All Blog Entries by Ron Neal

Bank of Canada Interest Rate Announcement  - January 20, 2021

The Bank of Canada maintained its overnight rate at 0.25 per cent this morning, a level it considers its effective lower bound. The Bank reiterated what it calls "extraordinary forward guidance" in committing to leaving the overnight rate at 0.25 per cent until slack in the economy is absorbed and inflation sustainably returns to its 2 per cent target. The  Bank projects that will not occur until 2023. The Bank is also continuing its quantitative easing (QE) program, purchasing at least $4 billion of Government of Canada bonds per week. In the statement accompanying the decision, the Bank noted that the economic recovery has been interrupted by the second wave of COVID-19, but

Watch BCREA Chief Economist Brendon Ogmundson
discuss the December 2020 statistics.

Click here to visit BCREA's YouTube channel. Read the news release here.

For more information, please contact:  

BCREA is the professional association for more than 23,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research, and standard forms to help REALTORS® provide value for their clients.

To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that

Westhills Home with a Carriage Suite

Welcome to 3015 Dornier Road, a delightful Westhills home with a carriage house.

This contemporary home is situated between two roads to create complete privacy from the separate carriage house; the main house is located on a quiet street with loads of parking available out front, while the carriage suite has its own, separate access from the road behind, a unique situation offering income without loss of privacy.

As you enter this lovely home you are greeted with laminate floors, a cozy fireplace, bay windows in an open floor plan that connects the family room, dining room, and office featuring built-in shelving, and a large, bright kitchen.

The kitchen features quartz countertops, stainless

Housing Market Slows, but Resilient in Response to Pandemic

Vancouver, BC – January 13, 2021. The British Columbia Real Estate Association (BCREA) reports that a total of 93,953 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in 2020, an increase of 21.5 per cent from the 77,350 units sold in 2019. The annual average MLS® residential price in BC was $782,027, an 11.7 per cent increase from $700,369 recorded the previous year. Total sales dollar volume was $73.5 billion, a 35.6 per cent increase from 2019.

“Housing markets across the province staged a remarkable recovery during the COVID-19 pandemic and recession,” said BCREA Chief Economist Brendon Ogmundson. “We expect considerable momentum heading into 2021.”

A

Private Family Home Near Everything

Beautiful family home is tucked in the back of the Kettle Creek subdivision bordering on green space, so no back neighbors here except mother nature!

Boasting 5 bedrooms, 2 baths & offering fully fenced backyard.

Perfect for kids, pets, BBQ's & enjoying the outdoor space & mountain views.

Main level includes open concept living, dining & kitchen area - 2 skylights, stainless steel appliances, granite countertops, pot lighting, surround speakers (in and out) 9 ft ceilings, 2 beds & 4 pc bath.

Lower level consists of three beds, one a generous master suite w/ walk-in closet, family/media room w/ outside access, laundry rm & 3 pc bath.

200 Amp service with 50 Amp outdoor for car charger or

Unique Shawnigan Acreage

A peaceful treed winding driveway leads you to your unique Shawnigan Lake acreage, the home you have been waiting for.

West Coast style with all the charm including wood floors, vaulted ceilings, and skylights.

On either side of the foyer, a beautiful office and loft-style guest bedroom are located.

Moving into the great room get cozy beside your wood-burning fireplace with ample room to spread out and look out to the mountain and forest beyond.

If you look closely you will find a hidden door in the rockwork to a large rec room with unfinished loft above great for a games room, mans cave, theatre, or whatever you have on your mind.

The kitchen is the hub of the house making it the perfect

2020 was full of unexpected market movements, along with everything else unexpected last year. Who could have predicted that a global pandemic, total disruption of the economy and a spike in unemployment would lead to skyrocketing demand from buyers looking for homeownership. And yet, there was a total of 8,487 home sales in 2020, over a thousand units more (17.1% more) than 2019.

Though unexpected there were several indicators as the year progressed. We saw pent-up demand as restrictions eased and buyers shifted heavily to the single-family market. We saw uber low-interest rates, money coming out of the stock market and into the real estate market, and out of town buyers cashing out their Vancouver properties to settle on the island.

The past

December 2020 closed the year with strong sales numbers and record-breaking low inventory. Condos specifically showed impressive sales numbers in the Vancouver Island Board area with a 94% increase in sales volume compared to December 2020. December also outperformed November in this segment by increasing 16%, which is unusual based on past seasonality. Single-family homes sales increased 25% year over year for the month of December (hitting 302 sales) but decreasing 28.2% from November. The decrease in sales is generally attributed to the lack of listings, not an easing of demand.

The number of single-family homes available on the market at the end of the year decreased 22% from the end of 2019 to hit 421 listings. Condos were down 24% in the same

Canadian Employment (Dec) - January 8, 2021

A correction was made to the chart, "Monthly Change in Employment by Industry", which should read "December".

Canadian employment lost 63k jobs in December (-0.3%, m/m), representing the first decline since April 2020. This comes on the heels of many provinces reinstating public health measures that closed recreational facilities and in-person dining services. The decline was led by part-time employment, specifically among youth aged 15 to 24 and those 55 and above. Employment declined in all provinces except for BC. The national unemployment rate ticked up by 0.1 percentage points to 8.6%, which is still a fall from the record high of 13.7% in May 2020. Compared to the same month last year,

Updated Kitchen, SS Appliances

Once you walk into this lovely 2 bedroom unit you will notice the beautifully updated kitchen with high-end SS appliances, cabinetry to the ceiling, quartz countertops, and an over-the-range microwave hood fan.

The cozy corner gas fireplace is a nice touch and adds to the ambiance.

This complex is in an excellent location within minutes to Mayfair mall, downtown, and the many parks and schools.

This 2 bedroom unit is sure to please, don't wait, it's priced to sell!

Find Out More About 107-1201 Hillside Avenue

Request a Tour