New property listed in Downtown NW, New Westminster

I have listed a new property at 3510 888 CARNARVON ST in New Westminster. See details here

MARINUS at Plaza 88. Fantastic location offering spectacular river and city views. 2 Bedroom & 2 Bath unit with larger deck off the living room. Kitchen boasts stainless steel appliances and granite countertops. 2 full bathrooms, insuite laundry and low maintenance laminate flooring throughout. 1 parking, 1 storage and access to the 9th floor amenities which includes a gym, party room, sauna/steam room plus garden plots and gazebo. Direct Skytrain access from the 4th floor steps to Landmark Theatres, Restaurants, Shops, Groceries Banks & more! One pet allowed. OPEN HOUSE SAT & SUN MAR 16&17, 2-4 PM.

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Open House. Open House on Saturday, March 16, 2024 2:00PM - 4:00PM

Please visit our Open House at 3510 888 CARNARVON ST in New Westminster. See details here

Open House on Saturday, March 16, 2024 2:00PM - 4:00PM

MARINUS at Plaza 88. Fantastic location offering spectacular river and city views. 2 Bedroom & 2 Bath unit with larger deck off the living room. Kitchen boasts stainless steel appliances and granite countertops. 2 full bathrooms, insuite laundry and low maintenance laminate flooring throughout. 1 parking, 1 storage and access to the 9th floor amenities which includes a gym, party room, sauna/steam room plus garden plots and gazebo. Direct Skytrain access from the 4th floor steps to Landmark Theatres, Restaurants, Shops, Groceries Banks & more! One pet allowed. OPEN HOUSE SAT & SUN MAR 16&17, 2-4 PM.

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Open House. Open House on Sunday, March 17, 2024 2:00PM - 4:00PM

Please visit our Open House at 3510 888 CARNARVON ST in New Westminster. See details here

Open House on Sunday, March 17, 2024 2:00PM - 4:00PM

MARINUS at Plaza 88. Fantastic location offering spectacular river and city views. 2 Bedroom & 2 Bath unit with larger deck off the living room. Kitchen boasts stainless steel appliances and granite countertops. 2 full bathrooms, insuite laundry and low maintenance laminate flooring throughout. 1 parking, 1 storage and access to the 9th floor amenities which includes a gym, party room, sauna/steam room plus garden plots and gazebo. Direct Skytrain access from the 4th floor steps to Landmark Theatres, Restaurants, Shops, Groceries Banks & more! One pet allowed. OPEN HOUSE SAT & SUN MAR 16&17, 2-4 PM.

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As the first signs of spring begin to appear, few sights are as welcome as the cheerful bloom of the daffodil. Known for its vibrant yellow color and distinctive trumpet-shaped flowers, the daffodil is more than just a pretty face; it's a symbol of rebirth and new beginnings.

Originating in the meadows of Europe and North Africa, the daffodil, or Narcissus, has a long history that intertwines with human culture.

Celebrated in literature and art, the flower is often associated with vitality because of its early spring arrival. In fact, seeing the first daffodil of the year is considered good luck in many cultures.

The daffodil is also a resilient flower. It can thrive in a range of environments, from wooded areas to open fields; and once planted, it often returns year after year, heralding the arrival of spring.

Aside from its symbolic importance, the daffodil also plays a practical role in gardening. It's a favorite among gardeners because of its low maintenance and ability to repel certain pests, making it a beautiful and functional addition to any garden.

As spring unfolds and the daffodils begin to bloom, take a moment to appreciate these harbingers of warmer days. Their bright petals add color to the landscape and remind us of the cyclical nature of life and the fresh start each new season brings.

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Canadian employment rose by 41,000, or 0.2 per cent, to 20.403 million in February. The unemployment rate rose 0.1 percentage points to 5.8 per cent. Average hourly wages rose 5 per cent year-over-year to $34.82 last month, while total hours worked were up 1.3 per cent from February of last year.

Employment in BC rose 0.2 per cent to 2.841 million, while employment in Metro Vancouver rose 0.2 per cent to 1.615 million in February. The unemployment rate fell 0.2 points in BC to 5.2 per cent while falling in Metro Vancouver by 0.5 points to 5 per cent last month.


Link: https://mailchi.mp/bcrea/canadian-employment-february-2024-march-8th-2024

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To view the latest Market Intelligence report PDF, click here.

Summary of Findings

  • Flipping activity, by any definition, is an insignificant share of overall transactions in BC.

  • We estimate that the flipping tax will lower sales in BC by 1.7 per cent, but will have minimal impact on home prices.

There is a significant risk that the tax will cause potential sellers to delay listing their homes, leading to lower resale housing supply and tighter market conditions.

The BC Government has announced its intention to implement a flipping tax in British Columbia. Specifically, the government is proposing to add an additional tax to the proceeds of the sale on the sale of a home sold within two years of purchasing.

We know that flipping activity can be harmful when markets become overheated, and rapid price appreciation attracts market participants who are purely short-term speculators. It is important to differentiate sellers who are merely trying to profit from short-term market conditions from those who invest their time, labour, and capital to improve the housing stock or provide additional rental units.

In this Market Intelligence, we will look at the potential impact of this policy on the BC housing market and draw out some of its potential consequences.

For more information, please contact: Gino Pezzani.

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The Bank of Canada maintained its overnight rate at 5 per cent this morning. In the statement accompanying the decision, the Bank noted that economic growth is slow, wage pressures are easing, and the economy overall appears to be in a state of modest excess supply. On inflation, the Bank cited that shelter costs remain the largest contributor to inflation and that it expects headline CPI inflation to remain close to 3 per cent in the first half of this year before gradually falling back to its 2 per cent target.

This morning's decision was much more about what the Bank is signaling for future meetings than the decision itself.  All attention will now shift to April 10th, the Bank's next meeting and the first in which a rate cut is a real possibility. Although the economy flirted with recession in 2023, it has so far managed to avoid a lengthy contraction in output. However, economic growth does appear rather anemic and given substantial progress on bringing inflation toward 2 per cent, it is clearly time for the Bank of Canada to begin easing policy. We expect that the Bank will eventually lower its overight rate by 100 basis points this year, with the first rate cut happening in April or June.

Link: https://mailchi.mp/bcrea/bank-of-canada-interest-rate-announcement-82gywlsqrl

For more information, please contact: Gino Pezzani.

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I have sold a property at 902 3996 DUMFRIES ST in Vancouver

I have sold a property at 902 3996 DUMFRIES ST in Vancouver on May 25, 2024. See details here

FORMAT BY CRESSEY in popular Cedar Cottage neighbourhood. Estimated Completion late 2023. I Bedroom & Den with balcony. SE Corner unit, efficient A1 Floorplan, DARK color scheme (photos showing LIGHT color scheme) Featuring CresseyKitchen with European appliances and matte black finishing. Building amenities include fitness centre, community garden, rooftop terrace, co-working space and multipurpose workshop. 1 EV parking stall. Pets & rentals allowed. $8,000 decorating allowance upon completion. https://cressey.com/formatbycressey/our-principles/

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To view the full Commercial Leading Indicator PDF, click here.

The BCREA Commercial Leading Indicator (CLI) rose 3.8 points to 149.5 in the fourth quarter of 2023, while the six-month moving average rose to 147.4. Compared to the same quarter in 2022, the index was up by 0.8 per cent. 

Fourth Quarter Highlights

  • The economic activity index rose in Q4. Inflation-adjusted retail trade, wholesale trade, and manufacturing sales rose, pushing the economic component upwards.

  • Office employment (financial, insurance, real estate, and professional services) fell by 0.6 per cent in the fourth quarter, but manufacturing employment more than offset the decline with a 4.2 per cent increase. On net, the employment component contributed positively to the index. 

The financial component of the index rose in the fourth quarter. Rising Real Estate Investment Trust  prices pushed the financial component upwards. In addition, falling interest rate spreads, which indicate higher borrowing costs for companies relative to the government, further contributed to the rise in the financial component.

For more information, please contact: Gino Pezzani.

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Canadian real GDP was largely unchanged in December, declining by 0.02 per cent, following two months of growth. Goods-producing sectors contracted by 0.2 per cent, while services were essentially unchanged. Construction activity fell 0.6 per cent in December, with residential building declining by 1.6 per cent. Offices of real estate agents and brokers rose 9 per cent, following five consecutive monthly declines amid soft home sales. Preliminary estimates suggest that output in the Canadian economy rose 0.4 per cent in January, helped by the conclusion of strikes in Quebec. 

Real GDP rose 0.2 per cent in the fourth quarter, close to 1 per cent on an annualized basis, erasing a 0.1 per cent decline in the third quarter. Improved net exports, driven by the strong US economy and Albertan crude oil, pushed GDP upwards. However, business investment declined for the sixth time over the most recent seven quarters. Household spending rose 0.2 per cent in the fourth quarter, driven by vehicle imports, but strong population growth meant that per capita consumption declined for the third consecutive quarter. At 6.2 per cent, the household savings rate was down slightly from the third quarter, but remains higher than pre-pandemic levels. Housing investment was down for the year, with residential construction down 10.2 per cent and ownership transfer costs down 7.7 per cent. At 1.2 per cent growth, 2023 was the slowest year for real GDP growth since 2016, excluding 2020. 

Economic growth in Canada was soft in 2023, and although it flirted with recession it has so far managed to avoid one. The central bank has raised rates by 475 basis points over two years and, as of the most recent data, managed to bring inflation down to 2.9 per cent without causing a major increase in unemployment or a contraction in GDP. The "soft landing" that seemed unlikely two years ago is now visible. However, while aggregate real GDP has not contracted, per capita GDP has contracted for six consecutive quarters as economic growth has failed to keep pace with rapid population growth. Per capita, real GDP is comparable to the level of 2017. Financial markets continue to expect that rate cuts will begin in the late spring and accumulate into the summer. The next rate announcement is on next Wednesday, March 6th. 

Link: https://mailchi.mp/bcrea/canadian-economic-growth-real-gdp-q42023

For more information, please contact: Gino Pezzani.

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