I have listed a new property at 134 PARKSIDE DR in Port Moody.
Quiet & desirable Heritage Mountain neighbourhood for this renovated family home. Bright and inviting with many recent updates to all those important items: roof, gutters, flooring, furnace and hot water tank. Main floor includes living room with vaulted ceilings, formal dining room, kitchen with SS appliances, granite, maple cabinetry, eating area and adjacent family room. Rounding out the main level are a den and laundry. Up are 4 bedrooms, master with W/I closet and totally updated 5 piece ensuite. Down is a self-contained 2 bedroom suite with its own entry and laundry. Beautiful yard includes a large patio with hot tub and gazebo and a play area. Close to great schools, shopping and recreation.
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Please visit our Open House at 134 PARKSIDE DR in Port Moody.
Open House on Sunday, January 26, 2020 2:00PM - 4:00PM
Quiet & desirable Heritage Mountain neighbourhood for this renovated family home. Bright and inviting with many recent updates to all those important items: roof, gutters, flooring, furnace and hot water tank. Main floor includes living room with vaulted ceilings, formal dining room, kitchen with SS appliances, granite, maple cabinetry, eating area and adjacent family room. Rounding out the main level are a den and laundry. Up are 4 bedrooms, master with W/I closet and totally updated 5 piece ensuite. Down is a self-contained 2 bedroom suite with its own entry and laundry. Beautiful yard includes a large patio with hot tub and gazebo and a play area. Close to great schools, shopping and recreation.
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Please visit our Open House at 1271 NESTOR ST in Coquitlam.
Open House on Sunday, January 19, 2020 2:00PM - 4:00PM
Investment opportunity! This revenue property is currently tenanted up and down and generates a good income. The New Horizon home is in a great location; steps to elementary school and close to Skytrain, Coquitlam Centre, and recreation at Lafarge Lake/Town Centre Park. Upper floor with 3 bedrooms, large living/dining area and kitchen with eating area and deck access. Down is a two bedroom suite with own laundry & separate entry. If you are not an investor then this would be a perfect starter home with a mortgage helper! Flat lot, fenced yard with newer roof and HW heater. Open House Sunday, Jan 19, 2-4 pm
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I have sold a property at 402 1415 PARKWAY BLVD in Coquitlam.
Cascade, an unique concrete apartment adjacent to Westwood Plateau Village & Summit Middle School. This very well maintained home is situated on the best side of the building with spectacular city view. it features two bedroom & baths and an extra large balcony, upgraded granite finished kitchen counter top, stainless high quality appliances, high grade hardwood flooring on the living room. 2 parking stalls are located on the same level with unit, Convenient location to all levels of school, shopping, bus, golf course & trails, a must see.
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architecture, building, construction, real estate and home concept - close up of living house model on blueprint with repair tools


 
  


  • Home prices increase 2.2 percent in Q4 as buyers continue to move off the sidelines

  • Greater Toronto Area home prices heat up as demand outstrips supply

  • Greater Montreal Area sees the strongest appreciation rate in almost a decade

  • For what is believed to be the last time this business cycle, Greater Vancouver home prices decline year-over-year — and stabilize on a quarterly basis

TORONTO – BUSINESS – According to the Royal LePage House Price Survey released today, the aggregate1 price of a home in Canada increased by 2.2 percent year-over-year to $648,544 in the fourth quarter of 2019. Similar to the third quarter, potential buyers are continuing to come back to the real estate market. In the first half of 2019, buyers had remained largely at the sidelines waiting to gauge the potential impact of the federal mortgage stress test.

“We have successfully navigated the first significant national housing market correction since the Great Recession a decade ago,” said Phil Soper, president, and CEO, Royal LePage. “While the drop in the number of properties bought and sold during the 2018-19 downturn was large, the value of homes in Canada held up remarkably well, with only minor, single-digit declines in the areas of Ontario and B.C. that had experienced the most aggressive price inflation in recent years, and of course those regions still suffering from a downturn in the oil and gas sector.

“The federal government has signaled that changes could come to the mortgage stress test mechanism in 2020,” said Soper. “The stress test pushed people out of real estate markets across Canada temporarily. For the most part, buyers have adjusted, yet it still represents a significant hurdle as families pursue the dream of owning their own home.”

Soper added that the impact of the regulations-driven drop in demand is felt very differently in different parts of the country.

“We believe policymakers have the necessary experience to modify the tool to meet the reality of today’s Canada – that we have very different and varied economies, and by extension housing policy needs, from region to region,” said Soper.

The Royal LePage National House Price Composite is compiled from proprietary property data in 64 of the nation’s largest real estate markets. When broken out by housing type, the median price of a two-story home rose 2.3 percent year-over-year to $761,817, while the median price of a bungalow increased modestly by 0.7 percent to $537,622. Data analyzed contains both resale and new build transactions, provided by Royal LePage’s sister company, RPS Real Property Solutions.

Across Canada, condominiums remained the fastest appreciating housing type, with the median price rising 3.3 percent year-over-year to $487,525. Largely, condominium data is weighted towards the country’s largest urban centres where the majority of them are found. The median price of a condominium rose 7.8 percent year-over-year to $565,919 in the Greater Toronto Area and 4.4 percent year-over-year in the Greater Montreal Area to $338,148 during the fourth quarter. However, national price gains were offset by year-over-year declines in Greater Vancouver’s real estate market where the median price of a condominium decreased 3.4 percent to $645,607. Nationally, after significant price gains in recent years in the condominium segment, double-digit gains have become rarer as the price of a detached home is now more attractive as the gap between the two segments tightens, especially for millennials looking for more space for their growing families.

According to the Royal LePage Market Survey Forecast, released in December 2019, the aggregate price of a home in Canada is expected to increase by 3.2 percent year-over-year in 2020, rising to $669,800. The company’s 2020 forecast is dependent on consistent economic conditions, assuming no new housing policy changes. Royal LePage’s 2020 forecast includes regional aggregate and housing type forecasts.

MARKET SUMMARIES

Greater Toronto Area

Low supply, population growth and increased consumer confidence continued to fuel home prices in the Greater Toronto Area. In the fourth quarter, the aggregate price of a home in the region increased by 4.8 percent year-over-year, rising to $843,609. During the same period, the median price of a standard two-storey home and bungalow increased 4.4 and 2.4 percent to $982,944 and $806,977 while condominiums rose 7.8 percent to $565,919.

“The Greater Toronto Area is at a pivot point where we are seeing signs that prices could begin to rapidly increase,” said Kevin Somers, Chief Operating Officer, Royal LePage Real Estate Services Limited. “The region has a very low supply of listings while we are seeing more potential buyers trying to enter the market.”

Home price growth varied significantly across the region. While some areas showed stabilizing prices and healthy price growth, many regions, including the city centre, showed the potential for rapidly accelerating appreciation rates driven by high demand and low inventory. Significant price gains were seen in Pickering and Mississauga, where the aggregate price increased 9.7 percent and 7.9 percent year-over-year, respectively. The aggregate price of a home in the City of Toronto increased by 6.6 percent year-over-year.

The cities of Ajax and Oshawa were the only two areas to show a year-over-year decline in aggregate price. The aggregate price of a home in Ajax and Oshawa decreased by 1.2 percent and 1.8 percent to $661,049 and $524,423, respectively.

Greater Montreal Area

In the fourth quarter of 2019, the aggregate price of a home in the Greater Montreal Area increased 6.3 percent year-over-year to $433,993, the highest rate of appreciation since the fourth quarter of 2010. High demand coupled with low inventory fueled two-storey and bungalow home prices as their median prices rose 7.2 percent and 5.9 percent respectively to $548,374 and $336,981. The median price of a condominium in the region increased 4.4 percent year-over-year to $338,148, posting the lowest increase among the three property types surveyed in the fourth quarter.

“The fourth quarter is historically the least active, but demand remained intact until the end of the year in the Greater Montreal Area,” explained Dominic St-Pierre, vice-president, and general manager of Royal LePage for the Quebec region. “This increased competition has not only reduced inventory, but it has also changed seller behaviour. Sellers are more likely to wait until they find their next home before listing their current home. At this point, the seller is experiencing the same frustration as the buyer with little selection to choose from and escalating prices. This exacerbates the inventory problem.”

St-Pierre added that the upward trend in price appreciation over the past three years in the region stems from the continued good economic performance driving growth in demand across all buyer segments.

“We are currently in a ‘perfect storm’ for an exceptionally competitive spring market: interest rates are low; employment rates are healthy; listing inventory is limited; and, all buyer segments are active, including first-time buyers, baby boomers, newcomers and foreign buyers,” said St-Pierre.

Greater Vancouver

While Greater Vancouver continued to show a year-over-year decline in home prices, the fourth quarter showed signs of a market-moving towards recovery. The aggregate price of a home in Greater Vancouver decreased by 4.8 percent year-over-year to $1,107,719 in the fourth quarter of 2019. In comparison, in the third quarter of 2019, the aggregate price of a home in the region had decreased 5.2 percent compared to the same period in the previous year.

Broken out by housing type, the median price of a standard two-storey home and bungalow in Greater Vancouver decreased 4.7 percent (-4.2% in Q3) and 6.7 percent (-7.6% in Q3) year-over-year to $1,443,918 and $1,195,003, respectively, while the median price of a condominium in the region decreased 3.4 percent (-5.9% in Q3) year-over-year to $645,607.

“Sales volume is up and inventory is decreasing. This is a good sign of a recovery on the horizon,” said Randy Ryalls, general manager, Royal LePage Sterling Realty. “We’re likely to see some moderate price growth after last year’s decline in prices. The window of opportunity for buyers to get a deal is closing quickly for most typical buyers. There remain some excellent opportunities in the luxury market.”

Ryalls added that Greater Vancouver’s real estate market was fairly balanced in the fourth quarter.

“Sellers were able to purchase a new home and then sell their current property in a pretty short window,” said Ryalls. “It was a healthy market for both buyers and sellers.”

Ottawa

Low inventory and a tight rental market continue to put upward pressure on Ottawa home prices. The aggregate price of a home in Ottawa had a healthy year-over-year increase of 5.3 per cent in the fourth quarter of 2019, rising to $493,947. The median price of a two-storey home increased 4.4 per cent year-over-year to $521,524 while the median price of a bungalow saw a strong increase, rising 10.1 per cent year-over-year to $501,195. During the same quarter, the median price of a condominium saw an increase of 2.1 per cent year-over-year to $329,828.

Ottawa’s real estate market saw healthy sales activity through December,” said Kent Browne, broker and owner, Royal LePage TEAM Realty. “If demand continues to outstrip supply, we expect to see further price growth this spring.”

Browne added that Ottawa’s strong local economy, supported by good employment, entices Canadians from other regions looking to move.

Calgary

While the recovery of Calgary’s real estate market has been slow, quarter-over-quarter price trends have been encouraging for homeowners. The aggregate home price in Calgary decreased 2.3 per cent year-over-year to $469,916 in the fourth quarter of 2019. However, in the last six months of 2019, the aggregate price of a home in Calgary increased 2.1 per cent, from $460,089 in the second quarter of 2019.

Broken out by housing type, the median price of a two-storey home decreased 1.0 per cent year-over-year to $514,139, while the median price of a bungalow decreased 4.1 per cent year-over-year to $488,521. Meanwhile, the median price of a condominium decreased 6.9 per cent year-over-year to $265,488.

“Sales have improved and inventory has gone down in both detached houses and townhomes. Buyers are taking advantage of reduced prices, primarily in the single-family home segment,” said Corinne Lyall, broker and owner, Royal LePage Benchmark. “There is still a surplus of condos available offering excellent choice for buyers looking at turnkey properties with little maintenance.”

Edmonton

Home prices in Edmonton were relatively flat in the fourth quarter. The aggregate price of a home in Edmonton decreased 0.7 per cent year-over-year to $379,426. Broken out by housing type, the median price of a standard two-storey home increased 1.2  per cent year-over-year to $435,426 and the median price of a condominium remained relatively flat, increasing 0.3 per cent to $230,969. During the same period, the median price of a bungalow decreased 5.1 per cent year-over-year to $361,943.

“Home buyers in Edmonton have adjusted to the mortgage stress test and sellers are making appropriate compromises,” said Tom Shearer, broker and owner, Royal LePage Noralta Real Estate. “Sellers are optimistic when meeting buyers that they are ready to make a purchase.”

Shearer added that he expects to see moderate growth in home sales this spring but price growth will be modest in 2020.

Halifax

The aggregate price of a home in Halifax remained relatively flat in the fourth quarter of 2019, decreasing 0.6 per cent year-over-year to $318,768. The median price of a two-storey home increased 0.4 per cent year-over-year to $336,353. The median price of a bungalow was flat with a decrease of 0.2 per cent year-over-year to $267,036, while the median price of a condominium saw a decrease of 3.7 per cent year-over-year to $319,897.

“Momentum and consumer confidence is building in Halifax,” said Matt Honsberger, broker and owner, Royal LePage Atlantic. “Rental inventory is tight, and inventory among homes listed for sale is a little over half of what it would have been last year. That’s the formula for price growth in the spring when demand escalates.”

Winnipeg

Winnipeg home prices saw strong gains in the fourth quarter. The aggregate home price in the region rose 7.4 per cent year-over-year to $321,346. During the same period the median price of a bungalow rose 5.3 per cent year-over-year and the median price of a condominium rose 1.1 per cent year-over-year to $306,293 and $232,875, respectively. The median price of a standard two-storey home increased 10.2 per cent year-over-year to $353,536.

“Sales are up across the detached home market, and sales of homes above $800,000 have been especially brisk,” said Michael Froese, managing partner, Royal LePage Prime Real Estate. “While demand has been strong, there is ample inventory, providing buyers a choice and maintaining affordability.”

Regina

The aggregate home price in Regina decreased 2.8 per cent year-over-year to $314,937 in the fourth quarter. The median price of a two-storey home increased 1.2 per cent and the median price of a bungalow decreased by 4.6 per cent year-over-year, to $387,892 and $286,402, respectively. The median price of a condominium decreased 15.0 per cent year-over-year to $200,261.

“Resale two-storey homes were struggling to compete against new build homes in 2018 as builders reduced prices to encourage sales,” said Mike Duggleby, managing partner, Royal LePage Regina Realty. “Now that the oversupply of new build homes is under control, resale homes are beginning to regain some of those price concessions.”

For more regional analysis, visit Royal LePage’s media room to find city-specific releases. The media room also contains royalty-free assets, such as images and b-roll, that are free for media use.

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I have listed a new property at 1412 MAGNOLIA PL in Coquitlam.
Welcome to this great neighborhood! This spacious family home sits on a private lot and a cul-de-sac. Main floor includes a huge kitchen with stainless steel appliance, granite counters, breakfast bar and adjacent family room with F/P and access to your large patio and nicely landscaped yard. Sunken living room with gas fireplace and adjacent dining room, an office and laundry round out the main. Up are 3 bedrooms; incl master with 4 piece ensuite and a private deck. Down is the recreation room with F/P and wet bar, office and another large bedroom. A/C, in ground sprinklers, H/W flooring and plenty of storage. Awesome location close to shopping, great schools and recreation.
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Please visit our Open House at 1412 MAGNOLIA PL in Coquitlam.
Open House on Sunday, January 12, 2020 2:00PM - 4:00PM
Welcome to this great neighborhood! This spacious family home sits on a private lot and a cul-de-sac. Main floor includes a huge kitchen with stainless steel appliance, granite counters, breakfast bar and adjacent family room with F/P and access to your large patio and nicely landscaped yard. Sunken living room with gas fireplace and adjacent dining room, an office and laundry round out the main. Up are 3 bedrooms; incl master with 4 piece ensuite and a private deck. Down is the recreation room with F/P and wet bar, office and another large bedroom. A/C, in ground sprinklers, H/W flooring and plenty of storage. Awesome location close to shopping, great schools and recreation.
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Please visit our Open House at 1271 NESTOR ST in Coquitlam.
Open House on Sunday, January 12, 2020 2:00PM - 4:00PM
Investment opportunity! This revenue property is currently tenanted up and down and generates a good income. The New Horizon home is in a great location; steps to elementary school and close to Skytrain, Coquitlam Centre, and recreation at Lafarge Lake/Town Centre Park. Upper floor with 3 bedrooms, large living/dining area and kitchen with eating area and deck access. Down is a two bedroom suite with own laundry & separate entry. If you are not an investor then this would be a perfect starter home with a mortgage helper! Flat lot, fenced yard with newer roof and HW heater.
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Please visit our Open House at 134 PARKSIDE DR in Port Moody.
Open House on Saturday, January 11, 2020 2:00PM - 4:00PM
Quiet & desirable Heritage Mountain neighborhood for this renovated family home. Bright and inviting with many recent updates to all those important items: roof, gutters, flooring, furnace and hot water tank. Main floor includes living room with vaulted ceilings, formal dining room, kitchen with SS appliances, granite, maple cabinetry, eating area and adjacent family room. Rounding out the main are a den and laundry. Up are 4 bedrooms, master with W/I closet and totally updated 5 piece ensuite. Down is a self-contained, 2 bedroom suite with it's own entry and laundry. Beautiful yard includes a large patio with hot tub & gazebo and a play area. Close to great schools, shopping and recreation.
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I have listed a new property at 502 607 REGAN AVE in Coquitlam.
LOVELY 1184 SQ FT CONDO WITH HUGE PATIO. 2 BED and DEN located steps from the Burquitlam Skytrain Station, makes it an easy commute to downtown Vancouver, colleges, SFU, entertainment, recreation and shopping throughout the lower mainland. A contemporary building, the best floor plan, a common rooftop patio and timeless interior design! At Regan West you are just a short stroll from parks shopping and new community amenities. Also comes with 1 parking stall and 1 storage locker. Estimated completion is summer 2020. RENTALS ALLOWED.
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Please visit our Open House at 1412 MAGNOLIA PL in Coquitlam.
Open House on Saturday, January 4, 2020 2:00PM - 4:00PM
Welcome to this great neighborhood! This spacious family home sits on a private lot and a cul-de-sac. Main floor includes a huge kitchen with stainless steel appliance, granite counters, breakfast bar and adjacent family room with F/P and access to your large patio and nicely landscaped yard. Sunken living room with gas fireplace and adjacent dining room, an office and laundry round out the main. Up are 3 bedrooms; incl master with 4 piece ensuite and a private deck. Down is the recreation room with F/P and wet bar, office and another large bedroom. A/C, in ground sprinklers, H/W flooring and plenty of storage. Awesome location close to shopping, great schools and recreation. Open House Sat. & Sun., Jan 4th & 5th, 2-4:00 pm
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Please visit our Open House at 1412 MAGNOLIA PL in Coquitlam.
Open House on Sunday, January 5, 2020 2:00PM - 4:00PM
Welcome to this great neighborhood! This spacious family home sits on a private lot and a cul-de-sac. Main floor includes a huge kitchen with stainless steel appliance, granite counters, breakfast bar and adjacent family room with F/P and access to your large patio and nicely landscaped yard. Sunken living room with gas fireplace and adjacent dining room, an office and laundry round out the main. Up are 3 bedrooms; incl master with 4 piece ensuite and a private deck. Down is the recreation room with F/P and wet bar, office and another large bedroom. A/C, in ground sprinklers, H/W flooring and plenty of storage. Awesome location close to shopping, great schools and recreation. Open House Sat. & Sun., Jan 4th & 5th, 2-4:00 pm
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Please visit our Open House at 1271 NESTOR ST in Coquitlam.
Open House on Saturday, January 4, 2020 2:00PM - 4:00PM
Investment opportunity! This revenue property is currently tenanted up and down and generates a good income. The New Horizon home is in a great location; steps to elementary school and close to Skytrain, Coquitlam Centre, and recreation at Lafarge Lake/Town Centre Park. Upper floor with 3 bedrooms, large living/dining area and kitchen with eating area and deck access. Down is a two bedroom suite with own laundry & separate entry. If you are not an investor then this would be a perfect starter home with a mortgage helper! Flat lot, fenced yard with newer roof and HW heater.
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Please visit our Open House at 134 PARKSIDE DR in Port Moody.
Open House on Sunday, January 5, 2020 1:00PM - 3:00PM
Quiet & desirable Heritage Mountain neighborhood for this renovated family home. Bright and inviting with many recent updates to all those important items: roof, gutters, flooring, furnace and hot water tank. Main floor includes living room with vaulted ceilings, formal dining room, kitchen with SS appliances, granite, maple cabinetry, eating area and adjacent family room. Rounding out the main are a den and laundry. Up are 4 bedrooms, master with W/I closet and totally updated 5 piece ensuite. Down is a self-contained, 2 bedroom suite with it's own entry and laundry. Beautiful yard includes a large patio with hot tub & gazebo and a play area. Close to great schools, shopping and recreation.
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I have listed a new property at 3915 CEDAR DR in Port Coquitlam.
Welcome investors!!! This income generating property is sitting on a private lot of over 9800 square feet in Lincoln Park. Home had extensive updates in 2016 including the kitchen, bathrooms and flooring; new maple cabinetry, quartz counters, stainless steel appliances & wide plank laminate. Huge living room with gas fireplace and adjacent dining room, family room off the kitchen and access to the covered patio and large back yard. 4 bedrooms, 2 dens and 2 bathrooms. Steps to Traboulay and De Boville Slough trails. Currently 5 bedrooms are rented with tenants sharing the common areas. Single garage with open parking for 4-5 vehicles.
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I have listed a new property at 1271 NESTOR ST in Coquitlam.
Investment opportunity! This revenue property is currently tenanted up and down and generates a good income. The New Horizon home is in a great location; steps to elementary school and close to Skytrain, Coquitlam Centre, and recreation at Lafarge Lake/Town Centre Park. Upper floor with 3 bedrooms, large living/dining area and kitchen with eating area and deck access. Down is a two bedroom suite with own laundry & separate entry. If you are not an investor then this would be a perfect starter home with a mortgage helper! Flat lot, fenced yard with newer roof and HW heater. Open House Saturday December 21, from 2-4 pm
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Please visit our Open House at 1271 NESTOR ST in Coquitlam.
Open House on Saturday, December 21, 2019 2:00PM - 4:00PM
Investment opportunity! This revenue property is currently tenanted up and down and generates a good income. The New Horizon home is in a great location; steps to elementary school and close to Skytrain, Coquitlam Centre, and recreation at Lafarge Lake/Town Centre Park. Upper floor with 3 bedrooms, large living/dining area and kitchen with eating area and deck access. Down is a two bedroom suite with own laundry & separate entry. If you are not an investor then this would be a perfect starter home with a mortgage helper! Flat lot, fenced yard with newer roof and HW heater. Open House Saturday December 21, from 2-4 pm
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Please visit our Open House at 134 PARKSIDE DR in Port Moody.
Open House on Sunday, December 22, 2019 2:00PM - 4:00PM
Quiet & desirable Heritage Mountain neighborhood for this renovated family home. Bright and inviting with many recent updates to all those important items: roof, gutters, flooring, furnace and hot water tank. Main floor includes living room with vaulted ceilings, formal dining room, kitchen with SS appliances, granite, maple cabinetry, eating area and adjacent family room. Rounding out the main are a den and laundry. Up are 4 bedrooms, master with W/I closet and totally updated 5 piece ensuite. Down is a self-contained, 2 bedroom suite with it's own entry and laundry. Beautiful yard includes a large patio with hot tub & gazebo and a play area. Close to great schools, shopping and recreation. Open Sunday Dec 22, 2-4 pm
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Our round-up of various industry groups’ predictions for B.C.’s housing market next year — and is there a consensus?

 

Looking back to last year’s round-up of B.C. housing market forecasts, on the whole, the pundits had it not far off. Many predicted that sales in 2019 would rebound after a soft 2018. And they were partially right, although it ended up happening too late in the year for the full-year total to be described as a recovery.

So what are the various real estate industry organizations and brokerages predicting for B.C.’s residential sales and prices in the coming year?

 

We compiled this summary of some of the key 2020 forecasts, and took our best stab at a general consensus.

Sales activity

 

Prone to bullishness about the B.C. housing market by nature, the B.C. Real Estate Association (BCREA) predicts that MLS residential sales across the province will increase 10.9 per cent to 85,500 units in 2020, which would take the annual total to just below the 10-year annual average of 85,800 units. However, it’s worth noting that BCREA’s forecast a year ago that sales would rise 5.2 per cent in 2019 did not come to pass.

What’s also worth bearing in mind is that BCREA’s predicted sales increase is for all of B.C. and flattens out the widely varying predictions across different regions. Most of the recovery in activity is forecast to be driven by rising sales in Greater Vancouver and the Fraser Valley, where the markets were hit hardest by the recent slowdown. Greater Vancouver residential transactions are predicted to increase by 18.2 per cent in 2020, compared with 2019, and Fraser Valley sales are forecast to go up 12.4 per cent next year. In comparison, Victoria’s resale transactions are expected to rise a more modest four per cent in 2020.

Central 1 Credit Union, which tends to forecast with more measured caution, is surprisingly even more optimistic about B.C. home sales in 2020. It predicts that the higher demand seen in the market this summer and fall will mean home sales across the province will rise 12.9 per cent in 2020 — a generous upward revision from its previous forecast of 8.8 per cent.

Brokerage Royal LePage agrees that this demand, particularly in the Greater Vancouver market, will be sustained in 2020. “Sales have picked up significantly this fall and there is momentum in our market. Buyers who took a ‘wait and see’ approach over the past 18 months are returning to the market looking to buy, confident that price drops have levelled off and may start to escalate,” said Randy Ryalls, managing broker of Royal LePage Sterling Realty, in the brokerage’s 2020 forecast.

Canada Mortgage and Housing Corp. (CMHC) makes the vote for considerably higher Greater Vancouver sales in 2020 unanimous. The federal housing agency, which breaks down its forecast by census metropolitan area rather than province, predicts that Vancouver CMA will likely recover the home sales lost in 2019 and return, in 2020, to approximately the “normalized” levels of activity seen in 2018. Victoria CMA will see sales level off in 2020 and 2021, said CMHC.

General consensus: The forecast is pretty much unwavering among the various pundits. B.C.’s housing market activity will strengthen on the whole, but most of the recovery will be in the Lower Mainland, where the market had previously been hardest hit.

Home price changes

In another show of bullishness, Central 1 Credit Union is confident that B.C.’s median sale price across the whole year will break new records in 2020, and again in 2021. After the downward blip seen in 2019, in which the median full-year price is expected to have fallen 2.4 per cent to $522,000, the credit union is forecasting a rise of 3.8 per cent to a new all-time provincial record of $542,000 in 2020.

BCREA predicted a similar whole-province average price rise, at 3.6 per cent in 2020. However, it seems the larger increase in predicted sales in the Lower Mainland doesn’t translate to larger increases in predicted home prices. According to BCREA, Greater Vancouver and the Fraser Valley are both expected to see an average MLS sale price rise of just one per cent in 2020. The association’s highest forecast for an average sale price increase is in the B.C. Northern region, where prices are expected to jump 8.1 per cent in 2020.

RoyalLePage mirrored this forecast for Greater Vancouver. It said in its most recent outlook: “In Greater Vancouver, house price appreciation is expected to stabilize in 2020 after declining in 2019. The aggregate price of a home in the region is forecast to rise 1.5 per cent to $1,125,200. Overall, British Columbia’s outlook is positive.”

RoyalLePage’s Ryalls added, “The concern for potential buyers may be that prices will escalate quickly but they should also be concerned that they won’t get the same selection of listings or time to look around. It varies between neighbourhoods, but areas such as East Vancouver are a seller’s market.”

Re/Max didn’t offer a whole-province prediction, but its area-focused forecast was something of an outlier, pegging Vancouver East and Vancouver West as seeing considerably higher price growth next year, at eight per cent and four per cent respectively. It said that Kelowna would see the province’s least amount of price growth, with prices flat to 2019, while Victoria would see a three per cent price uptick.

CMHC thinks that any Vancouver-area price growth will remain muted, but its forecast range predicts that a slight rise is more likely than a slight decline. Victoria’s home prices in 2020 are likely to remain flat with 2019 before rising slightly in 2021, according to the federal housing agency.

General consensus: This one is slightly more varied than the sales forecast, but it averages out to a sense of cautious optimism. Which is to say that B.C.’s average home prices will likely rise a few per cent next year, but Greater Vancouver and Victoria’s price trends will lag somewhat, with modest-to-zero increases and probably no loss of value.

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Please visit our Open House at 134 PARKSIDE DR in Port Moody.
Open House on Sunday, December 15, 2019 2:00PM - 4:00PM
Quiet & desirable Heritage Mountain neighborhood for this renovated family home. Bright and inviting with many recent updates to all those important items: roof, gutters, flooring, furnace and hot water tank. Main floor includes living room with vaulted ceilings, formal dining room, kitchen with SS appliances, granite, maple cabinetry, eating area and adjacent family room. Rounding out the main are a den and laundry. Up are 4 bedrooms, master with W/I closet and totally updated 5 piece ensuite. Down is a self-contained, 2 bedroom suite with it's own entry and laundry. Beautiful yard includes a large patio with hot tub & gazebo and a play area. Close to great schools, shopping and recreation.
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