunity knocking - Don't miss out!

Listing Offered by: Royal LePage Brookside Realty

BCREA 2020 First Quarter Housing Forecast Update

The British Columbia Real Estate Association (BCREA) released its 2020 First Quarter Housing Forecast Update today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to increase 10.3 per cent to 85,290 units this year, after recording 77,349 residential sales in 2019. MLS® residential sales are forecast to increase 6.3 per cent to 90,700 units in 2021.

“The outlook for home sales in 2020 is considerably brighter than the past two years,” said Brendon Ogmundson, BCREA Chief Economist. “Momentum carried through from the end of 2019 to 2020 will put the housing market on more solid footing, aided by low interest rates and an improving economy.”

While demand is recovering, the supply of homes for sale has not managed to keep pace. New listings activity did not materially increase during the downturn in home sales, and total inventory did not accumulate to the same extent as in prior slowdowns. As a result, market conditions around the province are tightening and home prices will likely face upward pressure as demand continues to firm. In 2020, we expect the MLS® average price will rise 4.8 per cent to $734,000.

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Provide by: BCREA

 “Copyright British Columbia Real Estate Association. Reprinted with permission.”

Awesome Central Location

Almost 1000 SQFT

Open: Jan. 25 from 2 to 4

Price at $549,900

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HOT DEAL ALERT! "KILLER" location! Fantastic layout! Oh, and ripe for re-development! Have we got your attention yet? This bright, west facing, 2 bed, 1 bath, 996sqft home will not disappoint Features: brand new bedroom carpets, laminate floors in living & dining areas, open living/dining rooms, kitchen with SS appliances & plenty of cupboard & counter space, in suite storage & a cozy gas F/P. The larger master has excellent closet space and the second bedroom is well sized. Bonus: parking and locker. Located in the heart of Burnaby/Coquitlam boarder, stone’s throw to: transit, Skytrain, shopping, recreation, schools and every amenity you can think of. Act Now! Open Sat. Jan. 25 from 2 to 4.

Gorgeous 3 Level Home

4 Bedrooms on Top Floor

Price at $1,448,800

Open: Jan 25 from 1 to 3

Click here for more...

Gorgeous Mnt Baker views. Highly sought 4 bedroom layout. Perched on a cul-de-sac in desirable Coquitlam East, is this tastefully updated home; you won't be disappointed! Beautiful 5bed/4bath/3629sqft/3lvl home on a 7000sqft+ lot complete w/3 mature Palm Trees to call yours. Main: living & dining rooms, den, spacious kitchen w/island & massive family room complete w/private balcony & cozy F/P. Level yard access w/brand new cedar deck, hot tub & fruit trees; entertainer's delight. Up: massive master w/walk-in & 5pc ensuite, 3 excellent sized rooms & main bath. Down: rec room, separate entry, kitchen, bed & 3pc bath; perfect nanny suite. Location: RC McDonald catchment, walk to Starbucks, shopping, restaurants, transit, easy Hwy 1 access & more. Act Now! Open Jan 25 from 1 to 3.