Concert begins massive North Vancouver development

North Harbour spans a third of a mile of waterfront and will include 290,000 square feet of commercial space and more than 900 homes on the 12-acre site

 

North Harbour is largest North Vancouver development in decades. | Concert Properties

December 2020

The COVID-19 pandemic has affected almost every aspect of British Columbians’ personal and professional lives. It has accelerated adoption and use of technology as a means of communication and doing business. Nowhere is this truer than in the purchase and sale of real estate.

Technology was already changing the way realtors were conducting daily business. One of the most substantial recent changes relates to how sale contracts and listing agreements are transmitted and executed.

Over the past several years, it’s become more common for not only the preparation, but also the review and execution, of core transaction documents to occur electronically through one of several commercially available web-based computer programs. Buyers and Sellers to a transaction can sign and initial contract documents electronically from their computer, tablet, or phone. The pandemic and resulting social distancing requirements are currently making the use of such programs the rule rather than the exception.

One of the principal benefits of using an electronic signing program is the convenience and safety for both licensee and client. It makes meeting and associated travel, and in some cases printing, scanning and emailing, unnecessary. Realtor and client can create, transmit, or execute documents, solely in electronic form, asynchronously, with a few quick keystrokes, from wherever in the world they are.

However, with these significant benefits come meaningful risks, some of which are not openly obvious. Mitigating these risks requires the realtor to be sensitive to risks and perhaps modify past practices.

Ensuring a buyer or seller understands the documents they are signing is fundamental to a realtor’s professional standards and practice. Before the advent of electronic communication, typically your realtor would sit down with the client, go over the terms of a purchase contract or listing agreement, and through a conversation with them, ensure that they understood what they were offering or agreeing to. The process allowed both realtor and client to review the documents, notice, and or correct any drafting errors which may have crept in. This also allowed an opportunity for more advice and second thought.

Such meetings are invaluable from a risk management perspective. If a dispute develops later with a client as to the content of a document or their understanding of it, you could produce documents setting out the arrangements for the meeting and give evidence that you reviewed the document with the client and explained it to them, and the client was happy with it. This is powerful evidence should a client bring a claim. Faced with such evidence in examinations for discovery, a client will often admit the realtor did meet with them and reviewed and explained the document before they signed it.

When using an electronic signature program, all parties must keep in mind the benefits of such in-person meetings and be sensitive to the records to generate if such a meeting does not occur. Realtors must ensure that there is sufficient communication with the clients by other means, to ensure the client understands what they are offering or agreeing to, and sufficient review of the document, by both you and the client, together, to ensure any errors are caught and corrected.

Errors may creep into contract documents in many ways, some of which are not obvious or unique to the current electronic technology.

It bears repeating, that when preparing an offer or counteroffer, typos may occur. Many people find that typographical errors in documents are difficult to see when the review of the documents are conducted on a computer screen, particularly when they have typed the document, or the material portions of it, themselves.

Technology itself may cause errors. There have been several reports of electronic signing programs picking up old versions of documents created in the MLS Webforms. In some cases, a change in price was not picked up, and the error not caught by the realtor or client before the document was executed and sent to the other party.

Where parties use an electronic signing program, realtors must take into account that the client may be hurried or distracted when receiving a document, and may not, or may not be able to, review it carefully or at all.

Some electronic signing programs, when presenting a document to the client for execution, automatically scroll through the document without providing an opportunity to review, stopping at only the spots identified for initials or a signature. The buyer or seller may not take the time necessary, or be able, to manipulate the program to read the document in its entirety. They may be trying to review a document in small type on their cell phone, and not be able to read it correctly.

The client may assume the licensee has accurately understood and given effect in the document to their (perhaps summary or ambiguous) instructions.

To address these risks, it’s prudent for realtors to review each contractual document carefully: before you send to a client; with a client, while the document is in front of both you and client, by telephone or other means prior to electronic execution; and again, following execution, before you send to the other party. It’s also prudent to print the document at several points to review it in paper form.

To ensure a meaningful review occurs with the client, and is recorded, it is prudent to provide the client with contractual documents by email, and arrange a time to review them, by telephone, or video conference (perhaps using a “screen share” function), in detail, before you transmit them through an electronic signature program for execution. This creates a paper trail to later confirm such a review occurred.

The importance of being sensitive to the record cannot be overstated. All electronic signature programs generate logs, recording the time at which a party opens the document and when it is executed. Smart claimant’s counsel will demand production of these logs in any dispute. It will be impossible to maintain that there was a meaningful review of a document with a client where the log shows that there were only a few seconds between when the document was sent, opened, executed by the client, and returned to the realtor.

It is also prudent, when transmitting a document to a client by email or other electronic means, to include a warning stating that, as typographical errors or errors caused by technology may occur, the document should be reviewed carefully to ensure that it accurately reflects the client’s understandings or instructions.

Incorporating these steps and considerations into practice will provide realtors and their clients with the benefit of current technology, while minimizing the associated risk to all parties.

Source: Scott Cordell, Killam Cordell, Barristers

Buying, selling and even building a home can continue during the COVID-19 pandemic – using reasonable practices, say industry groups

Realtors are being strongly discouraged to hold any open houses in light of the COVID-19 pandemic and social distancing requirements, the Real Estate Board of Greater Vancouver (REBGV) announced March 19.

The board said that it was making “this explicit recommendation today with the support of real estate brokerages, and after an assessment of the latest information and commentary from public health and other government authorities.”

REBGV said that, earlier in the week, it had also “removed the rule requiring that properties listed on MLS be made available for showings.”

Ashley Smith, REBGV president said, “Realtors want to do their part to help prevent the spread of illness in our communities and to meet the housing needs of residents in a responsible way. We’ve heard from some in the community who are unhappy that their Realtors are not holding Open Houses. To those people, we ask for your understanding given the public health crisis we all face today.”

The board said that “anyone looking to buy or sell a home in today’s environment is encouraged to discuss COVID-19 preparedness with their Realtor” and offered some key tips for buyers and sellers. These include:

• If you recently travelled abroad and/or are unwell, do not view a property, and stay home.

• If you’re a seller, talk with your Realtor about alternative approaches to open houses, such as virtual showings and other technology-based solutions.

• If you’re a buyer, only visit a property when others are not present, sanitize your hands before and after a showing, and avoid touching doorknobs and other surfaces in the property.

The REBGV is also offering other tips for buyer and sellers at www.rebgv.org.

Construction must go on

Announced the same day was approval to B.C. construction companies to continue site operations, as the ban on gatherings of more than 50 people does not apply to construction sites, according to the Urban Development Institute.

The UDI said in a March 19 statement that “a senior provincial government official has contacted UDI president and CEO Anne McMullin to assure our industry and membership the 50-person limit does NOT apply to construction sites. The provincial government official confirmed that all sites can and should remain operating… Sites must continue to conform to Worksafe BC practices and current COVID-19 prevention protocols. That means additional handwashing stations should be made available, that workers should maintain their social distance of 1-2 metres from one another and during any on-site meetings.”

The UDI statement added, “In addition, the Provincial Health Officer Dr. Bonnie Henry said during the March 17 news conference… that ‘Construction work outside is not as much of a risk that we are concerned about... but anyone who’s sick should not be going to work.’”

The Homebuilders Association of Vancouver (HAVAN) also sent out a statement March 19 offering advice to construction employers on site safety during the pandemic. 

The dedicated web page, www.havan.ca/covid-19-resources, also has links to various government resources that are helping small businesses during this time, plus a link to a COVID-19 self-assessment tool.

Despite slight increases to both active and new build inventory in the Fraser Valley, overall supply in February remained well below the ten-year average for the month historically.

The Fraser Valley Real Estate Board processed 1,385 sales of all property types on its Multiple Listing Service® (MLS®) in February, a decrease of 0.8 per cent compared to the 1,396 sales in February of last year, and a 14.5 per cent increase compared to the 1,210 sales in January 2018.

Of the 1,385 sales processed last month 336 were townhouses and 379 were apartments, together representing 52 per cent of all transactions in February.

"Attached apartment inventory in particular has struggled to keep up with the shift in demand we saw prominently throughout last year," said John Barbisan, Board President. "Without sufficient supply, it has become increasingly challenging for buyers looking to enter the market at that level."

Active inventory for the Fraser Valley finished at 4,340 listings last month, increasing 9.5 per cent month-over-month, and decreasing 6.6 per cent when compared to February 2017. The 10-year average for February active inventory is 7,487 units.

The Board received 2,293 new listings in February, a 9.6 per cent increase from January 2018’s 2,092 new listings, and a 5.6 per cent increase compared to February 2017.

"With the sales-to-actives ratio for townhomes and apartments at 67 per cent and 75 per cent respectively, sellers can expect interest if they price their homes effectively. Talk to your REALTOR® who can evaluate your local market and find the right price point for success.”

For the Fraser Valley region the average number of days to sell an apartment in February was 13, and 16 for townhomes. Single family detached homes remained on the market for an average of 38 days before selling.

The challenge in the market today is managing our existing population as first time buyers come of age and young families looking to move up  to their second home are creating the greatest demand in housing today. Migration, both nationally and internationally also are pushing the demand. Streamlining the approval and building process would help get units to the market faster. Take into consideration a piece of land gets purchased in Delta, in takes 1-4 years for approval and another 2-3 year build out to occupancy. People looking for housing in a particular area have to wait up to 7years for units to be ready. That my friends is an issue.

HPI® Benchmark Price Activity

• Single Family Detached: At $992,100, the Benchmark price for a single family detached home in the Valley increased 1 per cent compared to January 2018, and increased 15.7 per cent compared to February 2017.

• Townhomes: At $531,000 the Benchmark price for a townhome in the Fraser Valley increased 2.2 per cent compared to January 2018, and increased 25.4 per cent compared to February 2017.

• Apartments: At $422,300, the Benchmark price for apartments/condos in the Fraser Valley increased 4.5 per cent compared to January 2018, and increased 46.7 per cent compared to February 2017.

2018 brings more of the same for Fraser Valley real estate

Fraser Valley housing market activity in January continued on the momentum seen throughout 2017 with year-over-year increases seen for both sales and pricing.

The Fraser Valley Real Estate Board processed 1,210 sales of all property types on its Multiple Listing Service® (MLS®) in January, an increase of 24 per cent compared to the 976 sales in January of last year, and a 10 per cent decrease compared to the 1,344 sales in December 2017. This was the third highest sales total for a January in the Board’s history, behind only 2016 (1,338) and 1992 (1,270).

Of the 1,210 sales processed last month 281 were townhouses and 338 were apartments, together representing 51 per cent of all transactions in January.

“This will be the third consecutive year of heightened market activity for our region, and we’re starting 2018 exactly where we left off – gradually rising prices, tight inventory, and the dominance of attached home sales," said Gopal Sahota, Board President.

Active inventory for the Fraser Valley finished at 3,962 listings last month, increasing 3.8 per cent month-over-month, and decreasing 10 per cent when compared to January 2017. January’s sales-to-active listing ratio was 31 per cent.

The Board received 2,092 new listings in January, a 63.8 per cent increase from December 2017’s 1,277 new listings, and a 3.9 per cent decrease compared to January 2017.

"Generally, pricing continues to be heavily impacted by ongoing demand and a lack of incoming inventory,” continued Sahota. “While conditions may differ depending on property type and area, it remains a complex real estate environment overall where a thorough understanding of the market and knowing what you’re looking for can make all the difference.”

For the Fraser Valley region the average number of days to sell an apartment in January was 19, and 24 for townhomes. Single family detached homes remained on the market for an average of 46 days before selling.

HPI® Benchmark Price Activity

• Single Family Detached: At $982,700, the Benchmark price for a single family detached home in the Valley increased 0.6 per cent compared to December 2017, and increased 15.1 per cent compared to January 2017.

• Townhomes: At $519,400 the Benchmark price for a townhome in the Fraser Valley increased 1.2 per cent compared to December 2017, and increased 23.4 per cent compared to January 2017.

• Apartments: At $404,100, the Benchmark price for apartments/condos in the Fraser Valley increased 4 per cent compared to December 2017, and increased 44.1 per cent compared to January 2017.

For a limited time, one of the banking Partners I work closly with is offering the following:

18 month non-redeemable term deposit

Rate: 2.25%

Available for new & existing funds

3 year escalator term deposit (convertible on anniversary)

1st year: 2.25%

2nd year: 2.50%

3rd year: 3.00%

Effective rate of 2.58% for 3 years

Convertible on an anniversary to a non-redeemable term deposit with an equal or longer maturity date

Available for new & existing funds

TFSA Park-It Savings

Rate: 2.25%

Reverts to regular rate schedule effective May 1, 2018

RRSP Park-It Savings

Rate: 2.00%

Reverts to regular rate schedule effective May 1, 2018

 G&F is also offering 1 year non-redeemable and cashable short term GIC options for members whom are looking for shorter investment time frames. They will work and cater options for all of our members to support their current and long term goals.

The campaign rate options end March 1^st 2018.

If you have any further questions you can contact,

Emilie Cook - Assistant Branch Manager

West Broadway Branch | G&F Financial Group

Phone: 604-549-5421

email: ecook@gffg.com

Thinking of buying or selling this spring? This October I celebrated 27 years in real estate & construction industries.  My competitive knowledge base is an advantage you won’t get from any other realtor in the industry. I treat my clients like family, so when you time come, they are comfortable moving forward, and have complete confidence that they have made the right decision.

I'm never too busy for any of your referrals.

Your Realtor for Life

Brian

December 8, 2017

Canadian housing starts surged in November, rising 13 per cent from October to 252,184 units at a seasonally adjusted annual rate (SAAR).  The six-month trend in Canadian housing starts jumped to 226,270 units SAAR, the highest its been in ten years.

The increase in new home construction was concentrated outside of BC, which saw starts decline 16 per cent to a still very strong 45,000 units SAAR in November on a monthly basis. Total starts in BC were up about 4 per cent year-over-year. Single detached starts were up 23 per cent on a monthly basis and 31 per cent compared to November 2016 while multiple starts were down 24 per cent month-over-month and fell 6 per cent year-over-year.

Looking at census metropolitan areas (CMA) in BC: 

• Total starts in the Vancouver CMA declined from a 12-month high in October, falling 8 per cent. The market is likely close to full-capacity with close to 40,000 units under construction across the metro-Vancouver area.

• In the Victoria CMA, housing starts fell 17 per cent year-over-year and were down 71 per cent on a monthly basis after a wave of new multiple units in October.
• New home construction in the Kelowna CMA were up 32 per cent from October and increased 62 per cent year-over-year due to jump in multiple unit starts.

• Housing starts in the Abbotsford-Mission CMA jumped from just 20 total starts in November 2016 to 169 in November 2017.  On a monthly basis, starts were 45 per cent higher compared to October due primarily to an increase in single-family starts. 

Thinking of buying or selling? This October I celebrated 27 years in real estate & construction industries. Hire me and I will get you the home or property you really want for you and your family. My clients call me innovative, insightful, diligent and direct. All of my competitive knowledge base is an advantage you won’t get from anyone else in the industry. I treat my clients like family, so when you time come, they are comfortable moving forward, and have complete confidence that they have made the right decision.

I'm never too busy for any of your referrals.

Your Realtor for Life

Brian

For immediate release

Vancouver, BC – November 14, 2017.

TheBritish Columbia Real Estate Association (BCREA) reports that a total of 8,677 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October, an increase of 19.3 per cent from the same period last year. Total sales dollar volume was $6.25 billion, up 41.6 per cent from October 2016. The average MLS® residential price in the province was $720,129, up 18.7 per cent from October 2016.

“BC home sales trended higher in October, up 23 per cent from January on a seasonally adjusted basis," said Cameron Muir, BCREA Chief Economist."A lack of supply in the resale market continues to put upward pressure on home prices in most BC regions."

Total active listings were down 5.1 per cent to 27,987 units in October compared to the same month last year, and have declined 49 per cent over the last five years. The ratio of home sales to active listings was up from 24.7 per cent in October 2016 to 31 per cent last month.

The BC housing market is considered to be in relative balance when the ratio of home sales to active listings is between 12 and 20 per cent.

Year to date, BC residential sales dollar volume was down 9.4 per cent to $63.8 billion, when compared with the same period in 2016. Residential unit sales declined 10.7 per cent to 90,290 units, while the average MLS® residential price increased 1.4 per cent to $706,881.

Thinking of buying or selling? This October I celebrated 27 years in reale state & construction industries. Hire me and I will get you the home or property you really want for you and your family. My clients call me innovative, insightful, diligent and direct. All of my competitive knowledge base is an advantage you won’t get from anyone else in the industry. I treat my clients like family, so when you time come, they are comfortable moving forward, and have complete confidence that they have made the right decision.

I'm never too busy for any of your referrals.

Your Realtor for Life

Brian

Change to Mortgage Underwriting - October 17, 2017

The Office of the Superintendent of Financial Institutions (OSFI) announced new restrictions on uninsured mortgages today. Effective January 1, 2018, all home-buyers with a down-payment of more than 20 per cent will have to qualify at the higher of the posted 5-year qualifying rate and their contractual rate plus 200 basis points (2 per cent).  This is in addition to policy announced in October of 2016 that required all insured borrowers qualify at the posted 5-year qualifying rate.

In addition to the new stress test for uninsured mortgages, OSFI is also requiring lenders to establish and adhere to appropriate loan-to-value limits reflective of risk and the current economic environment and is prohibiting s lending arrangements designed to circumvent loan-to-value limits such as combing mortgages with other lending products.

These new residential mortgage underwriting requirements will apply to all Federally regulated financial institutions.
 
The impact of the new stress test requirement will be to lower the purchasing power of households by up to 20 cent. Like past tightening of mortgage regulations, we anticipate that the market impact will be sharp but temporary. In the past, we have seen home sales decline in the 3 to 9 months following the implementation of tighter mortgage lending standards, with the severity of the impact fading within one year.  However, these new regulations impact a larger pool of mortgages and so the impact could be more significant than in the past.

This October I am celebrating 27 years in the real estate & construction industry. All of my clients enjoy my competitive knowledge base an advantage they don’t get from most of the agents in the business. I treat my clients like family, so they are comfortable moving forward, and when the time comes to make a move, they have complete confidence in their decision. Experience matters!

I'm never too busy for any of your referrals,

Your Realtor for Life,

Brian White

Canadian Housing Starts - October 10, 2017

Canadian housing starts decreased by 4 per cent in September to 217,118 units at a seasonally adjusted annual rate (SAAR).  The six-month trend in Canadian housing starts also declined to 214,821 units SAAR.

New home construction in BC rose 6 per cent on a monthly basis to 37,470 units SAAR but was down 18 per cent on a year-over-year basis.  Single detached starts were flat compared to one year ago while multiple unit starts declined 24 per cent year-over-year.

Looking at census metropolitan areas (CMA) in BC: 

• Total starts in the Vancouver CMA fell 13 per cent from August and were down about half compared to September 2016. Multiple unit starts were down 58 per cent from one year ago as record levels of units under construction weigh on new projects.

• In the Victoria CMA market, housing starts continue to surge, rising 127 per cent year-over-year. Multiple unit starts continue to drive new home construction, with starts more than triple levels seen last September.
• New home construction in the Kelowna CMA jumped more than 200 per cent year-over-year as close to 350 new multiple unit starts were recorded.

• Housing starts in the Abbotsford-Mission CMA also more than doubled year-over-year due to strong growth in both single and multiple starts.

As you see outside the forgien tax umbrella markets continue to grow while the changes have had a negitive impact on the market and is shrinking the equity of BC homeowners.

This October 19th, I am celebrating 27 years in the real estate & construction industry. All my clients enjoy my competitive knowledge base an advantage they won’t get from most agents in the business. I treat my clients like family, so they are comfortable moving forward, and when the time comes to make a move, they have complete confidence in their decision.

I'm never too busy for any of your referrals.

Your Realtor for Life

Brian

The Ontario real estate industry received some long overdue good news from the Toronto Real Estate Board, as home prices climbed 6%, representing the first monthly increase since the slide began in April.

The housing slowdown that began when Ontario following in British Columbia's footsteps instituted a set of new regulations, including a 15% foreign buyers’ tax, that caused house prices to slip almost 20% since the peak in April of this year.

Home Capital Group Inc.(TSX:HCG) also played a large part in souring investor sentiment. The crisis sparked a sell-off in other alternative lenders, like Equitable Group Inc.(TSX:EQB) and mortgage insurers like Genworth MI Canada Inc.(TSX:MIC). After a tumultuous spring and summer, Canada housing has shown signs that it may be ready for a significant bounce back in the coming months.

CMHC is set to explore loosening of regulations

The Canadian Mortgage and Housing Corporation (CMHC) is reportedly mulling regulatory changes to make it easier for small-business owners to qualify for new mortgages. Current mortgage regulations have stringent income stipulations that force small-business owners, contractors, and other non-salaried workers to qualify based on a two-year average. This can be especially complicated for younger workers in contract work, which is becoming more prevalent in the so-called gig economy.

Intuit Canada released a study in January in which it projected self-employed Canadians will make up 45% of the workforce in 2020. If and when these regulations are loosened to adapt to the new working environment, it could entice many new prospective buyers.

New construction and real estate investment continues at a record pace

Toronto and its surrounding cities saw an incredible rise in the first third of 2017. Hamilton, Ontario, was of particular interest as a city undergoing a transition into an affordable landing spot for those priced out of Toronto. On September 29, Hamilton surpassed the $1 billion mark when it came to construction investment in the city. This represents the fastest growth in investment in the city’s history.

RioCan Real Estate Investment Trust(TSX:REI.UN) announced that it plans to pursue a $2 billion sale of its holdings in secondary markets and focus more on commercial and residential properties in major cities.

Immigration is set to rise in 2018

Canadian immigration minister Ahmed Hussen indicated that immigration levels may increase in 2018 from the already record levels of 300,000 per year seen in 2015 and 2016. Some experts are predicting a rise in the 310,000-320,000 range.

Immigration from outside Canada into Ontario was the highest reported in five years in 2016. Immigration also remains one of the main sources of population growth in the city of Toronto, both from outside and inside Canada. There is still debate over how immigration has impacted demand, but the continuing surplus should yield positive results for the market.

Investors in housing and alternative lenders should also take solace in the recent comments by the Bank of Canada following the September 6th rate hike. Governor Stephen Poloz has assured that the bank will proceed with caution, which seems to indicate a gradual approach to rising interest rates. This should help lenders and the industry at large keep borrowing costs low.

This October 19th, I am celebrating 27 years in the real estate & construction industry. My clients enjoy my competitive knowledge base an advantage they won’t get from most agents in the business. I treat my clients like family, so they are comfortable moving forward, and when the time comes to make a move, they have complete confidence in their decision.

I'm never too busy for any of your referrals.

Your Realtor for Life

Brian

Canadian Employment - October 6, 2017

Canadian employment increased by 10,000 jobs in September while the the national unemployment rate remained steady at 6.2 per cent. In the twelve months to August, employment in Canada is up 1.8 per cent, or 320,000 jobs. Somewhat tepid job growth along with slumping exports and flat real GDP in recent months means the Bank of Canada will very likely hold off on raising rates at its October meeting.
 
In BC, employment declined for a third consecutive month, falling by 6,700 jobs in September. Full-time employment was up by 5,000 jobs but an 11,600 decrease in part-time work more than offset those gains.   Over the past twelve months, the level of employment in BC is up 3.6 per cent.  Despite three months of falling employment, the provincial unemployment rate continued to slide lower due to declining participation in the labour market. The BC unemployment rate fell 0.2 points to 4.9 per cent, the lowest rate since September 2008.

This October 19th, I am celebrating 27 years in the real estate & construction industry. All of my clients enjoy my competitive knowledge base an advantage they won’t get from most agents in the business. I treat my clients like family, so they are comfortable moving forward, and when the time comes to make a move, they have complete confidence in their decision.

I'm never too busy for any of your referrals.

Your Realtor for Life

Brian

Canadian Monthly GDP (July 2017) - September 29, 2017

Growth in the Canadian economy was essentially flat in July following 8 consecutive months of growth.  Only 11 of 20 industrial sub-sectors posted positive growth with output in key industries like mining, oil and gas and manufacturing declining.   Given today's release, third quarter growth in the Canadian economy is tracking at about 2.5 per cent - a deceleration from the nearly 4 per cent growth in the first half of 2017. 

The Bank of Canada has been emphatic that future rate adjustments will be highly data dependent. Slower growth in the third quarter likely means the Bank will hold off on increasing rates at its October meeting. However, beyond that meeting, as long as the Canadian economy is growing well above trend, which the Bank sees as a signal of rising future inflation, we expect further rate increases to come either by the end of this year or in early 2018.

This October 19th, I am celebrating 27 years in the real estate & construction industry. My clients call me innovative, insightful, diligent and direct. All of my clients enjoy my competitive knowledge base an advantage they won’t get from most agents in the business. I treat my clients like family, so they are comfortable moving forward, and when the time comes to make a move, they have complete confidence in their decision.

I'm never too busy for any of your referrals.

Your Realtor for Life

Brian

Canadian Inflation and Retail Sales - September 22, 2017

Canadian inflation, as measured by the Consumer Price Index (CPI), registered 1.4 per cent in the 12 months to August. That is a slight uptick from 1.2 per cent in July.   The Bank of Canada's three measures of trend inflation were also up slightly, averaging 1.5 per cent.   In BC, provincial consumer price inflation was 2.0 per cent in the 12 months to August. 

Canadian retail sales increased 0.4 per cent on a monthly basis in July and were 7.8 per cent higher year-over-year. Sales were higher in 6 of 11 retail sub-sectors with the main contribution coming from motor vehicle dealers and food and beverage stores. In BC, vigorous consumer spending continues to set the pace for the BC economy. Retail sales in the province climbed 0.7 per cent on a monthly basis and were up 12.3 per cent year-over-year.
 
Despite rapid economic growth in Canada, there is still very little sign of inflation. With inflation reading well below the Bank of Canada's 2 per cent target once again in August, the case for a further rate increase in October is lessened though not completely closed.

Thinking of buying or selling? This October I am celebrating 26 years in the real estate & construction industry. My clients call me innovative, insightful, diligent and direct. All of my clients enjoy my competitive knowledge base, an advantage they won’t get from most agents. I treat my clients like family, so they are comfortable moving forward, and when the time comes they have complete confidence that they have made the right decision.

Canadian Manufacturing Sales - September 19, 2017

Canadian manufacturing sales declined for a second consecutive month, falling 2.6 per cent in July. The dip in sales was largely due the motor vehicle and parts sector while sales were up in 12 of 21 manufacturing sub-sectors.
 
In BC, manufacturing sales decreased 1.6 per cent on a monthly basis but were up 7 per cent year-over-year. Year-to-date, BC manufacturing sales are up close to 8 per cent over 2016, led by strong contributions from a diverse range of industries from wood and paper products to food manufacturing to machinery and equipment. A strong trade and manufacturing sector is helping to propel employment and economic growth around the province, which further supports robust housing demand in BC.