Please visit our Open House at 217 288 8TH AVE E in Vancouver.

Open House on Saturday, April 27, 2019 2:00PM - 4:00PM

Enjoy this bright, spacious 1 bedroom and den in the heart of Vancouver's popular "SOMA" neighborhood. Suite features open plan living concept, laminate flooring, floor to ceiling windows, newer kitchen/bathroom countertops and stainless steel appliances. Leave the car at home and walk/bike to all your favorite restaurants, shops, craft breweries and Skytrain/transit. Building is well managed and Includes fitness centre, parking, locker and bike room. Pet and Rental friendly too. Perfect!! Open April 20 1:30 - 3pm & April 27 & 28, 2-4pm.

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Please visit our Open House at 217 288 8TH AVE E in Vancouver.

Open House on Sunday, April 28, 2019 2:00PM - 4:00PM

Enjoy this bright, spacious 1 bedroom and den in the heart of Vancouver's popular "SOMA" neighborhood. Suite features open plan living concept, laminate flooring, floor to ceiling windows, newer kitchen/bathroom countertops and stainless steel appliances. Leave the car at home and walk/bike to all your favorite restaurants, shops, craft breweries and Skytrain/transit. Building is well managed and Includes fitness centre, parking, locker and bike room. Pet and Rental friendly too. Perfect!! Open April 20 1:30 - 3pm & April 27 & 28, 2-4pm.

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Please visit our Open House at 217 288 8TH AVE E in Vancouver.

Open House on Saturday, April 20, 2019 1:30PM - 3:00PM

Enjoy this bright, spacious 1 bedroom and den in the heart of Vancouver's popular "SOMA" neighborhood. Suite features open plan living concept, laminate flooring, floor to ceiling windows, newer kitchen/bathroom countertops and stainless steel appliances. Leave the car at home and walk/bike to all your favorite restaurants, shops, craft breweries and Skytrain/transit. Building is well managed and Includes fitness centre, parking, locker and bike room. Pet and Rental friendly too. Perfect!! Open April 20 1:30 - 3pm & April 27 & 28, 2-4pm.

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Vancouver, BC – March 20, 2019.


The British Columbia Real Estate Association (BCREA) is pleased with the measures announced in Budget 2019 that will help address housing affordability in British Columbia. REALTORS® in BC recognize that home ownership is a difficult goal to achieve for many British Columbians, and the policies announced in this budget provide meaningful assistance with this complex challenge.
 
BCREA supports the newly announced First-Time Home Buyer Incentive program, which introduces shared equity mortgages that will help to directly foster affordability. The budget also proposes increasing the Home Buyers’ Plan (HBP) withdrawal limit from $25,000 to $35,000, further supporting first-time buyers.

“British Columbians who aspire to home ownership need to be able to achieve this goal to assure a sustainable future for our province,” says Darlene Hyde, BCREA CEO. “REALTORS® have advocated for modernization of the HBP for a long time and we’re pleased to see it addressed in Budget 2019.”

The BC real estate sector makes important direct contributions to economic growth in the province, ultimately accounting for close to ten per cent of real GDP in the province through new home construction and residential and commercial real estate transactions. Home sales also generate significant spin-off expenditures. According to a 2017 study from the Canadian Real Estate Association (CREA), each home sale on the Multiple Listing Service® (MLS®) in BC between 2014 and 2016 generated $67,800 in related expenditures, such as moving costs, renovations and legal fees following the sale. Each transaction also generated an average of $7,000 in Property Transfer Tax.

BCREA also welcomes the following measures announced in Budget 2019:

  • making the National Housing Strategy a permanent program,
  • the announcement of an additional $10 billion and an extension of the Rental Construction Financing Initiative until 2027-28—a strong policy direction that will assist with assuring market sustainability,
  • increased sharing of financial data among federal and provincial governments and their agencies as part of anti-money laundering/anti-terrorist financing efforts; this issue can be best addressed with close collaboration among the federal and provincial governments, along with industry,    
  • the announcement of an Expert Panel on Housing Supply and Affordability. These are significant issues in British Columbia, and a well-chosen panel can bring collective expertise and forward-thinking strategy to the issue. In the near future, BCREA will provide the federal and provincial governments with recommendations for strong potential appointees. 

While we welcome the incentives for first-time home buyers, the announced measures fail to address the damage done by the mortgage stress test. BCREA is particularly encouraged that the federal government is carefully monitoring the effects of the B-20 mortgage regulations, as we recently voiced concern regarding the overreaching impact this policy is having in the Lower Mainland. We assert the federal government needs to review the policy against interest rate changes since its introduction and re-institute 30-year mortgages to further help Canadians achieve their goals of homeownership. 

Click here for the PDF.
 

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Vancouver, BC – March 13, 2019.


The British Columbia Real Estate Association (BCREA) reports that a total of 4,533 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in February, a decline of 27 per cent from the same month last year. The average MLS® residential price in the province was $678,625, a decline of 9.3 per cent from February 2018. Total sales dollar volume was $3.08 billion, a 33.8 per cent decline from the same month last year.


“Prospective homebuyers continue to be sidelined by the mortgage stress test,” said Brendon Ogmundson, BCREA Deputy Chief Economist. “As a consequence, and despite a strong BC labour market, sales remained slow in February.”


Total MLS® residential active listings increased 36.5 per cent to 30,891 units compared to the same month last year. The ratio of sales to active residential listings declined from 27.4 per cent to 14.7 per cent over the same period.


“Falling mortgage rates should provide some relief for homebuyers, providing a small boost to affordability heading into the spring,” added Ogmundson.

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March 4, 2019 - Courtesy of REBGV


The Metro Vancouver housing market saw increased supply from home sellers and below average demand from home buyers in February.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,484 in February 2019, a 32.8 per cent decrease from the 2,207 sales recorded in February 2018, and a 34.5 per cent increase from the 1,103 homes sold in January 2019.


Last month’s sales were 42.5 per cent below the 10-year February sales average.

“For much of the past four years, we’ve been in a sellers’ market. Conditions have shifted over the last 12 months to favour buyers, particularly in the detached home market,” Phil Moore, REBGV president said. “This means that home buyers face less competition today, have more selection to choose from and more time to make their decisions.”


There were 3,892 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2019. This represents a 7.8 per cent decrease compared to the 4,223 homes listed in February 2018 and a 19.7 per cent decrease compared to the 4,848 homes listed in January 2019.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,590, a 48.2 per cent increase compared to February 2018 (7,822) and a 7.2 per cent increase compared to January 2019 (10,808).

For all property types, the sales-to-active listings ratio for February 2019 is 12.8 per cent.


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

“Homes priced well for today’s market are attracting interest, however, buyers are choosing to take a wait-and-see approach for the time being,” Moore said. “REALTORS® continue to experience more traffic at open houses. We’ll see if this trend leads to increased sales activity during the spring market.”


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,016,600. This represents a 6.1 per cent decrease over February 2018, a 6.2 per cent decrease over the past six months, and a 0.3 per cent decrease compared to January 2019.

Sales of detached homes in February 2019 reached 448, a 27.9 per decrease cent from the 621 detached sales recorded in February 2018. The benchmark price for detached properties is $1,443,100. This represents a 9.7 per cent decrease from February 2018, a 7.6 per cent decrease over the past six months, and a 0.7 per cent decrease compared to January 2019.

Sales of apartment homes reached 759 in February 2019, a 35.9 per cent decrease compared to the 1,185 sales in February 2018. The benchmark price of an apartment property is $660,300. This represents a four per cent decrease from February 2018, a 5.1 per cent decrease over the past six months, and a 0.3 per cent increase compared to January 2019.

Attached home sales in February 2019 totalled 277, a 30.9 per cent decrease compared to the 401 sales in February 2018. The benchmark price of an attached unit is $789,300. This represents a 3.3 per cent decrease from February 2018, a 6.7 per cent decrease over the past six months, and a 1.4 per cent decrease compared to January 2019.


Download the February 2019 stats package
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Vancouver, BC – February 25, 2019. 

Courtesy of BCREA


The British Columbia Real Estate Association (BCREA) released its 2019 First Quarter Housing Forecast Update today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to increase 2 per cent to 80,000 units this year, after recording 78,345 residential sales in 2018.


MLS® residential sales are forecast to increase a further 6.9 per cent to 85,500 units in 2020.


The 10-year average for MLS® residential sales in the province is 85,800 units.


“The negative shock to affordability and purchasing power created by the B20 stress test on mortgage borrowers is expected to continue constraining housing demand in the province this year,” said Cameron Muir, BCREA Chief Economist. “Favourable demographics along with continuing strong performance of the BC economy is expected to underpin housing demand over the next two years.”


The policy-induced demand shock has contributed to an increase of the inventory of homes for sale in most regions of the province. As a result, market conditions are expected to provide little upward pressure on home prices this year, with the average annual residential price forecast to remain essentially unchanged, albeit up 0.5 per cent to $716,100.


Modest improvement in consumer demand is expected to unfold over the next two years as households further adjust to the mortgage stress test.


Have a real estate question? Contact Maggie 604-328-0077

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Vancouver, BC – February 15, 2019. 

BCREA


The British Columbia Real Estate Association (BCREA) reports that a total of 3,546 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in January, a decline of 33.2 per cent from the same month last year.


The average MLS® residential price in the province was $665,590, a decline of 7.7 per cent from January 2018. Total sales dollar volume was $2.36 billion, a 38.4 per cent decline from the same month last year.


“BC households continue to grapple with the policyinduced affordability shock created last year by the federal government,” said Cameron Muir, BCREA Chief Economist. “The resulting pullback in consumer demand is largely responsible for January’s lacklustre performance.”


Total MLS® residential active listings increased 41.2 per cent to 29,522 units compared to the same month last year.


The ratio of sales to active residential listings declined from 25.4 per cent to 12 per cent over the same period.


“Many BC regions are now exhibiting buyer’s market conditions,” added Muir. “However, BC Northern, the Kootenay, Okanagan Mainline and the Vancouver Island markets continue to reflect balance between supply and demand.”

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Vancouver, BC – January 15, 2019.


TThe British Columbia Real Estate Association (BCREA) reports that a total of 78,345 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in 2018, a decline of 24.5 per cent from the 103,758 units sold in 2017.


The annual average MLS® residential price in BC was $712,508, an increase of 0.4 per cent from $709,601 recorded the previous year. Total sales dollar volume was $55.8 billion, a 24.2 per cent decline from 2017.


“BC home sales fell below the 10-year average of 84,800 units in 2018,” said Cameron Muir, BCREA Chief Economist. “The sharp decline in affordability caused by the B20 mortgage stress test is largely to blame for decline in consumer demand last year.”


A total of 3,497 MLS® residential unit sales were recorded across the province in December, down 39.1 per cent from December 2017. The average MLS® residential price in BC was $695,647, a decline of 5.2 per cent from December 2017.


Total sales dollar volume was $2.4 billion, a 42.3 per cent decline during the same period.


Total active residential listings were up 33.3 per cent to 27,615 units in December, the highest December inventory since 2014 when 33,995 active residential listings were recorded.

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BCREA ECONOMICS NOW


Bank of Canada Interest Rate Announcement - January 9, 2018


The Bank of Canada left its target for the overnight rate unchanged at 1.75 per cent this morning. In the statement accompanying the decision, the Bank noted that the outlook for the Canadian economy is moderating due to  falling oil prices and mandatory production cuts in Alberta and a slowdown in global demand due to US-China trade tensions. As a result, the Bank has trimmed its forecast for Canadian economic growth in 2019 from 2.1 per cent to 1.7 per cent. 


Total inflation is being dragged lower by falling gasoline prices, though core inflation remains near the Bank's 2 per cent target.

While the direction of future monetary policy remains tilted toward higher interest rates, our baseline forecast is for a single rate hike as the most likely outcome for 2019.


With a housing market battered by the stress test and signs of slowing growth elsewhere in the economy, it will be difficult for the Bank to accelerate monetary tightening beyond a gradual pace. 


A less hawkish Bank of Canada, along with a steep fall in Canadian bond yields, should translate to mortgage rates flattening out or even moving slightly lower in 2019.

 

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Courtesy BCREA - Jan 4, 2019


Canadian employment was up slightly in December, rising by 9,300 jobs. The national unemployment held steady at 5.6 per cent, the lowest it has been since 1976. Total employment for all of 2018 increased by 163,000 jobs, a 0.9 per cent rise over 2017.
 
In BC, employment grew by 4,400 jobs in December as full-time work jumped by almost 23,000 jobs but was offset by a drop in part-time employment.  On a year-over-year basis, employment was up 1.8 per cent and the provincial unemployment rate was unchanged at 4.4 per cent, the lowest rate among all provinces. 

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December 20, 21-018 - Courtesy REBGV


The federal government legalized non-medical cannabis on October 17, 2018 though Bill C-54, the Cannabis Act.  

This created a corresponding need for the BC government to establish cannabis-related laws and regulations through the newly passed Cannabis Control and Licensing Act (CCLA) which governs the possession, use, and cultivation of recreational cannabis.   

The CCLA has implications for REALTORS® and their clients because it provides guidance for landlords and strata councils on their rights and obligations. Here are five facts you and your clients should know.

1.  The CCLA authorizes adults (age 19 and older) to grow up to four cannabis plants per household for personal use as long as the plants aren’t visible from public spaces off the property. 


2.  The CCLA, for landlords, prohibits cannabis smoking under existing leases that prohibit smoking tobacco by amending the BC Residential Tenancy Act. If a residential tenancy agreement entered into before October 17, 2018 prohibits or limits smoking tobacco and doesn’t expressly permit smoking cannabis, then the agreement is deemed to include a term that prohibits or limits smoking cannabis in the same way smoking tobacco is prohibited or limited. 


3.  The CCLA prohibits personal cultivation of cannabis under existing leases, except for federally authorized medical cannabis.


4.  The CCLA establishes for new leases entered into after October 17, 2018, the lease must expressly state whether growing or smoking cannabis is prohibited or limited. If a lease doesn’t state this, landlords and tenants may negotiate terms regarding growing and smoking of cannabis.


5.  For strata councils, the CCLA doesn’t make amendments to the Strata Property ActThe provincial government also hasn’t imposed cannabis restrictions on strata councils, which can enact bylaws and rules restricting smoking or growing cannabis.


6.  Growing a limited amount of cannabis for health reasons is legal under the Access to Cannabis for Medical Purposes regulations(which accompany Bill C-45) and isn’t contrary to tenancy agreements or strata bylaws. Anyone growing federally authorized medical cannabis should follow federal guidelines. Landlords or strata councils which try to restrict use of medical cannabis may be violating the BC Human Rights Code and Canada’s Charter of Rights and Freedoms. At the same time, there may be existing obligations to other tenants, including provisions for the quiet use and enjoyment of property.


7.  The CCLA permits municipal councils to set their own restrictions. Currently:

8.  Insurers of residential properties may have clauses in policies specifying they won’t insure homes used for cannabis production. There have been causes where landlords didn’t permit cannabis growing and didn’t know a tenant was growing cannabis, but were denied an insurance claim


9.  All cannabis retail stores require a provincial licence to operate. This is regulated and enforced by the BC Liquor and Cannabis Regulation Branch under the CCLA.

We'll keep you informed as municipalities create bylaws concerning cannabis production and retail.

The federal government legalized non-medical cannabis on October 17, 2018 though Bill C-54, the Cannabis Act.  

This created a corresponding need for the BC government to establish cannabis-related laws and regulations through the newly passed Cannabis Control and Licensing Act (CCLA) which governs the possession, use, and cultivation of recreational cannabis.   

The CCLA has implications for REALTORS® and their clients because it provides guidance for landlords and strata councils on their rights and obligations.


Here are five facts Realtors and their clients should know.


1.  The CCLA authorizes adults (age 19 and older) to grow up to four cannabis plants per household for personal use as long as the plants aren’t visible from public spaces off the property. 

2.  The CCLA, for landlords, prohibits cannabis smoking under existing leases that prohibit smoking tobacco by amending the BC Residential Tenancy Act. If a residential tenancy agreement entered into before October 17, 2018 prohibits or limits smoking tobacco and doesn’t expressly permit smoking cannabis, then the agreement is deemed to include a term that prohibits or limits smoking cannabis in the same way smoking tobacco is prohibited or limited. 

3.  The CCLA prohibits personal cultivation of cannabis under existing leases, except for federally authorized medical cannabis.

4.  The CCLA establishes for new leases entered into after October 17, 2018, the lease must expressly state whether growing or smoking cannabis is prohibited or limited. If a lease doesn’t state this, landlords and tenants may negotiate terms regarding growing and smoking of cannabis.

5.  For strata councils, the CCLA doesn’t make amendments to the Strata Property ActThe provincial government also hasn’t imposed cannabis restrictions on strata councils, which can enact bylaws and rules restricting smoking or growing cannabis.

6.  Growing a limited amount of cannabis for health reasons is legal under the Access to Cannabis for Medical Purposes regulations(which accompany Bill C-45) and isn’t contrary to tenancy agreements or strata bylaws. Anyone growing federally authorized medical cannabis should follow federal guidelines. Landlords or strata councils which try to restrict use of medical cannabis may be violating the BC Human Rights Code and Canada’s Charter of Rights and Freedoms. At the same time, there may be existing obligations to other tenants, including provisions for the quiet use and enjoyment of property.

7.  The CCLA permits municipal councils to set their own restrictions. Currently:

8.  Insurers of residential properties may have clauses in policies specifying they won’t insure homes used for cannabis production. There have been causes where landlords didn’t permit cannabis growing and didn’t know a tenant was growing cannabis, but were denied an insurance claim

9.  All cannabis retail stores require a provincial licence to operate. This is regulated and enforced by the BC Liquor and Cannabis Regulation Branch under the CCLA.




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The British Columbia government has introduced legislation to tackle speculation in B.C.'s housing market and help turn empty properties into homes for people.

“We believe the people who live and work in B.C. should be able to afford a place to call home.


Right now, British Columbians are faced with some of the highest housing prices in the world and there is widespread support for government’s plan to moderate the housing market,” Carole James, Minister of Finance, said. “We’re tackling this housing crisis head-on and the speculation and vacancy tax is an essential piece in our plan.”


The speculation and vacancy tax is the first legislation of its kind to be introduced in the country. This groundbreaking legislation means that British Columbia will have the strongest protections in Canada against people looking to use the housing market as a resting place for both foreign capital and other speculative investments. It will also ensure satellite families and people who use local services without paying B.C. income taxes contribute their fair share.


The speculation and vacancy tax is already moderating the housing market by curbing foreign investment and discouraging the incentive to hold homes as vacant investment properties in B.C.’s major urban markets. According to experts including RBC, the Canadian Real Estate Association and Sotheby's, the speculation and vacancy tax and other measures introduced by the Province are responsible for helping cool the B.C. market.


October 2018 


All revenue raised from the speculation and vacancy tax will be used to fund affordable housing for people who live in B.C. Further, the tax will help boost the province’s rental supply by introducing incentives to make vacant homes available for rent.

The majority of revenue raised by the tax will come from non-residents of British Columbia, including foreign owners and satellite families. Over 99% of all British Columbians will be exempt from the tax.


The tax includes exemptions for British Columbians’ principal residences, rented properties, and special circumstances including major home renovations and difficult life events such as divorce. The legislation also has exemptions in place to broadly protect the development of land to support the province’s growing housing supply.

The speculation and vacancy tax is a part of the B.C. government’s 30-Point Plan for Housing Affordability to address the housing crisis and help make life more affordable for people.


Learn More:

For more information on the speculation and vacancy tax: gov.bc.ca/spectaxinfo


30-Point Plan for Housing Affordability: http://bcbudget.gov.bc.ca/2018/homesbc/2018_Homes_For_BC.pdf


To ask questions about how the speculation and vacancy tax applies to you, call 1 833 554-2323 (toll-free in Canada and the U.S.) or 604 660-2421 (international).

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Bank of Canada Interest Rate Announcement - October 24, 2018

Courtesy BCREA


The Bank of Canada raised its target for the overnight rate by 25 basis points to 1.75 per cent this morning. In the statement accompanying the decision, the Bank noted that the Canadian economy is expected to average growth of 2 per cent over the second half of 2018 before slowing to 1.9 per cent next year. 


The renegotiation of NAFTA is expected to lower uncertainty and boost business investment and exports while households spending and the housing market are stabilizing after the implementation of the B20 mortgage stress test. Inflation is expected to remain close to 2 per cent over the Bank's two year projection horizon.
   
The resolution of NAFTA negotiations earlier in the fall paved the way for the Bank of Canada to resume its rate tightening this morning.  While inflation data came in slightly soft in September, the Canadian economy is still operating above its long-run trend which should keep inflation near the Bank's 2 per cent target.


The Bank will meet one final time in 2018 at its December meeting, at which we expect policymakers will maintain the target rate at is current level before raising the target rate to 2 per cent in January 2019.  As the target rate continues on its path higher, Canadian mortgage rates will continue to rise, ultimately resulting in a 6 per cent qualifying rate by the end of 2019.

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Vancouver, BC – October 11, 2018.


The British Columbia Real Estate Association (BCREA) reports that a total of 5,573 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in September, a 33.2 per cent decrease from the same month last year. The average MLS® residential price in BC was $685,749, down 1.1 per cent from September 2017. Total sales dollar volume was $3.8 billion, a 34 per cent decline from September 2017.


“BC home sales continue at a slower pace compared to last year,” said Cameron Muir, BCREA Chief Economist. “The impact on affordability and purchasing power caused by the mortgage stress test and moderately higher interest rates are negating the effect of the extraordinarily strong performance of BC’s economy over the last five years.”


Year-to-date, BC residential sales dollar volume was down 21.3 per cent to $45 billion, compared with the same period in 2017. Residential unit sales decreased 22.5 per cent to 63,251 units, while the average MLS® residential price was up 1.5 per cent to $716,096.

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Courtesy BCREA 


BC Housing Starts - October 9, 2018



It was a volatile month for new home construction in BC. Total housing starts fell 43 per cent on a monthly basis to 25,611 units SAAR and were down 31 per cent year-over-year. On a monthly basis, starts of multiple units were down more than half from August to just 16,980 units SAAR while single detached fell 3 per cent to 8,631 units SAAR. Compared to September 2017, multiple units starts were down 37 per cent while single detached starts were 20 per cent lower.
 
Looking at census metropolitan areas (CMA) in BC: 

  • Total starts in the Vancouver CMA were down 42 per cent on a monthly basis to 14,390 units SAAR as multiple units starts dropped 50 per cent from August. Compared to this time last year, total starts in Vancouver were 21 per cent lower. September new home construction in Metro Vancouver was concentrated in Surrey which accounted for a quarter of all starts.
  • In the Victoria CMA, housing starts fell 56 per cent after a surge of new starts in August. Total housing starts were still on a 3,000 annual pace in September. That is well below the torrid pace of new home construction seen in Victoria over the past year, but still relatively strong.
  • In the Kelowna CMA, new home construction slowed substantially in September, falling to just 750 units SAAR from August's near 4,000 unit annual pace. On a year-over-year basis, total starts were down 84 per cent to just 67 total units.  Housing starts in Kelowna have fallen off of the record pace of 2017, but remain above the 10-year average for the city.
  • Housing starts in the Abbotsford-Mission CMA rose 23 per cent on a monthly basis, driven by a 44 per cent increase in multiple unit projects and strong single-detached starts. However, total housing starts were down 80 per cent compared to last September, which saw very strong multiple unit starts.
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Courtesy BCREA - October 4, 2018


Total Canadian employment increased by 62,000 jobs in September, reversing the similar sized decline from August. Part-time employment accounted for most of the gain, rising by 80,000 while full-time work declined.   The national unemployment rate declined 0.1 points to 5.9 per cent and total hours worked across the economy rose 0.6 per cent.  Total employment was up 1.2 per cent over this time last year.
 
In BC, employment rose for a third consecutive month as the economy added an astonishing 33,000 jobs in September (near the all-time record of 34,700 set in May 2015), including 26,000 full-time jobs. Employment in the third quarter was up 54,000 jobs after declining in the first half of the year.  On a year-over-year basis, employment was up 1.7 per cent and the provincial unemployment rate fell 1.1 points to 4.2 per cent, the lowest rate of unemployment in the province since June 2008.

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October 4, 2018

Courtesy REBGV


The supply of homes for sale continued to increase across the Metro Vancouver* housing market in September while home buyer demand remained below typical levels for this time of year.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 1,595 in September 2018, a 43.5 per cent decrease from the 2,821 sales recorded in September 2017, and a 17.3 per cent decrease compared to August 2018 when 1,929 homes sold.


Last month’s sales were 36.1 per cent below the 10-year September sales average.

“Fewer home sales are allowing listings to accumulate and prices to ease across the Metro Vancouver housing market,” Ashley Smith, REBGV president-elect said. “There’s more selection for home buyers to choose from today. Since spring, home listing totals have risen to levels we haven’t seen in our market in four years.”


There were 5,279 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2018. This represents a 1.8 per cent decrease compared to the 5,375 homes listed in September 2017 and a 36 per cent increase compared to August 2018 when 3,881 homes were listed.


The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,084, a 38.2 per cent increase compared to September 2017 (9,466) and a 10.7 per cent increase compared to August 2018 (11,824).


For all property types, the sales-to-active listings ratio for September 2018 is 12.2 per cent. By property type, the ratio is 7.8 per cent for detached homes, 14 per cent for townhomes, and 17.6 per cent for condominiums.


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

“Metro Vancouver’s housing market has changed pace compared to the last few years. Our townhome and apartment markets are sitting in balanced market territory and our detached home market remains in a clear buyers’ market,” Smith said. “It’s important for both home buyers and sellers to work with their Realtor to understand what these trends means to them.”


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,070,600. This represents a 2.2 per cent increase over September 2017 and a 3.1 per cent decrease over the last three months.


Sales of detached properties in September 2018 reached 508, a 40.4 per cent decrease from the 852 detached sales recorded in September 2017. The benchmark price for detached properties is $1,540,900. This represents a 4.5 per cent decrease from September 2017 and a 3.4 per cent decrease over the last three months.


Sales of apartment properties reached 812 in September 2018, a 44 per cent decrease compared to the 1,451 sales in September 2017. The benchmark price of an apartment property is $687,300. This represents a 7.4 per cent increase from September 2017 and a 3.1 per cent decrease over the last three months.


Attached property sales in September 2018 totalled 275, a 46.9 per cent decrease compared to the 518 sales in September 2017. The benchmark price of an attached unit is $837,600. This represents a 6.4 per cent increase from September 2017 and a two per cent decrease over the last three months.


Click here to download the full package.
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Sept 9, 2018


Courtesy Chris Seepe, REM Online


When this law is passed, it will further grant the right to not be arrested for growing up to four plants. Again, it doesn’t mean you have the right to grow it wherever you wish. My letter specifically states you can’t grow it anywhere in or on the property without the landlord’s written permission, which we universally don’t provide because of the significant health risk from the potential growth of mould, risk of fire and the significant damage caused by the high humidity requirements for growing such plants, including hydroponics.


The right to smoke in a rental property is not enshrined in any Canadian legislation, including the Canadian Charter of Rights and Freedoms and the Human Rights Code. In the 1998 case, McNeil vs. Ontario, a smoker claimed their rights under the Canadian Charter of Rights and Freedoms (s.12) were infringed, that nicotine is addictive and deprivation of cigarettes resulted in physical, mental and psychological suffering. The court determined that a cigarette ban was not intended to be punishment but to improve the health of all citizens and, while withdrawal from an addiction to nicotine may be an unpleasant and difficult experience, it is nevertheless temporary, limited and does not require medical attention. Many people voluntarily overcome the addiction. The above case further cited an earlier case – Edwards v. Canada (1991): “The smoking habit is far from a legal or constitutional right to which the State must pander.”

Unlike alcohol consumption, for example, cannabis smoke doesn’t respect physical boundaries and it’s much stronger smelling than cigarette smoke.


Smokers will likely run into the fundamental tenet of the Residential Tenancies Act (RTA) – the right of quiet enjoyment. This phrase is a misnomer. It should state, “right of peaceful enjoyment”. A breach of this right can arise from any acts of or neglect by a tenant that results in the interference, interruption or disturbance of another tenant’s reasonable peace, comfort or privacy of their respective premises or the common areas of the property being interfered with, whether by liquids, gases, vapours, solids, odours, vibration, noise, abusive language, threats of any kind, unusual or dangerous hobbies and fires created, caused or implied by a tenant.


Two-thirds of all Canadians don’t smoke, while 14 per cent smoke daily. Children can be adversely affected by smoke and parents are likely to take very strong objection to cannabis smokers.


Ontario’s new Standard Lease Agreement (SLA) includes a section about smoking. This section empowers a landlord to use a breach of a no-smoking clause in a rental agreement as grounds for eviction.


It remains for the courts to determine if a tenant’s right to smoke marijuana for medicinal purposes is greater than a neighbour’s right to not smell it, especially since there are alternative forms of medicinal marijuana including pills, capsules and oil.

My letter states that if mould develops in their rental unit, we will not remediate it and we will require a tenant to pay for any such remediation. An N8 notice for eviction could be issued for damage to property caused by an act or inaction by a tenant that is not completely and properly repaired by that tenant.


We estimated that growing four plants a year will consume an average $600-$800/year, and electrical circuits in older buildings (87 per cent of Ontario purpose-built rental buildings were constructed before 1979) that are already under heavy loads may increase the risk of fire. My letter states that a tenant may be held accountable for any fire started due to an overloaded circuit, and that we regularly record all electricity meter readings for all units. If a landlord includes electricity in the rent, then this could become a major financial issue. Your letter might say the landlord is not be responsible for any increase in electricity cost, although you may find that this will be hard to defend in court for existing tenants.


Our smoking policy then is: “Smoking, which includes tobacco and marijuana, any electronic versions and anything smoked for medicinal, recreational or remedial purposes, and growing plants of any type or quantity that require a room temperature above 22 C or which requires any form of moisture, excluding room-temperature liquid water directly applied to the plant’s soil, which includes marijuana, cannabis and hydroponics, are not permitted to be grown or cultivated anywhere in or on the premises, including common areas and the tenant’s rented unit.”

 
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September 5, 2018

Home buyer demand stays below historical averages in August

The Metro Vancouver* housing market continues to experience reduced demand across all housing types.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,929 in August 2018, a 36.6 per cent decrease from the 3,043 sales recorded in August 2017, and a 6.8 per cent decline compared to July 2018 when 2,070 homes sold.


Last month’s sales were 25.2 per cent below the 10-year August sales average.

“Home buyers have been less active in recent months and we’re beginning to see prices edge down for all housing types as a result,” Phil Moore, REBGV president said. “Buyers today have more listings to choose from and face less competition than we’ve seen in our market in recent years.”


There were 3,881 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2018. This represents an 8.6 per cent decrease compared to the 4,245 homes listed in August 2017 and an 18.6 per cent decrease compared to July 2018 when 4,770 homes were listed.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,824, a 34.3 per cent increase compared to August 2017 (8,807) and a 2.6 per cent decrease compared to July 2018 (12,137).


The sales-to-active listings ratio for August 2018 is 16.3 per cent. By housing type, the ratio is 9.2 per cent for detached homes, 19.4 per cent for townhomes, and 26.6 per cent for apartments.

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


“With fewer buyers active in the market, benchmark prices across all three housing categories have declined for two consecutive months across the region,” Moore said.


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,083,400. This represents a 4.1 per cent increase over August 2017 and a 1.9 per cent decrease since May 2018.

Sales of detached properties in August 2018 reached 567, a 37.1 per cent decrease from the 901 detached sales recorded in August 2017. The benchmark price for detached properties is $1,561,000. This represents a 3.1 per cent decrease from August 2017 and a 2.8 per cent decrease since May 2018.


Sales of apartment properties reached 1,025 in August 2018, 36.5 per cent decrease compared to the 1,613 sales in August 2017. The benchmark price of an apartment property is $695,500. This represents a 10.3 per cent increase from August 2017 and a 1.6 per cent decrease since May 2018.


Attached property sales in August 2018 totalled 337, a 36.3 per cent decrease compared to the 529 sales in August 2017. The benchmark price of an attached unit is $846,100. This represents a 7.9 per cent increase from August 2017 and a 0.8 per cent decrease since May 2018.

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), 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 REBGV, 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 REBGV, the FVREB or the CADREB.