I have sold a property at 1602 651 NOOTKA WAY in Port Moody.
Wonderful location for this 2 bedroom home. You will love this walkable neighbourhood that is close to everything! Nicely updated with vinyl plank flooring and designer paint. Kitchen with stainless steel appliances including a gas stove, granite counters, subway tile & breakfast bar. Great open floor plan with the bedrooms on either side of the condo for privacy. Resort style Canoe Club has all your amenities including an outdoor pool, tennis courts, fitness centre and lounge. Close to Rocky Point Park, Inlet trails, Brewers Row, shopping and skytrain station.
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I have listed a new property at 212 285 NEWPORT DR in Port Moody.
The low rise Belcarra building is at the heart of Newport Village. Park the car! You will love this master planned community, a walkable friendly neighbourhood; only steps to shopping, restaurants, Rocky Point & Inlet parks, trails & Skytrain. This spacious 2 bedroom home in the premier Bosa built complex has updated flooring, a huge master bedroom with ensuite & walk in closet & a private covered sundeck that is perfect for those BBQ's. Well maintained building is fully rain screened, recent upgrades to common areas & includes an exercise centre, amenity/party room and bike storage. This is not only a home but a lifestyle of outdoor recreation; hiking & boating, & entertainment choices from a recreation centre & ice rink, restaurants & pub, to Brewers Row & Rocky Point Distillery.
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Millennials are looking for breathing room.

 
Canada’s two largest metro areas have recorded their largest-ever outflow of residents according to new data from Statistics Canada, as a growing number of residents headed for the suburbs or nearby smaller cities.

The Toronto metropolitan area saw a net loss of 50,375 residents to other parts of Ontario between July 2019 and July 2020, while the Montreal area lost a net 24,880 people to other parts of Quebec. In Vancouver, 12,189 more residents moved out to other parts of B.C. than moved in, among the highest numbers ever recorded.

The COVID-19 pandemic unfolded about mid-way through this period.

Thanks to immigration, the largest metro areas still recorded overall population growth during this period, but they grew far less quickly than many smaller nearby places.

 
 


 


Vancouver’s 1.1-per-cent population growth was outdone by suburban New Westminster (2.8 per cent), while Montreal’s 0.7 per cent growth paled in comparison to nearby Mirabel, growing 3.6 per cent.

It’s not surprising that the pandemic accelerated the exodus from big cities, but the trend began well before that, said Frank Clayton, an urban and real estate economist at Ryerson University’s Centre for Urban Research and Land Development in Toronto.

“There’s been an outflow of Toronto for years as people move out for something bigger,” he told HuffPost Canada.

With the pandemic, “people accelerated the decision a bit,” he added.

Millennials are settling down and having children, and they are following the Baby Boomers in an exodus for more affordable and larger houses in suburbia, Clayton said. 

“Millennials’ behaviour is not exactly but pretty much like Boomers, except they’re doing it 10 years later (in life),” Clayton said.

Hence the booming populations and housing markets in places like Kitchener-Cambridge-Waterloo and Guelph, near Toronto, and Abbotsford and Kelowna, not far from Vancouver.

While rental rates are tumbling in the large cities, many of these smaller centres are seeing soaring housing costs. Asking rates for one-bedroom apartments in Toronto dropped 20.9 per cent over the past year, according to rental site Padmapper, but rose by 8.5 per cent in both Hamilton, west of Toronto, and Oshawa, east of Toronto.

One-bedroom rents are down 9.3 per cent in Vancouver, but up a staggering 26.9 per cent in Abbotsford, and 8.9 per cent in Kelowna.

“Demand for housing from the prime home buying group is for lower density housing like single-detached or at least townhouses,” Clayton said. “We’re not increasing the supply of that in Toronto.”

Satellite offices?

The work-from-home phenomenon also has many businesses reconsidering the high price of downtown real estate. The office vacancy in Canada’s downtown cores has shot up by some 40 per cent over the past year, to 13 per cent, the highest level in 16 years, according to data from commercial real estate agency CBRE.

Clayton believes some of these businesses leaving the core may choose to open small “satellite offices” outside the major urban areas, that would allow employees to avoid long commutes into downtown.

For instance, someone in southwest Ontario, in Kitchener-Cambridge-Waterloo or London, might drive to a satellite office in Milton or Mississauga a few times a week, avoiding the drive into Toronto.

But all this doesn’t necessarily mean the fight against urban sprawl is lost. There are ways to develop growing cities in a more sustainable way, Clayton argues, including a focus on the “missing middle” of housing ― everything in between sprawling suburban homes and tiny condos in high-rise towers.

In that, Clayton has allies in the real estate industry, where many have called for a focus on development of larger apartment units, townhouses and stacked townhomes, as a way of reducing the demand for detached homes.

But with Canada likely to return to high immigration levels once the pandemic is over, cities will have to keep finding space for development, Clayton said.

“You’ve got to have a combination of growing up and growing out. The planners think they can just limit it to growing up. That’s not going to happen.”

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I have sold a property at 3825 DUNDAS ST in Burnaby.
Exceptional Vancouver Heights neighbourhood of immaculate properties. This well kept, 4 bedroom family home is on a beautiful tree lined street and enjoys back lane access. Main floor with bright living/dining, kitchen with access to the huge deck & 3 bedrooms. Beautiful hardwood flooring! Down is a large 1 bedroom suite with separate entry. The perfect location; close to The Heights shopping district along Hastings, restaurants, St. Helens Parish, Gilmore Elementary & a quick commute to downtown Vancouver. Live in now or build your dream home!
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I have sold a property at 3060 SUNNYSIDE RD in Anmore.
ESTATE SALE! Priced below assessed value. This Beautiful property is a great place to build your massive estate home. Large, flat and wide frontage, meandering Anmore Creek across the property and gently sloping on the north side. Driveway access from Eaglecrest Drive. Existing 2500 square foot home with magnificent Rhododendrons on the property. Buyers could explore subdivision potential with city hall. Close to Buntzen Lake Recreation Area and Anmore Elementary.
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I have listed a new property at 1535 EAGLE MOUNTAIN DR in Coquitlam.
Set atop Eagle Mountain, this meticulously cared for home sits on a unique 11,000 sq ft lot. Invested $165,000 in interior renovations and landscaping, this fully fenced yard features multiple outdoor entertainment areas, a hot tub, granite fire pit and strategically placed mature trees maintaining full privacy. Breathtaking from the first step, you will notice care and detail poured into every inch of the home, including crown molding, French doors, updates in the bathrooms, modernized kitchen revisions and expansion of the patio. The walk out basement is the perfect space for a growing family or mortgage helper. With the Coquitlam Crunch at your doorstep, golf courses and schools only blocks away, your family will love this secluded large greenbelt lot, that already feels like home.
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I have sold a property at 19 3295 SUNNYSIDE RD in Anmore.
Countryside Village is at the doorstep of Buntzen Lake Recreation Area in sought after Anmore. You have the opportunity to build your dream home or use this as your weekend retreat. This pie shaped flat lot backs onto green space with a creek meandering through. The cozy 2 bedroom manufactured home has a wood burning pot belly stove and a claw foot bathtub to luxuriate in. Minutes to Anmore Elementary and Eagle Mountain Middle schools. Close to shopping and amenities in Port Moody. Buntzen Lake offers hiking trails, swimming & picnic areas, small boat launch, a dog park and breathtaking mountain views.
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I have sold a 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 1602 651 NOOTKA WAY in Port Moody.
Wonderful location for this 2 bedroom home. You will love this walkable neighbourhood that is close to everything! Nicely updated with vinyl plank flooring and designer paint. Kitchen with stainless steel appliances including a gas stove, granite counters, subway tile & breakfast bar. Great open floor plan with the bedrooms on either side of the condo for privacy. Resort style Canoe Club has all your amenities including an outdoor pool, tennis courts, fitness centre and lounge. Close to Rocky Point Park, Inlet trails, Brewers Row, shopping and skytrain station.
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I have sold a property at 40 19452 FRASER WAY in Pitt Meadows.
This property is immaculate! You will think that you are stepping into the show home. Located in the sought after Shoreline complex, you will love all the updates & attention to detail. Unique layout has an upper 3rd flr or "Crowsnest" that is perfect for your office & has a sitting area with a cozy fireplace & peek-a-boo river view. Updated flooring throughout the home include engineered hardwood & carpet in the bedrooms. Kitchen is perfect for entertaining:large island, white shaker style cabinetry, new stainless steel appliances incl gas stove & adjacent family room with access to the large private patio with gazebo. Up are 3 bedrooms, lavish master w/ martini deck, 5 piece ensuite & walk-in closet. Fresh paint, crown moulding, custom garage floor, new W&D. This home will go quickly!
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I have listed a new property at 19 3295 SUNNYSIDE RD in Anmore.
Countryside Village is at the doorstep of Buntzen Lake Recreation Area in sought after Anmore. You have the opportunity to build your dream home or use this as your weekend retreat. This pie shaped flat lot backs onto green space with a creek meandering through. The cozy 2 bedroom manufactured home has a wood burning pot belly stove and a claw foot bathtub to luxuriate in. Minutes to Anmore Elementary and Eagle Mountain Middle schools. Close to shopping and amenities in Port Moody. Buntzen Lake offers hiking trails, swimming & picnic areas, small boat launch, a dog park and breathtaking mountain views.
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I have listed a new property at 3825 DUNDAS ST in Burnaby.
Exceptional Vancouver Heights neighbourhood of immaculate properties. This well kept, 4 bedroom family home is on a beautiful tree lined street and enjoys back lane access. Main floor with bright living/dining, kitchen with access to the huge deck & 3 bedrooms. Beautiful hardwood flooring! Down is a large 1 bedroom suite with separate entry. The perfect location; close to The Heights shopping district along Hastings, restaurants, St. Helens Parish, Gilmore Elementary & a quick commute to downtown Vancouver. Live in now or build your dream home!
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I have sold a property at 35 FLAVELLE DR in Port Moody.
Spectacular family home backing on greenbelt has been substantially updated throughout. Bright & beautiful kitchen, perfect for entertaining; huge granite island, 6 burner gas stove, white shaker cabinetry, quartz counters, stainless steel appliances & an adjacent family room which opens up to the large sundeck with lots of room for your bbq & outdoor furniture. Large living room, dining room, office & laundry round out the main. Up are 4 bedrooms; huge master suite w/ fireplace & massive 5 piece ensuite including free standing soaker tub & walk in shower. Hardwood flooring, designer paint & crown moulding. Down is a bright 1 bedroom in-law suite; separate laundry & walk-out the french doors to the covered patio. Extra bedroom & den down too! Steps to hiking trails of Bert Flynn Park
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H-Info-September-2020

Home sale and listing resurgence extends into the fall

Home sale and new listing activity remained at near record levels across Metro Vancouver in October.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,687 in October 2020, a 29 per cent increase from the 2,858 sales recorded in October 2019, and a 1.2 per cent increase from the 3,643 homes sold in September 2020.

Last month’s sales were 34.7 per cent above the 10-year October sales average and stands as the second-highest total on record for the month.

“Home has been a focus for residents during the pandemic. With more days and evenings spent at home this year, people are re-thinking their housing situation," Colette Gerber, REBGV Chair said. “Throughout this period, REALTORS® have been working to understand and adapt to the latest safety protocols so that they can continue to help the public meet their housing needs in a safe and responsible way.”

There were 5,571 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in October 2020. This represents a 36.7 per cent increase compared to the 4,074 homes listed in October 2019 and a 13 per cent decrease compared to September 2020 when 6,402 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 12,416, a 1.5 per cent increase compared to October 2019 (12,236) and a 5.2 per cent decrease compared to September 2020 (13,096).

“With demand on the rise, homes priced right for today’s market are receiving attention and, at times, garnering multiple offers," Gerber said. "To understand the market conditions in your neighbourhood and property type of choice, work with your local REALTOR® to assess the latest MLS® housing market information."

For all property types, the sales-to-active listings ratio for October 2020 is 29.7 per cent. By property type, the ratio is 30.9 per cent for detached homes, 43.5 per cent for townhomes, and 24.9 per cent for apartments.

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

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,045,100. This represents a six per cent increase over October 2019 and a 0.4 per cent increase compared to September 2020.

Sales of detached homes in October 2020 reached 1,335, a 42.3 per cent increase from the 938 detached sales recorded in October 2019. The benchmark price for a detached home is $1,523,800. This represents an 8.5 per cent increase from October 2019 and a 1.1 per cent increase compared to September 2020.

Sales of apartment homes reached 1,570 in October 2020, a 13.4 per cent increase compared to the 1,384 sales in October 2019. The benchmark price of an apartment property is $683,500. This represents a 4.4 per cent increase from October 2019 and is unchanged compared to September 2020.

Attached home sales in October 2020 totalled 782, a 45.9 per cent increase compared to the 536 sales in October 2019. The benchmark price of an attached home is $813,000. This represents a 5.4 per cent increase from October 2019 and a 0.4 per cent increase compared to September 2020.

 
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  • RBC Economics reported on October 15 that condo prices have “stagnated over the past six months”.

Previous to this, the bank’s economics section on September 30 predicted that condo prices could “weaken in larger markets next year”.

 

Another thing is happening as well with the condo market in Canada.

In its latest housing report, RBC Economics noted that the real-estate market is awashed with condo supply.

 

According to economist Robert Hogue, "condo investors are looking to sell”.

“As rents soften and vacancies rise, condo listings are spiking in Toronto, Montreal and Vancouver—albeit from low levels,” Hogue reported on Thursday (October 29).

 

In the City of Toronto, condo listings in September 2020 increased 133.9 percent compared to supply in the same month last year.

For the rest of the Greater Toronto area, condo listings last month posted year-over-year growth of 81.5 percent.

In the island of Montreal, listings rose 41.4 percent in September compared to the same month in 2019.

However, for the rest of the Greater Montreal area, listings declined 32.8 percent year-over-year.

In Greater Vancouver, listings of condo properties rose 20.9 percent in September 2020 compared to the same month last year.

In contrast, listings for detached homes in all Toronto, Montreal, and Vancouver metropolitan regions decreased year-over-year in September.

“New, stricter regulations in Toronto are adding to the impulse to sell – at a time when new condo completions are bringing more units to the Toronto and Vancouver markets,” Hogue noted in his October 29 report.

Hogue’s report covered in broad strokes how the COVID-19 pandemic is affecting the Canadian housing market.

“Rural and suburban areas that once lagged desirable city addresses are now roaring hot as homebuyers wearied by lockdowns seek bigger yards and larger living spaces,” Hogue wrote.

Meanwhile, “Tight downtown condo markets that previously commanded expensive rents are now thick with supply.”

Hogue also stated that “rent is now declining in Toronto, Montreal and Vancouver, especially in higher density, downtown locations”.

“Underlying the shift,” according to the bank economist is a “surge in rental supply as the short-term rental business dries up and new purpose-built rental and condo units are completed”.

As well, “Big-city living has lost some of its luster with social distancing measures severely restricting cultural life and socializing opportunities.”

“Meantime, affordability issues are driving many Canadians further afield into smaller towns and cottage country, where larger living spaces are available,” Hogue wrote.

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I have listed a new property at 35 FLAVELLE DR in Port Moody.
Spectacular family home backing on greenbelt has been substantially updated throughout. Bright & beautiful kitchen, perfect for entertaining; huge granite island, 6 burner gas stove, white shaker cabinetry, quartz counters, stainless steel appliances & an adjacent family room which opens up to the large sundeck with lots of room for your bbq & outdoor furniture. Large living room, dining room, office & laundry round out the main. Up are 4 bedrooms; huge master suite w/ fireplace & massive 5 piece ensuite including free standing soaker tub & walk in shower. Hardwood flooring, designer paint & crown moulding. Down is a bright 1 bedroom in-law suite; separate laundry & walk-out the french doors to the covered patio. Extra bedroom & den down too! Steps to hiking trails of Bert Flynn Park
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I have listed a new property at 40 19452 FRASER WAY in Pitt Meadows.
This property is immaculate! You will think that you are stepping into the show home. Located in the sought after Shoreline complex, you will love all the updates & attention to detail. Unique layout has an upper 3rd flr or "Crowsnest" that is perfect for your office & has a sitting area with a cozy fireplace & peek-a-boo river view. Updated flooring throughout the home include engineered hardwood & carpet in the bedrooms. Kitchen is perfect for entertaining:large island, white shaker style cabinetry, new stainless steel appliances incl gas stove & adjacent family room with access to the large private patio with gazebo. Up are 3 bedrooms, lavish master w/ martini deck, 5 piece ensuite & walk-in closet. Fresh paint, crown moulding, custom garage floor, new W&D. This home will go quickly!
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I have listed a new property at 105 ELEMENTARY RD in Anmore.
This pristine property is the reason you move to Anmore! It pays homage to the bygone days; over 4 acres, rural setting, tons of privacy, tranquility & beautifully treed w/Mossom Creek meandering through. Impressive log home has beautiful hardwood floors, vaulted ceilings, soaring rock fireplace & large master suite w/4 pc ensuite, walk in closet & martini deck. Spacious main; country kitchen, living rm, dining rm, den & flex area. Walk out basement has a great rm, rec room, extra bedroom & plenty storage. Enjoy your estate from the wrap around veranda & huge partially covered sundeck. Zoning could allow for a 2nd home on the property without subdivision. Country living minutes to shopping & recreation. Opportunity to purchase an additional 3 acres along the north property line.
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I have listed a new property at 31 181 RAVINE DR in Port Moody.
You will love the outdoor space of this unit in this popular, well cared for complex. Admire the private, beautifully landscaped yard from the large patio that is perfect for entertaining. 3 bedroom home enjoys a main floor with updated kitchen & adjacent family room. Galley kitchen with quartz counters, cherry cabinetry, subway tile, stainless steel appliances including wine & beverage fridges. Kitchen & Acacia hardwood flooring on main updated in 2017. Up are the good sized bedrooms & 2 bathrooms; master with walk in closet & 4 piece ensuite including walk in shower & soaker tub. Down is a recreation room or office. This home is steps from the elementary school & close to Heritage Mtn High School, shopping at Newport Village & Suter Brook + recreation at Bert Flynn & Inlet Park.
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Benchmark price for homes has stayed static; though rents have decreased

Vancouver's real estate market has seen virtually no change in the average price of homes over the last 12 months. 
 

COVID-19 has changed elements of living in Metro Vancouver in so many ways, from transportation to the economy to drug and liquor policy

But the price of buying a home? Well, some things stay the same. 

"There is a little bit of disconnect right now," said Central 1 deputy chief economist Bryan Yu.

Even with unemployment in B.C. at 13 per cent and a forecast GDP reduction of 7.8 per cent this year, the benchmark price of a property in Greater Vancouver has essentially remained constant — going from $1.02 million in February to $1.03 million in May. 

While there's evidence on sites like Craigslist that the price of rentals has dropped in the last three months, Yu said that the ownership market has stayed static and could even see a slight uptick when official numbers are released next week for June.

He believes one key reason is that people most impacted by the economic downturn weren't players in Vancouver's housing market to begin with. 


"Whether it's the accommodation sector or restaurant services ... the economic impact has predominantly hit the lower end of the income spectrum," said Yu.    

"For higher income individuals still in the market, it's likely they were still in the market. They were able to work or stay at home, in some cases able to save money."

 

Troubles on horizon?

At the same time, Yu said Vancouver's real estate sector couldn't stay impervious to COVID-19 forever. 

"As we move forward into the fall, there's going to be a little more pressure," he said, adding that lower immigration would also have an affect. 

"The economy itself is not strong. It's going to be quite weak as we go forward."

On Monday, the Canada Mortgage and Housing Corporation released a housing outlook, forecasting the lower range for the average home price in Metro Vancouver would fall from $892,790 in 2020 to $809,215 by 2022. 


"Average house prices will decline with weaker household budgets and the uncertain nature of the economic reopening," wrote CHMC senior analyst Braden Batch and senior specialist Eric Bond.

However, they also said Vancouver's "ownership markets are less exposed" to COVID-19, compared to the rental market.

"Real estate buyers tend to be older than renters. Therefore, they are less likely to have lost their employment as a result of the economic shutdown," they wrote.

Government response?

The provincial government announced a host of housing policies in 2018 and 2019 — and have put in emergency COVID-19 measures to help protect renters — they have no immediate intention to make further changes.

Finance Minister Carole James says the government will be closely monitoring the situation.

"We're going to watch the housing market," said James.

"With COVID, there have been mixed results … but still a great challenge, so we're continuing on with our measures, and not letting up from making sure we look at affordable housing for people."

As COVID-19 dramatically slowed down public hearings and new staff reports, municipalities saw their housing plans effectively frozen, but that is beginning to change. The City of Vancouver is considering a new policy that would create rental tenure zoning in arterial streets across the city, in exchange for six-storey buildings for stratas, instead of the current four.  


A public hearing is expected in July, and Housing Minister Selina Robinson is excited by the development.

"Local governments have been cautious, but we're starting to see more pick up," she said. 

"During COVID, things changed in terms of acting on new things, but I'm really pleased to see the activity pick up. It means that local governments recognize we still need to be recognizing housing affordability."

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