Large 2 Bed Corner Home
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Price at $568,800
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BC Homes Sales Carry Momentum into 2020
BCREA 2019 Fourth Quarter Housing Forecast
After a slow start to 2019, MLS® home sales in BC have embarked on a sustained upward trend since the spring. Slower BC economic growth and headwinds emanating from the South, along with the dampening effects of federal mortgage rules and provincial tax policy, mean that home sales are simply returning to trend after sustaining a significant shock, rather than returning to the heights of recent years.
Despite the significant improvement in market activity, sluggishness out of the gate will likely mean that provincial MLS® sales decline for a third consecutive year in 2019 to 77,100 unit sales. However, we expect all markets across BC to post rising sales in 2020 with total provincial MLS® sales up 10.9 per cent to their long-run average of about 85,500 units. As demand normalizes, the accumulation of resale inventory has reversed course in many markets around BC. We anticipate that this trend will continue in 2020 with sales and listings finding balance. For most markets this will mean price growth that’s in-line with inflation, though for some supply-constrained areas we are forecasting strong price growth. This is particularly true in the parts of Northern BC most directly impacted by massive LNG Canada investment. After a projected 2 per cent decline in the provincial MLS® average price in 2019, we anticipate a rise of 3.6 per cent in 2020.
Unexpectedly strong new home construction activity continued in 2019, particularly in Metro Vancouver. Total provincial housing starts are forecast to rise close to 8 per cent this year, surpassing the 40,000-unit mark for a third consecutive year and reaching a record high of 44,000 total starts. That elevated pace of new home construction adds to an already large pipeline of homes under construction. The overwhelming majority of those units are apartments, which have long and variable completion times. However, as this supply is added to the market, future price growth will likely be constrained.
Click here for the full forecast...
Provided by: BCREA
“Copyright British Columbia Real Estate Association. Reprinted with permission.”
Just Sold: 1701 7368 Sandbourne Ave., Burnaby, South Slopes
Gorgeous, Endless Views
Spacious 1234sqft Home
Price at $668,800
THANKS To My Clients
Another sincere thank you to all of my clients that have placed their trust in me to assist them with their real estate needs. I am Proud to be part of the Royal LePage West Real Estate Services team and congrats to my fellow realtors.
Just Listed: 407 Draycott St., Coquitlam, Central Coquitlam
Prime, level lot in Central Coquitlam
Price at $1,199,000
Located in a quiet family friendly neighborhood with no through traffic. This 7840sqft corner lot measuring approximately 80' X 98' offers lane access and City views. Potentially a livable home with renovations. Massive detached workshop for all your toys, tools and storage needs. Ideally suited for a developer or someone looking to build their dream home. Drive by anytime. Call now for more details.
Home buyer activity increases in October
The Metro Vancouver* housing market is experiencing a fall pickup in home sale activity.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,858 in October 2019, a 45.4 per cent increase from the 1,966 sales recorded in October 2018, and a 22.5 per cent increase from the 2,333 homes sold in September 2019.
Last month’s sales were 9.8 per cent above the 10-year October sales average.
“Home buyers have more confidence today than we saw in the first half of the year,” says Ashley Smith, REBGV president. “With prices edging down over the last year and interest rates remaining low, hopeful home buyers are becoming more active this fall.”
There were 4,074 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in October 2019. This represents a 16.4 per cent decrease compared to the 4,873 homes listed in October 2018 and a 16.3 per cent decrease compared to September 2019 when 4,866 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 12,236, a 5.8 per cent decrease compared to October 2018 (12,984) and a nine per cent decrease compared to September 2019 (13,439).
For all property types, the sales-to-active listings ratio for October 2019 is 23.4 per cent. By property type, the ratio is 17.3 per cent for detached homes, 26.2 per cent for townhomes, and 29 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 recent uptick in home sales is moving us into a more historically typical market,” Smith said. “Both sale and listing activity is trending around our long-term averages in recent months.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $992,900. This represents a 6.4 per cent decrease from October 2018, a 1.7 per cent decrease over the past six months, and a 0.2 per cent increase compared to September 2019.
Sales of detached homes in October 2019 reached 938, a 47.3 per cent increase from the 637 detached sales recorded in October 2018. The benchmark price for a detached home is $1,410,500. This represents a 7.5 per cent decrease from October 2018, a 1.3 per cent decrease over the past six months, and a 0.3 per cent increase compared to September 2019.
Sales of apartment homes reached 1,384 in October 2019, a 40.5 per cent increase compared to the 985 sales in October 2018. The benchmark price of an apartment home is $652,500. This represents a 5.9 per cent decrease from October 2018, a 2.2 per cent decrease over the past six months, and a 0.2 per cent increase compared to September 2019.
Attached home sales in October 2019 totalled 536, a 55.8 per cent increase compared to the 344 sales in October 2018. The benchmark price of an attached home is $771,600. This represents a 5.8 per cent decrease from October 2018, a 0.4 per cent decrease over the past six months, and a 0.5 per cent increase compared to September 2019.
Provided by: REBGV
Just Sold: 3466 Gislason Ave., Coquitlam, Burke Mountain
Ultra-private Spanish Villa on 10,000sf Estate lot w/creek & greenbelt in the heart of Burke Mtn. Wrought iron gate & oversized arched entry leads into main floor featuring formal living rm w/brick accented gas f/p, floor to ceiling windows overlooking creek & greenbelt. Formal dining rm w/hardwood floors, waffle ceilings & French drs out to deck w/view of creek. Kitchen surrounded in windows also overlooks creek & private yard/oasis. Large Master on main w/w-i closet. Updated main bath w/claw foot tub & oversized tile shower w/heavy gauge glass door. Spiral stairs down to fully finished bsmt w/2 bdrm, 2nd Master w/new ensuite complete w/5' stone & slate accented shower plus games rm & sunroom w/access to yard. BONUS 20x18 detached ultimate man cave.
Just Sold: 306 3128 Flint St., Port Coquitlam, Glenwood PQ
Welcome to Fraser Court Terrace! The moment you walk through the front doors you will know that you have found your new home. The spacious 1066 sqft unit offers 2 bedrooms, 2 full bathroom with an open concept living room with a gas fireplace and dining room. The kitchen is bright and tastefully updated with newer SS appliances, quartz counters and sink. Designer paint colors and beautiful laminate flooring. Plus a bonus ROOF TOP deck ! Close to transit, schools and shopping. You cannot beat this fabulous location!!
Listing offered by: Homelife Benchmark Realty
Metro Vancouver home prices could return to peak levels in a year: CMHC
Rebound in market sales activity likely to spark return to price growth, which could be “modest” or significant.
Home sales activity and average sale prices in Metro Vancouver are likely to increase over the next two years, according to a new forecast by Canada Mortgage and Housing Corp. (CMHC) Resale activity on the region’s MLS, which has seen significant year-over-year growth over the past few months, is predicted to continue that streak in 2020 and 2021. This increase in sales and demand for product will push up prices.
Although the housing agency described the expected price rises as “modest,” CMHC said the average price of a home (all property types) in Metro Vancouver in 2020 could potentially reach a record high of $983,000, and over $1 million in 2021. That compares with a forecast average of up to $928,000 in 2019, and average sale prices of $966,866 in 2018 and $934,977 in 2017. However, those predicted prices are at the top end of the forecast range — CMHC said it was also possible that average sale prices would continue to slide slightly over the next two years (see graph below), perhaps even to as low as $883,000 in 2021.
CMHC said that townhomes and condos priced under $700,000 were expected to see the strongest demand over the next two years. “Meanwhile, conditions in the single-detached market are expected to remain soft, particularly in the higher end segment of the market.” The report added, “While inventories of homes for sale are expected to decline slightly as sales increase, a growing number of newly constructed homes coming onto the resale market will help keep market conditions balanced overall through the end of the forecast horizon.”
Responding to the report, Jason Wong, sales and marketing director at Aragon Properties, told Glacier Media, “We are expecting to see upward pressure in pricing in the market, due to projected economic growth and annual population growth, along with the low interest rates. The fundamentals are definitely there to see price growth.”
Metro’s new-home market
On the presale condo market, CMHC predicted, “New condominium apartment developments are expected to see greater presale activity compared with the longer sales periods of recent quarters, which will encourage additional new development; however, pricing will increasingly be a point of differentiation as consumers have more options in a rising inventory environment.”
However, Wong said he believes there is plenty of “room for a lot of new product” before price growth would be affected. “The Lower Mainland needs a lot of new housing. There is a lot of pent-up demand and it would take a lot of product to satisfy that demand. And we have to recognize that these homes are also not built yet.”
Wong added that Aragon had seen strong presales at its recent condo projects in Vancouver, and was confident about launching a new project in New Westminster’s Port Royal in spring 2020.
B.C. and national picture
Across B.C., the resale market forecast was a similar story to that of Metro Vancouver, with sales and price growth expected in 2020 and 2021 after a weak 2018 and 2019.
The federal housing agency reported, “British Columbia will see modest recovery in price growth in 2020 from a decline in 2019, but rise to the second-highest rate of price growth, after Ontario, in 2021.”
This prediction echoes that of the B.C. Real Estate Association, which forecast recently that home sales would increase in every B.C. region over the next year.
The CMHC’s national forecast was also similar, albeit at lower average price levels. Bob Dugan, CMHC’s chief economist, said, “Housing starts [across Canada] are projected to stabilize in 2020 and 2021 at levels in line with long-run averages. This follows two years of declines from elevated levels in 2017. Resale activity and house prices are expected to fully recover from recent declines, supported by growth in income and population.”
The national average home sale price was $511,830 in 2017, and CMHC predicts it will be approximately $488,000 this year. CHMC said the average sale price could be between $539,800 and $569,600 in 2021.
The agency’s Canada-wide forecast report added, “The current outlook for renewed growth in home prices over the forecast horizon does not imply that overvaluation and/or price acceleration measures will necessarily worsen, since growth in fundamentals over the same time period can be sufficient to support stronger resale market activity and price growth.”
Provided by: Joannah Connolly / Glacier Media Real Estate
Just Listed: 1701 7368 Sandborne Ave., Burnaby South, South Slopes
Gorgeous, Endless Views
Spacious 1234sqft Home
Open: Oct. 26 from 2 to 4
Price at $668,800
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Immigrant-fuelled demand is helping to power Canada's housing market
Immigrants buy 21 per cent of houses and may purchase 680,000 homes during the next five years, a Royal LePage poll shows.
Newcomers to Canada account for more than a fifth of the housing market, helping boost real estate in Ontario, Quebec and B.C., according to a new survey.
Immigrants buy 21 per cent of houses and may purchase 680,000 homes during the next five years if migration levels are maintained, the poll commissioned by Royal LePage shows.
“In addition to supporting Canada’s economic growth, newcomers to Canada are vital to the health of our national real estate market,” Phil Soper, Royal LePage president and CEO, said in a statement. “Newcomers are doing more than investing in Canadian real estate, they are investing in their family’s future.”
The survey lands as the country’s housing markets rebound from the imposition of tighter mortgage rules over the past two years that were brought in to limit speculation and soaring prices in markets such as Vancouver and Toronto.
Prices have fallen in Vancouver and increases slowed in Toronto, but their markets are gathering steam again. Buying activity rose another 0.6 per cent in September to 512,000 units (seasonally adjusted and annualized) — the highest level in 21 months and 6.6 per cent above the 10-year average, according to the Canadian Real Estate Association.
More evidence of a red-hot real estate market came on Wednesday when the Toronto Real Estate Board reported that condo sales in the third quarter rose 11.1 per cent compared to the same period last year.
“Condominium apartments are obviously a popular choice amongst first-time home-buyers,” said Jason Mercer, TREB’s chief market analyst. “Moreover, it is also important to remember that condominium apartments owned by investors represent a huge component of the GTA rental stock and certainly account for most additions to the rental stock, on net, over the past decade.”
Newcomers to Canada are vital to the health of our national real estate market
Phil Soper, Royal LePage president and CEO
Royal Bank of Canada senior economist Robert Hogue notes that conditions are ripe for another rally in housing prices after a pause earlier in the year.
“Demand-supply conditions have tightened up, and are gradually heating up prices. Low interest rates, strong labour markets and rapid population growth will continue to fuel demand in the period ahead,” said Hogue in a report. “Promises made during the federal election campaign could heat things up further.”
All the major political parties remain open to some levels of immigration, and the perception appears to hold among newcomers, according to the LePage survey.
The poll of 1,500 people who arrived in Canada within the last 10 years found more than half of newcomers — 54 per cent — chose Canada because it’s a good place to live and work while three quarters said they didn’t consider moving to the U.S., with 31 per cent citing a better reception for immigrants in Canada and 26 per cent saying it was safer.
Almost half — 46 per cent — chose Ontario, helping power the province’s property market especially in Toronto and Ottawa, according to the survey. Nearly a third — 32 per cent — of newcomers to those cities buy houses, which is the national average, the poll showed. That compares with 68 per cent home ownership for all Canadians, according to Statistics Canada.
Quebec drew 19 per cent of newcomers because of good schools, quality of life and relative affordability, which helps counter an aging population and those who leave the province, according to Royal LePage’s local vice president and general manager, Dominic St. Pierre.
“In addition to enriching the province’s social fabric, newcomers provide a population boost that supports both a healthy economy and vibrant real estate market,” St. Pierre said.
B.C. came third with about 13 per cent of newcomers to Canada, according to Statistics Canada and holds the survey’s highest amount — 89 per cent — of those who arrive with savings to buy a house, perhaps reflecting the strong influx of wealthy Asians in the market.
Provided by: COLIN MCCLELLAND with the Financial Post
Your passion and expertise truly sets you apart....
Just wanted to take this time to formally express our thanks and appreciation for guiding us through this process. Your passion and expertise truly sets you apart from other realtors we’ve worked with.
If we ever need real estate assistance again in the future, you will certainly be on top of our list.
H. & R. L.
Royal LePage West Real Estate Services
2185 Austin Avenue
Coquitlam, British Columbia V3K3R9
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.