Executive Home in a Desirable Location

Executive Single Family Home in Royal Oak on a private lane.

This lovely home is located within walking distance to schools, Royal Oak shopping center and nature trails of Elk Lake and Beaver Lake; and features 3 bedrooms, den, office or extra storage, 2 bathrooms, cozy gas fireplace, and a private fenced yard with deck, bbq hook up and a sprinkler system as well as an attached garage for your car.  
 
This home is nestled on a private lane that is quiet and yet close to shopping.  

Features include a high-efficiency hot water heater and a new energy-efficient gas furnace.    

This home will not last long!    

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 Record September for BC Housing Markets

Vancouver, BC – October 14, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 11,368 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in September 2020, an increase of 63.3 percent from September 2019. The average MLS® residential price in BC set a monthly record of $803,210, a 15.3 percent increase from $696,647 recorded the previous year. Total sales dollar volume in August was $9.1 billion, an 88.3 percent increase over 2019.

“The provincial housing market had a record-setting September,” said BCREA Chief Economist Brendon Ogmundson. “Both total sales and average prices were the highest ever for the month of September as pent-up

Canadian Employment (Sept) - October 9, 2020

Canadian employment gained 378.2k jobs in September (2.1%, m/m), following a gain of 245.8k in August. This is the fifth consecutive month of increases, putting national employment within 719.5k of its pre-COVID February level. The national unemployment rate fell by 1.2 percentage points to 9% from the previous month. Gains in the services-producing sector were driven by accommodation/food, educational services, and information/culture/recreation, while manufacturing led the increase in the goods-producing sector. Compared to the same month last year, Canadian employment was down by 3.6% (-685k). 

Regionally, employment increased in all provinces except in New Brunswick and PEI, with the

The Vancouver Island Real Estate market continued strong with 1,287 total sales in September 2020 in the VIREB board area (excluding Victoria) an 86% increase compared to the same month the previous year. Many of the sales are still taking place in the single-family home segment but condo’s and townhomes are seeing hefty increases in sales volume as well.

Sales of single-family homes were up a whopping 98.5% year over year with 643 of the sales being in that segment in Septemeber. Condos increased in sales year over year by 46% (a significantly higher jump than Victoria condos) and townhome sales jumped 28% in the same Septemeber year over year comparison. While sales are up across the whole island, including Victoria, it is worth noting that luxury

Spacious Fairfield Condo 

Large bright two bedrooms two bath South/East corner condo located in the heart of Fairfield, next to Cook Street Village and steps to town.

This is the one you have been waiting for, offering over a thousand square feet in a self-managed building with extremely low strata fees and free laundry. 

A large private enclosed deck is the length of the entire unit and is perfect for year-round use.  

Loads of natural light with many windows for sun all day. 

Move-in ready this is a great value in today's market with storage space, parking, and bike storage included. 

Some rentals permitted and kids welcome.

Call today for your private tour.

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The Victoria Real Estate market continued red hot through September. Driven by strong demand from buyers, especially for single-family homes there was a massive 60.6% increase in total sales volume in September 2020 compared to the same month last year. With 989 units sold in the Victoria Board area, 1% more than the record high previous month, inventory simply can’t keep up. 

For a more shocking number, we can look at single-family homes specifically, which were up 91.9% compared to the same month last year with 539 homes sold in September! Condos had a more modest bump in sales volume at 26.7% up year over year with 280 unit sales. Although Condos lag behind in sales, for now, there is a good chance we will see this market segment increase in the

Canadian Housing Starts (Sept) - October 8, 2020

Canadian housing starts decreased by 20% m/m to 208,980 units in September at a seasonally adjusted annual rate (SAAR), following a strong gain of almost 262,000 units in August. This is the first decline after four consecutive months of increases, which was driven by declines in the multi-unit segment in Ontario and BC. The decline was broad-based, where starts were down in 8 provinces. September's still healthy number increased the six-month average to 214,647 units SAAR.  

In BC, housing starts decreased by 25% m/m to 32,279 units SAAR in September, following a robust increase of 43,322 in August. This rounded out the third quarter average to 38,662 units SAAR. In the near term, we can

BC Monthly Real GDP Estimate for July 2020 & Preliminary Estimate for August 2020 (Updated: September 30, 2020)

The BCREA Nowcast estimate of provincial economic growth (expressed as year-over-year growth in real GDP) for July is -4 per cent. For comparison, the Canadian economy contracted 4.9 per cent year-over-year in July.

We have also included a preliminary estimate for August 2020 of -3.2 per cent. While year-over-year growth remains negative, the rate of decline is slowing as the economy continues to improve on a monthly basis.

Download the full report (PDF)

For more information, please contact:

BCREA is the professional association for

Canadian Monthly Real GDP (July)  - September 30, 2020

Canadian real GDP grew 3 percent in July, following a record 6.5 percent increase in June.  However, even after three consecutive months of strong growth, the Canadian economy remains about 6 percent below its pre-pandemic level of output.  All 20 Canadian industrial sectors posted increases in July, with the real estate sector surpassing its pre-pandemic level of GDP.

Statistics Canada's preliminary estimate for August's real GDP growth is 1 percent, which means that third-quarter real GDP growth is currently tracking at close to 10 percent, or about 40 percent on a quarterly annualized basis.  Still, even that unprecedented level of growth would still leave the Canadian economy about

COVID-19 Reopening Dashboard - Sept 29, 2020

The BCREA Economics team has created the COVID-19 Reopening Dashboard to help REALTORS® monitor the evolution of the BC economy as the province gradually reopens. This dashboard focuses on the sectors and activities that have been most significantly impacted by the pandemic and the province’s subsequent state of emergency. Homes sales in the province continued to be very strong in August, largely driven by pent-up demand from the spring. 

To monitor the province’s progress toward a “new normal,” we benchmark each indicator to February 2020, the month before the pandemic was declared. This dashboard will be updated each month.

BCREA's updated COVID-19 Reopening Dashboard is available here.

For