Canadian Housing Starts (April 2022) - May 16, 2022

Canadian housing starts rose by 18.9k (7.6 per cent) to 267.3k units in April at a seasonally-adjusted annual rate (SAAR). Comparing year-over-year, starts were down from April of 2021 (-3.1 per cent y/y). Single-detached housing starts declined 1.5 per cent to 83.2k, while multi-family and others rose 12.3 per cent to 184.1k (SAAR). 

In British Columbia, starts jumped 59.3 per cent in April, rising to 52.1k units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts rose 13.6 per cent m/m to 9.4k units while multi-family starts jumped 93 per cent to 39.9k units. Starts in the province were 32.5 per cent above the levels from

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Attention Builders/Developers

  Attention Builders/Developers   Opportunity to build 22 new townhomes in quiet upscale Nanaimo residential neighbourhood a short walk to VIU.   Development Permit approved and building permit underway!    Each unit with two bedrooms, den and garage will be approximately 1300 square feet.   Targeting the most active part of the market, excellent value with opportunity for quick turnaround with high ROI!

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Find Out More About 497 Menzies Ridge Drive

Talk to our team to learn more about this potential home in Nanaimo.

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BC Home Sales Trending Toward Normal Activity

 

Vancouver, BC – May 12, 2022. The British Columbia Real Estate Association (BCREA) reports that a total of 8,939 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in April 2022, a decrease of 34.9 per cent from a record April 2021. The average MLS® residential price in BC was $1.065 million, a 12.9 per cent increase from $943,765 recorded in April 2021. Total sales dollar volume was $9.5 billion, a 26.5 per cent decline from the same time last year.

“Canadian mortgages have sharply increased, surpassing 4 per cent for the first time in a decade,” said BCREA Chief Economist Brendon Ogmundson. “With interest rates rising, demand across BC is now on a path to

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Our Top 3 Winners:

Runner-Ups:

Vancouver Island Real Estate saw an increasing gap between new listings and units sold with new listings coming out on top in the month of April 2022. This dynamic eased pressure further and allowed a little bit of much-needed inventory to build. That said, the easing of pressure does not mean it isn’t still a hot market and the inventory situation is still keeping sellers in a strong position.

Digging into the Numbers, there was a total of 1,551 sales on Vancouver Island in April with 727 of them taking place in the Vancouver Island Real Estate Board Area (the rest in the Victoria board area). Of those 727 sales, 507 were single-family homes, 114 were condos and 96 were townhomes. Here is how those numbers look as percentage changes from the previous

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Cedar Hill Family Home w/ Mortgage Helper!

Cedar Hill 3 bed 2 bath Family Home w/ studio suite (full kitchen) perfect for a mortgage helper or in-laws, located just steps from the beautiful Cedar Hill Golf Course, walking trail, 10 mins to DT, 6 mins to UofVic, and all amenities of Shelbourne Plaza, Hillside and University Heights Malls.

With natural gas to the home, you have a newer High Efficient Gas furnace and 2 gas fireplaces keeping your heating costs down and would be easy to install A/C.

Currently, the main part of the home has a lower entrance with 1 bedroom and shared laundry on the lower level which could be converted into an actual 1 Bedroom suite W/a separate entrance.

Upstairs you will find a large open living room,

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Reviewing April and the Start of May, we see a general hesitancy in the Victoria Real Estate Market. Sales to listing ratios were down in April. So were both new listings and sales individually. It appears that the array of environmental factors has both buyers and sellers in somewhat of a holding position as we all wait to see what happens next. The sales to list ratio is particularly important for judging the pressure of demand on supply and those numbers for single-family homes especially appear to be balanced out at the moment (although certainly not yet even). Pressure on the condo market is slightly less affected and it is arguable that townhomes are the most in-demand product at the moment. The numbers are certainly backed up by common sense as

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Conveniently Located Country Acreage

Enjoy the beauty and serenity of this 3.0-acre country estate in Errington while still being conveniently located only minutes from Coombs market and City of Parksville.

As soon as you enter the front gates you will notice the spectacular oasis created from years of loving care.

This fully fenced landscaped acreage with fruit trees throughout and a beautiful garden and greenhouse will delight the gardening enthusiast.

You won’t miss this terrific workshop set up in a roomy 2-car garage and custom cabinets for all your tools, as well as an additional workshop with a bay door for storage or your toys.

If you love to entertain outdoors then you will appreciate the backyard bar and fire-pit area.

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Canadian Employment (April 2022) - May 6, 2022

After growing in February and March to a record level, Canadian employment was little changed in April at 19,601k. The labour market is tight, with the Canadian unemployment rate declining by 0.1 to 5.2 per cent, the lowest rate on record since comparable data became available in 1976. The total hours worked fell 1.9 per cent in April while average hourly wages were up 3.3 per cent on a year-over-year basis, similar to March and February. Wage gains are below the inflation rate, however, which clocked in at 6.7 per cent year-over-year in the most-recent data. The employment rate held steady at 61.9 per cent.

Employment in BC was largely unchanged in April at 2,736k. Metro Vancouver's

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Beautiful 4 Bedroom/2 Bath Home in Departure Bay Beach

Coming Soon Highlights:

- Departure Bay Beach; Semi-Waterfront

- 4 bedroom/2 bathroom, 1900 sqft home

- Additional 1 bedroom/1 bathroom suite with separate entrance

- Complete and tasteful updates throughout

- Fully fenced, landscaped 0.16 acre property

- 6 x 12 Powered Workshop

- Plumbing/Electrical upgrades 5 years ago

- Hot Water Tank 3 years old

- New 25 year Roof

- Future development potential and/or holding property

- Part of Commercial Centre on Official Community Plan

Find Out More About 2725 Departure Bay Road

Talk to our team to learn more about this Beautiful…