As we take a look at MLS® sales figures for February 2016, it is evident that there has been a substantial increase in residential unit sales in comparison to February 2015 numbers with a total increase of 44.7% (9,637 sales). There is a stark contrast in terms of total sales dollar volume from one year to the next with a total of $7.51 Billion which is a 76.4% increase. The average MLS® residential price in the province was up 21.9 per cent year-over-year, to $779,419.

"Housing demand is now at a break-neck pace," said Cameron Muir, BCREA Chief Economist. "Home sales last month were not only a record for the month of February, but on a seasonally adjusted basis, demand has never been stronger in the province."

"Downward pressure on active listings has created significant upward pressure on home prices in some regions, particularly in Vancouver and the Fraser Valley," added Muir. "While home builders have responded with a record pace of housing starts for BC last month, the supply isn't expected alleviate the imbalance in these markets in the near term."

Looking at year-to-date data, residential sales dollar volume for BC has increased 73.6% to $11.9 Billion in contrast to the same period in 2015 whereas unit sales increased 40.1% to 15,468 units. At the rate this is going, it is no wonder why the intense housing demand is causing a shortage of supply. For all your real estate needs, contact Amalia Liapis at amalia@wesellvancouver.ca or alternatively, at 604-618-7000.

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I have sold a property at 304 1428 6TH AVE W in VANCOUVER.

Acted for Buyer. Beautiful "Siena" of Portico by BOSA. Bright and spacious 2 bedroom, 2 bathroom suite with engineered hardwood floors in living room, large open kitchen with granite counter tops, new appliances, walk in pantry, floor to ceiling windows in living room, gas fireplace, large balcony with N/W exposure. Master bedroom features large walk-in closet and full en-suite with separate soaker tub and shower stall. Private storage room on the same floor and 2 side by side underground parking stalls. Pets allowed! Open House on Sunday, March 20, 2-4pm.

Listing courtesy of Sutton Group - Seafair Realty

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Come join us TOMORROW for an open house at 4561 Sardis Street - we can't wait to meet with you. For additional information on this property, contact us at info@wesellvancouver.ca or alternatively at 604-716-6155.

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From a macro perspective, Canada's economy is going through a rough patch and growth is slowing down. Several variables contribute to this such as the equity markets being off to a historically bad start, the weak Canadian dollar and the oil prices struggling to find a floor. On the bright side, looking at BC's economy allows us to let out a bit of a sigh of relief. There seems to be a multitude of indicators that provide British Columbians with a glimmer of hope as these indicators point to significant momentum underlying our provincial economy.

The pace in which consumer spending and retail sales grew last year was the fastest pace in close to a decade. This key indicator proved to be the largest component of BC's economy. As a result of this, this growth largely reflected markedly improved labour market fundamentals. While employment growth has seen sluggish growth for the past few years, the last six months of 2015 proved to be a stark contrast. Growth was moving at more than a 2% rate over the latter half of the previous year. Full-time employment seeing an increase was the driver spearheading the growth seen.

With the growth demonstrated, it is no surprise that British Columbians were in a spending mood. Not only did consumption goods see an increase in sales but larger paychques and confidence in the BC economy resulted in the third highest year on record for provincial home sales. With the relative strength of the economy in BC, it is no wonder why we are seeing more interprovincial migration with workers moving to BC. Since 2013, there has been a net inflow of more than 30,000 people from other provinces, resulting in population growth and adding to an already strong housing and consumer demand.

With a strong housing demand comes a record low supply of re-sale and new housing in BC. Developers reacted to this lack of supply by breaking ground on over 30,000 new housing units last year making it the highest number of housing starts since 2008. All in all, BC's economy is forecasted to continue being a growth leader in Canada for this year and the years to come.

Source: BCREA Economics - Brendon Ogmundson

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Please visit our Open House at 4561 SARDIS ST in Burnaby.
Open House on Saturday, March 19, 2016 2:00 PM - 4:00 PM
OPPORTUNITY - Unbeatable Metrotown location for a legal side by side duplex! Value is mainly in the land, build or hold on this south facing 72' x 111' lot with north shore mountain views. For both duplexes combined, total of 4 bedrooms, 4 bathrooms, 2 kitchens and 2 detached garages. Just steps to Kingsway, Metrotown Mall, buses and skytrain. Don't miss this one! Open House Saturday, March 19, 2-4pm.
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Come join us TOMORROW for an open house at 4561 Sardis Street - we can't wait to meet with you. For additional information on this property, contact us at info@wesellvancouver.ca or alternatively at 604-716-6155.

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Please visit our Open House at 4561 SARDIS ST in Burnaby.
Open House on Saturday, March 12, 2016 2:00 PM - 4:00 PM
OPPORTUNITY - Unbeatable Metrotown location for a legal side by side duplex! Value is mainly in the land, build or hold on this south facing 72' x 111' lot with north shore mountain views. Total of 4 bedrooms, 4 bathrooms, 2 kitchens and 2 detached garages. Just steps to Kingsway, Metrotown Mall, buses and skytrain. Don't miss this one! Open House Saturday, March 12, 2-4pm.
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I have sold a property at 329 1783 MANITOBA ST in Vancouver.
RARELY AVAILABLE - Immaculate 2 bedroom, 1 bathroom and flex corner unit at Residences at West! This open concept home features quartz countertops, s/s appliances, high ceilings, his & her sinks, large flex room, mirrored closet doors, roller blinds, storage locker, 1 secure parking and overlooks the north courtyard on the quiet side of the building. Building features gym, wifi/party lounge, rooftop courtyard and daycare facility. Located in the heart of Olympic Village, steps away from the waterfront, transit, London Drugs, Urban Fare, pubs/eateries, shopping and more. Great income potential. Don't miss this one! Open house Sunday, Feb 28, 1-3pm
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Want a way to measure home price trends in a chosen area? MLS has designed a tool that does just that. The MLS Home Price Index (HPI) allows users to measure home price trends in the Greater Vancouver region and other major markets in the country. The HPI follows a similar concept to the economic tool called the Consumer Price Index (CPI). With the HPI, it measures inflation or deflation as well as the change in the price of housing features. It "tracks price levels at a point in time relative to price levels in a base (reference) period for one- and two-storey single family homes, townhouse/row units and apartment units". 

The MLS HPI model is typically utilized to calculate Benchmark Prices. A "benchmark home" is one with similar attributes to those in the surrounding area in which it is located. Relative Benchmark Prices measure the percentage by which the Benchmark Price in a particular area and category is in relation to the overall market at any specific point in time.

The tools put out by MLS are there at your disposal and for your convenience. Check out their website here for all these handy tools. For all your real estate needs, contact Amalia Liapis at amalia@wesellvancouver.ca or alternatively, at 604-618-7000.

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