BURNABY
WEDNESDAY, JANUARY 20, 11, 2017 2016
TRI-CITIES
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R E A L E S TAT E W E E K LY
2017 Real Estate Market Outlook
W
ith a seemingly softening housing market – whether due to various government interventions, or to self-correction – we’re heading into an interesting year for Greater Vancouver real estate. Here’s a summary and analysis of some of the expert outlooks for Vancouver and BC real estate over the next year. Home Sales Despite a record-breaking spring market, the slowing of Greater Vancouver home sales in 2016’s second half meant that 2016 was the third-busiest year for resale transactions, totalling 39,493 units. Across BC, strong growth in other major centres meant that the province’s total could break annual records, with more than 105,000 sales predicted. This is expected to slow in 2017, dropping more than 15 per cent to a total of 96,300 home sales across the whole province in 2017, according to the British Columbia Real Estate Association (BCREA). This is still well above the 10-year average of 85,000 sales a year. The Canada Mortgage and Housing Corporation had a similar forecast for British Columbia. Its Fall 2016 Housing Market Outlook predicted, “[After reaching more than 105,000 sales in 2016] MLS® sales are forecast to range from 88,900 to 99,300 transactions in 2017.” Home Prices Opinion on the direction of home sales may be consistent, but the likely effect
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of all the above on home prices in the region and province has experts divided. In October, the National Bank said, “We think Vancouver home prices will soon start correcting. We expect a decline over 12 months of 10 per cent overall and 20 per cent for detached homes… nine per cent for attached homes and five per cent for condos.” The prediction was echoed in December by Royal LePage, whose president and CEO Phil Soper said: “We’re looking at all these trends. If it’s not doubledigit [decline in Vancouver home prices], it’ll be close to it.” That said, even a 10 per cent drop in average prices, or a 20 per cent fall in detached-home prices, would only bring the market back to around March 2016 price levels. Re/Max predicted Vancouver home prices would slow in their growth, but still continue to rise in 2017, increasing on average another two per cent across all property types over the year. Another leading economist agrees with this trajectory. Helmut Pastrick, chief economist at Central 1 Credit Union, said in September, “After the market has absorbed this new [foreign buyer] tax regime, we will begin to see other market fundamentals come into effect. Prices will then continue to rise, and they will be higher this time next year.”
Greater Vancouver Property Values Up Nearly 30%: BC Assessment
The BCREA’s forecast for the whole of BC falls somewhere in the middle. It said, “While the [provincial] average MLS® price is forecast to decline 6.4 per cent in 2017, most of that change will be due to relatively fewer higher priced homes selling in highly populated regions.” Interest Rates and Financing According to the BCREA, a likely rise in interest rates will put much greater pressure on first-time and low-income buyers. The association echoed widespread predictions that the average five-year mortgage rate will rise in 2017, suggesting it will lift from 3.7 per cent to 3.95 per cent over the year. The five-year qualifying rate – the rate at which “stress-tested” homebuyers must now qualify – is predicted to rise 20 basis points from 4.64 per cent to 4.84 per cent by the end of 2017. However, the BCREA’s mortgage forecast was issued just before BC Premier Christy Clark announced the new program to offer down-payment-matching loans to first-time buyers. This program directly targets the “stress-tested” buyers, and seems to be a deliberate measure to offset the reduction in buying power created by the new federal mortgage rules. Conclusion With predictions of slightly softening prices but increasing interest rates, which may cancel each other out in terms of affordability, and of federal and provincial interventions offsetting the effects of each other, REW.ca believes it is likely that Vancouver and BC real estate will steady and remain stable at a stillelevated level across 2017.
More First-Time Buyers Turning to Parents for Down Payment Help: Survey
Infographics: Vancouver and Fraser Valley Real Estate, December 2016
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R E W.ca » B U R N A BY / T R I - C I T I ES » W E D N ES DAY JA N UA RY 1 1 , 2 0 17
Happy New Year from Sutton 1st West Realty! Raffi Antepyan
John Cuzner
Colin Davidson
Derek Johnston
Patrick McDaniel
Rose Au
Fidelina de Mesa
Angela Jorgenson
Rick Medhurst
Shawn Shakibaei
Managing Broker/Owner
Meghan Ashton
Zia Eblaghie
Justin Kang
Kelly Million
Sylvia Shen
Darleen Bernard
Anna Slazkiewicz
Yana Erdman
Glen Klassen
Lois Muiselaar
Mike Bottom
Linda Song
Marten Felgnar
Solmaz Lakpour
Tony Nguyen
Harkesh Brar
Tommy Soong
Brian Fox
Michael Lam
Andrea Osborne
Joe Chan
Donna Fuller
Heather Langis
John Panrucker
Romany Tang
Justin Pham
Karen Todd
Office Manager
SUTTON GROUP 1ST WEST REALTY #118-3030 Lincoln Ave., Coquitlam • Phone: 604-942-7211 Fax: 604-942-2437 #201-21755 Lougheed Hwy., Maple Ridge • Phone: 604-467-3001 Fax: 604-467-3002 Len Ashton
Doug Foulds
www.sutton1stwest.com
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We thank you for your business in 2016 and look forward to working with you in 2017.
Peter Chan
Abraham Chater
Artur Gryz
Ed Gurm
Lana Langis
James Chung
Jim Gwynn
Allen Lau
Andrew Clare
Michael Hawes
William Won Il Lee
Robb Clare
Ted Hedrick
Ania Lebedynski
Scott Clarke
Linda Hung
Krizelle Ling
Ivanka Culjak
Jill Iacino
Michael Liu
Orlando Johannson
Tad Lukasik
Ray Phelan
Reza Rad
Surp Rai
Tina Raven
Nabil Salameh
Terry Schuetz
Tim Seo
Ken Sergent
Robert Tremblay
Vivian Tsui
Peter Vanderlee
Natalie Wang
Sophia Wong
Stephen Wong
Lee Yau-Nobrega
Ted Yeoh
Support Staff
Rhea Robertson FT Reception Maple Ridge
Mehrsa Jaberi FT Reception Coquitlam
Victoria Mendoza Conveyancer
Rochelle Leblanc PT Reception
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Jan Dennis PT Reception
Ghazaleh Khorsandi PT Reception
Cassie Galpin PT Reception
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R E W.ca Âť B U R N A BY / T R I - C I T I ES Âť W E D N ES DAY JA N UA RY 1 1 , 2 0 17
REALTORS WANTED
Your Experienced Local Realtors Sutton Group - 1st West Realty AN INDEPENDENT MEMBER BROKER
604-942-7211
Marten Felgnar 604-250-4175
www.sutton1stwest.com
mfelgnar@shaw.ca
John Panrucker 604-230-7390
$719,900
t Top USBJOJOH coVSTFT BWBJMBCMF UP IFlp ZPV SFBDI UIF OFYU lFWFl t .FOUPSTIJQT GPS OFX SFBMUPST t $PNNJTTJPO t Low dFTL fFFT Orlando Johannson 604-803-4336 orlandoj@shaw.ca
21436 117 AVENUE, MAPLE RIDGE A rare opportunity in a quiet neighbourhood in West Central Maple Ridge - 21436 117th Ave. Top reason you need this home for your family. LOT: Sun drenched, south exposed - 8,856 Sqft. Room for gardens, private yard w/ mature trees, XL patio, fully fenced. UPDATES: You name it, it's got it tastefully updates in 2008 with renovations including windows/vinyl siding/ kitchen/carpet/tile and laminate floor. SPACE: 2035 Sqft. - 4 bedroom, 3 bathroom, xl rec room and full bathroom in basement - perfect for growing family or inlaws. LOCATION: Flat, no-thru street, family friendly neighbourhood. Close to a wealth of amenities - SCHOOLS, transportation and HOSPITAL. CALL NOW!
Marten Felgnar 604-250-4175
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7931330
jpanrucker@sutton.com
For More Information Call 604-942-7211
RYAN TAYLOR 778.929.4290 RyanTaylorRealEstate.com â–
5100 45 Avenue, Ladner $1,420,000
Jim Gwynn 604-880-0948
Professionally Crafted Construction by Penta Homes on large 5,080 square foot lot within walking distance to both Ladner Elementary and Delta Secondary Schools + all shopping amenities. Lovely 2 storey home on 5000 sq ft lot with southern facing backyard bringing plenty of natural light. Main oor bedroom with separate entrance from garage would be perfect nanny or in-law suite. Stunning open layout, 9’ ceilings on both oors, Valted ceilings, crown moldings, modern gas ďŹ replace, granite counters, hardwood oors, Large Open Pantry which could be used as spice kitchen, all the features you would expect in a Penta Home. Wonderfully located in a great neighbourhood close to parks and just minutes to Ladner Village and transportation.
jgwynn@sutton.com
Heather Langis 604-720-0091
Linda Song 778-990-6322
Surp Rai 604-763-5263
Ivanka Culjak 604-736-1805
hlangis@shaw.ca
lsong@sutton.com
surpsrai@gmail.com
ivankac365@gmail.com
www.dexterrealty.com
604-689-8226 Yaletown 604-336-3539 Main Street 604-263-1144 Kerrisdale NEW LISTING
Taking our Listings Global $278,800
Colleen Unlic. Assistant
3749 ARTHUR DRIVE $3,888,000
ED
9.47 ACRES A Wonderful Family Farm!
9.47 Acres! Ready for All Your Ideas!! It has 3 Separate Homes, 8 Stall Barn + Work Shop + Huge Storage area! With a Large Back Field! Perfect for Growing Your Crops of All Types with South + West Exposures.
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COURT ORDERED SALE ATTENTION RENOVATORS AND INVESTORS
Fantastic Metrotown Burnaby condo being sold 'As Is, Where Is'. This bright, large one bedroom unit is completely ready for ALL your ďŹ nishing touches - in a well maintained CONVENIENTLY LOCATED strata building. Private ground level patio and garden area. Complete this unit yourself for immediate up-side potential. Amazing central location blocks away from ALL the amenities on an outstanding street! The Buyer/s should independently verify all listing information.. #106-6669 TELFORD AVENUE DAVID YOUNG 604-263-1144
What a Wonderful Investment!! IT HAS TO BE SEEN!! NEW LISTING
103-1175 55TH ST OPEN SUNDAY 2-4 Largest in the Gorgeous ONYX!! 1441 Sq. Ft of Wonderful Floor Plan with Open Kitchen, Dining and Living Rooms.! 2 Bedrooms Plus Den and Huge Storage, 2 Full Baths and the Perfect Exposure East Facing for those Warm Mornings and Cool Evenings!
217-83 STAR CR.
$375,000
AMAZING RIVER VIEW AMAZING VALUE – 2 bed/2 bath open layout with Fraser River view in “The Residences� by the River in the fast growing Port Royal community.
R E W.ca » B U R N A BY / T R I - C I T I ES » W E D N ES DAY JA N UA RY 1 1 , 2 0 17
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GEORGE GOMORY FREE HOME EVALUATIONS Call Now!
604-765-7653
OPEN SATURDAY 2-4 PM #403-6055 Nelson Avenue, Burnaby $549,000
Designer craftsman that resonates modern chic. Cozy and welcoming sits this custom 2 storey w/bsmt home in a secluded gated community of select homes. Unique home was built with absolute comfort & quality in mind with refinement and finesse in every detail. Beautiful living space with feature fireplace and stunning floors carried throughout. Gourmet kitchen with lovely attention to functionality. Stainless steel appliances, coffee area, eat-up bar, & built-in dining area with room for 12. Master on the main with huge walk-in and a sleek ensuite with double sinks, vanity area & private water closet. Rear private patio provides harmonious river and mountain views. Step inside and let it speak for itself. Less than an hour east of Vancouver. 34635 GORDON PLACE, HATZIC BENCH $969,900
Spacious 1099 sqft 2 bedroom 2 bathroom condo. Steps to Metrotown and Skytrain. Indoor pool and gym. Showing by appointment Saturday 2-4 pm.
www.GeorgeGomory.com SELL YOUR HOME FASTER AND FOR MORE MONEY With George Gomory’s Guaranteed Homeselling System RE/MAX Central #1-5050 Kingsway, Burnaby (604) 433-2211 Office Each Office Independently Owned & Operated
Dave Van Hoeke 778.388.1965
westcoast
dave@stevestonrealestate.com
Looking for a New Brokerage?
#136-13819 232nd Street, Maple Ridge
OPEN HOUSE JANUARY 14th & 15th from 1-4 PM
This is the one you’ve been waiting for!! Overlooking the quiet greenbelt and located in the prime area of the complex, this 1,400 sq ft 3 bedroom 2 full bath end unit shows like new. The open concept main living area is perfect for entertaining and boasts 9’ ceilings, extra windows, tons of natural light, laminate flooring, functional island, granite counters, sleek black appliances, spacious dining area and a private fully fenced extra wide walk-out backyard. Parking for 3 including a tandem garage with ample Visitor parking nearby. This family oriented complex has a playground, no pet or rental restrictions, and is close to all that Silver Valley has to offer - trails, hiking, swimming, Golden Ears Park, transit and more! First Showings at the OPEN HOUSES Sat Jan 14th and Sun Jan 15th 1-4pm.
List Price $419,900
Receive the highest level of support from our experienced Managing Broker. NO FRANCHISE FEES THREE EXCELLENT FEE PLANS STRONG SUPPORT
Roloff Veld Managing Broker
Contact Roloff at 604-782-7327 or roloff@evergreenwestrealty.com 206-1120 Westwood Street, Coquitlam BC, V3B 7K8 T: 604 942 1389 www.evergreenwestrealty.com
Learn from the Real professionals
Start now. Our comprehensive 5 week & 10 week courses will teach you how. • Daytime & Evenings. • Tuition only $649 • First class FREE - try us out!
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REW.ca » BURNABY / COQU I T LA M » WEDN ES DAY JA N UA RY 1 1 , 20 17
R EW.ca » BUR NABY / COQUIT L AM » WEDNESDAY JANUARY 11, 20 17
All of us at Park Georgia Realty would like to give a very heartfelt Thank You to all of our Friends, Family and Clients. Wishing all of you The Best in 2017 Eric Friesen Managing Broker
Eve Chiang
Peter Cho
Shane Chun
Nam Angrash
Aziz Askarian
Sarah Askarian
Shawn (Javid) Atmani
Rosemary Barnes
Joanne Beckler
Angie Bisca
Winifred Buschner
Joe Caldarella
Dan Callaghan
Betsy Carstairs
Tony Caya
Rose Chandler
Grace Chung
Steve Chung
Sam Clark
Steve Collyer
Gail Conzatti
Mauro Conzatti
Ippolita Corcione
Brian Craig
Sandra Craig
Tracey Davies
Steve Davis
Sheila Dhillon
Romeo Di Pietra
Dawn DutrizacLarose
Elizabeth Dziewanska
Namir Faraj
J. Craig Fenton
Richard Ferguson
Jordon Garrett
Katarina Glavas
Zelko Glavas
Celine Godard
Steven Goodwin
Ed Goss
Rhea Hayes
Rod Hayes
Mike Hill
Celrina Ho
Emma Hsu
Graham Hung
Raymond Javier
Jad Katusa
Jinkyu Kim
Dennis Lam
Brenda Lee
Hester Liang
Loren Maclean
Paul March
Lorne McCarthy
Susan McEwen
Carol McLintock
Natalia Morin
Riadh Muslih
James Ng
Ravi Panwar
Christine Perrot
Bruce Redmond
James Rogers
Mike Ronnekleiv
Tej Saggu
Kevin Schneider
Amy Shin
Mohammed Sleiman
Bena Slojewski
Victor Song
Lisa Steele
Phyllis Stelting
Glenn Toppings
Bruce Tsang
Georgina Tsang
Adrian Vekic
Brian Wallis
June Warkentin
Chris Watkins
Scott Whitehead
Nancy Williams
Winnie Yuen
Glenn Yamada
Bongju Yang
Thikra Zak
Ihor Zalubniak
Burnaby 604-421-7275
New Westminster 604-525-1005
Coquitlam 604-931-7227
Port Coquitlam 604-941-3838
www.parkgeorgia.com
Dan Therrien
Derrick Thornhill
Tanya Anderson
Heather Jiwan
Dominion Lending Mortgage
Dominion Lending Mortgage
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R E W.ca » B U R N A BY / T R I - C I T I ES » W E D N ES DAY JA N UA RY 1 1 , 2 0 17
Thank you for your continued support over the years. Over 136 families moved in 2016
$319,900
$1,050,000
Century House. Fantastic ground level 2 bedroom & 2 bath condo in a well maintained adult oriented complex located in the heart of Tsawwassen. This 820 sqft unit is situated in a quiet location offering oversized 22x12 patio, 2 parking spaces, storage locker & insuite laundry. Well maintained unit with many updates and just steps to shops, amenities, restaurants and beach.
Cute & Cozy rancher tucked away in a great area on a no-thru street. Functional floor plan showcasing 3 bedrooms, 2 full bathrooms, office, flex room, connected living and dining and large bright kitchen. Improvements include maple kitchen with stainless steel appliances, ensuite bathroom, furnace & hot water tank. Low maintenance yard with lots of privacy... the perfect place to relax. Ideal & convenient area that is peaceful, secure & quiet with easy access to shopping, transportation and a short stroll to the town centre & coffee. Retiring, downsizing or have a small family?... here it is!
Pics & Plan www.jacksonandlowe.com #109-1175 Ferguson Road, Tsawwassen
Pics & Plan www.jacksonandlowe.com 5459 Wildwood Cres, Tsawwassen
COLD WEATHER - HOT BUY!
QUIET LOCATION!
GREAT OPPORTUNITY!
GREAT OPPORTUNITY!
RE/MAX Western Canada Top 100 four full time realtors with office administration for Business Operations, Marketing & Communications
Wishing you all the best for the upcoming year!
Richard Todd Amy K i m Debbie Karen
INVESTORS AND DEVELOPERS!
DEVELOPER / INVESTOR ALERT!
A great opportunity in the heart of West Ladner for this POTENTIAL LAND ASSEMBLY. May be sold in conjunction with neighboring properties totaling 66,000 sqft. Buyer to verify information at City Hall and OCP.
Potential development site in prime Ladner location. Check city hall and OCP for future redevelopment potential. Being sold with neighboring properties total site over 1.2 acres.
Call for more info. 604-946-8000 4600 Garry Street & 48B Street, Ladner
Call for more info. 604-946-8000 4800 Block 57th Street, Ladner $1,088,000
$609,900
D L O S BARELAND STRATA
ASHLEY GREEN! Low maintenance bare land strata. Fantastic end unit with oversized private yard. Many updates including roof, ensuite, laminate floors and carpet. Excellent 3 bedroom, 2.5 bath plan conveniently located near Holly School and Park.
Pics & Plan www.jacksonandlowe.com #12-4756 62nd Street, Ladner
SOLD 4437 50A Street, Ladner
SOLD #102 - 4989 47 Avenue, Ladner
D L O S SOUTH EXPOSED YARD
Solid 2 level basement home with easy suite potential situated on a large 9,203 sqft lot (73x120). Great location with a southern exposed rear yard. Located close to schools, transit, and Town Center. Pics & Plan www.jacksonandlowe.com 5340 10th Avenue, Tsawwassen
SOLD 4664 54 Street, Ladner
SOLD 5258 Laburnum Park Place, Ladner
R E W.ca » B U R N A BY / T R I - C I T I ES » W E D N ES DAY JA N UA RY 1 1 , 2 0 17
NEW LISTING
OPEN SUNDAY 2-4PM
$1,350,000
IT’S FAMILY APPROVED!
WELL, WELL WELL! Well-located, Well-updated, Well-priced. The perfect rancher in one of the most desirable neighbourhoods in Tsawwassen – ‘Deerfield’. An exceptionally bright open plan inside, with an amazing private back yard with pool & hot tub outside. 3 bedrooms, 2 1/2 bathrooms, double car garage and an extensive list of updates. The best location plus excellent value!
Pics & Plan www.jacksonandlowe.com 32 Deerfield Drive, Tsawwassen
This rancher with walkout basement located in THE TERRACE has everything you could ever want. Renovated & ready, the main level offers 3 bedrooms, 2 bathrooms, beautiful kitchen with stainless steel appliances, casual & formal eating areas, double car garage and beautiful living room with a bright and private outlook. The lower level is ideal for extended family, games room for the kids, home office or hobbies with a huge crawl space offering storage galore! Large list of improvements. Spotlessly clean with amazing street appeal, and room for an RV, this home is move-in-ready.
Pics & Plan www.jacksonandlowe.com 5675 Greenland Drive, Tsawwassen $898,000
$889,000
Unique opportunity to own one or both sides of a stratified Duplex in central Tsawwassen with an easy walk to schools. Deceiving from the street, this 1/2 duplex measures over 3000 sq. ft., with 5 bedrooms, 3 bathrooms, plenty of parking & storage. Total lot size is over 10,000 sq. ft. Improvements include updated electrical, plumbing, insulation, windows, roof and exterior siding. Buy as a group or family while still having your independence.
Here is the other side of this wonderful Duplex opportunity! Plenty of room on each level to accommodate various living arrangements. Over 2600 sq. ft. of living on this one side with 4 bedrooms, 3 bathrooms, storage, parking and a private backyard. Upgraded electrical, plumbing, insulation, windows, roof and siding... nothing to do! Trying to figure out how to pool your resources and live in sunny Tsawwassen... This is it!
Pics & Plan www.jacksonandlowe.com 5459 6th Avenue, Tsawwassen
Pics & Plan www.jacksonandlowe.com 5461 6th Avenue, Tsawwassen
REACH FOR THE AFFORDABLE!
THE MOST YOUR MONEY CAN BUY!
$599,900
$1,288,000
D L O S ONE PACIFIC - DOWNTOWN VANCOUVER
Luxury living by Concorde with 5 star resort amenitites. Elegant Riviera Deck and entertainment hall and Sky Garden. Gorgeous 2 bedroom and den with 2 spa like bathrooms, gourmet kitchens with Wood veneer soft close cabinets, integrated Miele SS applainces, quartz stone counters and more! Includes 1 parking, 1 locker and overlooks the cantilevered glass pool and deck with an oversized patio. Just one block to marina, seawall, Coopers park, sports stadiums, Yaletown shops, restaurants and skytrain.
Pics & Plan www.jacksonandlowe.com #308-68 Smithe Street, Vancouver
SOLD #56-5550 Admiral Way, Ladner
SOLD #39-5550 Admiral Way, Ladner
ROSEWOOD COURT
Fantastic 3 bedroom townhome in popular Rosewood Court by Pioneer Designs. Bright end unit with low maintenance yard in excellent West Ladner location just minutes to Town Center and amenities. Offering 2 parking spaces, gas fireplace, formal living and dining area, 2.5 baths, and large kitchen area. New roof and gutters in 2017! Great family complex.
Pics & Plan www.jacksonandlowe.com #12-4748 54A Street, Ladner
SOLD 5445 Chamberlayne Avenue, Ladner
SOLD #46-5515 Admiral Way, Ladner
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R E W.ca » B U R N A BY / T R I - C I T I ES » W E D N ES DAY JA N UA RY 1 1 , 2 0 17
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Welcome to your own private haven at Parker House, Polygon’s final collection of boutique apartment residences at Windsor Gate, ready to move into this winter. Only here do stylish, open-plan residences meet twenty-five acres of master-planned living and a lavish 18,000 square foot clubhouse inside Coquitlam’s most sought-after neighbourhood.
LARGE TWO BEDROOMS FROM $439,900
WINDSOR GATE
N LINCOLN AVE
KENSAL PLACE
RD
SALES OFFICE:
NE E LI PI P
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1151 Windsor Mews Open Noon to 5pm Daily (except Friday) 604.945.8741 parkerhouse@polyhomes.com
POLYGON PARKER HOUSE LTD.
POLYGON WINDSOR GATE LTD.
IN
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R E W.ca » B U R N A BY / T R I - C I T I ES » W E D N ES DAY JA N UA RY 1 1 , 2 0 17
C O M IN G S O O N
THE CENTRE OF AT TENTION
REGISTER NOW:
polyhomes.com or 604.871.4192
Mantyla is the final collection of apartment residences within Windsor Gate, Polygon's vibrant master-planned community in the heart of central Coquitlam. Experience sophisticated two and three-bedroom homes and a private, five-star clubhouse within Coquitlam’s most sought-after community. Outside, a range of amenities await — from top-rated schools and the new Evergreen SkyTrain extension, to scenic Lafarge Lake and Coquitlam Centre.
This is currently not an offering for sale. Any such offering may only be made by way of a disclosure statement. E.& O.E.
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BURNABY • TRI-CITIES
W E D N E S DAY, J A N U A R Y 1 1 , 20 17
Looking for a new home? Start here.
R E A L
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W E E K L Y
BC Raises the Bar Once Again for New Home Construction Investment: StatCan BC
posted its highest-ever total investment in residential construction in October, according to Statistics Canada data published in late December. The expenditure of $1,149,222 on new housing builds was 1.5 per cent higher than the record-breaking month before, and a year-over-year rise of 31.4 per cent versus October 2015. Condo-apartment buildings once more led the growth and saw the biggest injection of cash, taking up close to half the province’s total investment at $564 million. This was a rise of 5.3 per cent since September and an annual jump of 45.8 per cent. New single-family home construction in the province posted an October investment of $455 million, which was down two per cent month over month but up 17.8 per cent compared with October 2015.
Investment in townhouses and other attached properties in BC totalled $96.9 million in October, down very slightly at 0.1 per cent compared with September, but 28.5 per cent higher than a year previously. Only $32.9 million was spent on building new duplex homes in BC in October, a year-over-year rise of 25.7 per cent but a drop of 3.5 per cent from September. National Picture As usual, despite raising the investment bar once again, BC was in second place out of all provinces and territories in terms of total dollar amount in new home construction investment, with Ontario spending $2.1 billion in residential construction. But, also as has been the recent trend,
BC’s growth in new home investment was once again much steeper than Ontario’s 13.9 per cent year-over-year increase. New home construction investment dropped on a year-over-year basis in seven of Canada’s 14 provinces and territories, with annual declines recorded in Newfoundland and Labrador (which are combined), Nova Scotia, New Brunswick, Quebec, Manitoba, Saskatchewan and Alberta. After also breaking a record in new home building investment in September, breaching the $5 billion mark for the first time, the nation as a whole slipped a little in October, spending $4.9 billion on new housing construction. This was
still a year-over-year rise of 4.9 per cent. Unlike in BC, as has also been the recent trend, Canada-wide new home investment was weighted in favour of single-family houses, which totalled $2.45 billion across the country –an increase of six per cent over the previous October. National investment in multifamily construction further slowed its annual growth rate, rising 2.1 per cent year over year to $1.8 billion. News of the continued increase in new home investment in BC came a couple of weeks after federal agencies reported a recovery in the number of housing starts and values of building permits issued in the region. The British Columbia Real Estate Association recently predicted that rising home completions in 2017 would lead to a “more balanced” housing market next year.
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