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I have sold a property at 1802 4689 HAZEL ST in Burnaby

I have sold a property at 1802 4689 HAZEL ST in Burnaby on Nov 22, 2024. See details here

Unbeatable LOCATION & VIEWS! Urban lifestyle at its BEST in this XL 1 Bedroom condo on the upper 18th floor of a Concrete building. Enjoy stunning North-East mountain views & South-East city views from over 700sf of interior space. Steps from Metrotown, Crystal Mall, shops, Skytrain, transit, library & schools. Situated on a peaceful quiet Hazel street yet within walking distance to everyday essentials. Solid & Well maintained building with recent updates: re-piped, upgraded intercom/fob system, generator & boiler. Low strata fees, on-site amenities incl a gym, party room, workshop, 1 parking & 1 locker. Pet & Rental friendly. Don’t miss out on this incredible opportunity, Call Today!

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Open House. Open House on Saturday, November 23, 2024 1:00PM - 3:00PM

Please visit our Open House at 1802 4689 HAZEL ST in Burnaby. See details here

Open House on Saturday, November 23, 2024 1:00PM - 3:00PM

Unbeatable LOCATION & VIEWS! Urban lifestyle at its BEST with a 97 Walk Score in this XL 1 Bedroom condo on the upper Sub-PH 18th floor of a Concrete building. Enjoy stunning North-East mountain views & South-East city views from over 700sf of interior space. Steps from Metrotown, Crystal Mall, shops, Skytrain, transit, library & schools. Situated on a peaceful quiet Hazel street yet within walking distance to everyday essentials. Solid & Well maintained building with recent updates: re-piped, upgraded intercom/fob system, generator & boiler. Low strata fees, on-site amenities incl a gym, party room, workshop, 1 parking & 1 locker. Pet & Rental friendly. This home is a fantastic find for those seeking space and urban convenience. Don’t miss out on this incredible opportunity, Call Today!

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Open House. Open House on Sunday, November 24, 2024 1:00PM - 3:00PM

Please visit our Open House at 1802 4689 HAZEL ST in Burnaby. See details here

Open House on Sunday, November 24, 2024 1:00PM - 3:00PM

Unbeatable LOCATION & VIEWS! Urban lifestyle at its BEST with a 97 Walk Score in this XL 1 Bedroom condo on the upper Sub-PH 18th floor of a Concrete building. Enjoy stunning North-East mountain views & South-East city views from over 700sf of interior space. Steps from Metrotown, Crystal Mall, shops, Skytrain, transit, library & schools. Situated on a peaceful quiet Hazel street yet within walking distance to everyday essentials. Solid & Well maintained building with recent updates: re-piped, upgraded intercom/fob system, generator & boiler. Low strata fees, on-site amenities incl a gym, party room, workshop, 1 parking & 1 locker. Pet & Rental friendly. This home is a fantastic find for those seeking space and urban convenience. Don’t miss out on this incredible opportunity, Call Today!

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New property listed in Forest Glen BS, Burnaby South

I have listed a new property at 1802 4689 HAZEL ST in Burnaby. See details here

Unbeatable LOCATION & VIEWS! Urban lifestyle at its BEST with a 97 Walk Score in this XL 1 Bedroom condo on the upper Sub-PH 18th floor of a Concrete building. Enjoy stunning North-East mountain views & South-East city views from over 700sf of interior space. Steps from Metrotown, Crystal Mall, shops, Skytrain, transit, library & schools. Situated on a peaceful quiet Hazel street yet within walking distance to everyday essentials. Solid & Well maintained building with recent updates: re-piped, upgraded intercom/fob system, generator & boiler. Low strata fees, on-site amenities incl a gym, party room, workshop, 1 parking & 1 locker. Pet & Rental friendly. This home is a fantastic find for those seeking space and urban convenience. Don’t miss out on this incredible opportunity, Call Today!

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Coming Soon in Metrotown Burnaby

Don't miss out on this spacious 1 Bed condo in an unbeatable location — just steps from Metrotown! Over 700 sqft of living space, well-managed Strata, Concrete building, 1 parking, 1 locker and much more ... This home is a Fantastic Find for those seeking space and urban convenience.

Contact Iwa at 604-366-8777 for more details on this incredible opportunity!

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After months of tracking approximately twenty per cent below the ten-year seasonal average, Metro Vancouver1 home sales surged more than 30 per cent year-over-year in October.

The Greater Vancouver REALTORS® (GVR) reports that residential sales2 registered on the Multiple Listing Service® (MLS®) in the region totalled 2,632 in October 2024, a 31.9 per cent increase from the 1,996 sales recorded in October 2023. This was 5.5 per cent below the 10- year seasonal average (2,784).

“Typically, reductions to mortgage rates boost demand, and the strong October sales numbers suggest buyers may finally be responding to lower borrowing costs after waiting on the sidelines for months,” Andrew Lis, GVR’s director of economics and data analytics said. “To some market watchers, this rebound may come as a surprise, but with four consecutive rate cuts from the Bank of Canada – and more likely to come on the horizon – it was only a matter of time until signs of renewed strength in demand showed up.”

There were 5,452 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in October 2024. This represents a 16.9 per cent increase compared to the 4,664 properties listed in October 2023. This was 20 per cent above the 10- year seasonal average (4,545).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,477, a 24.8 per cent increase compared to October 2023 (11,599). This total is also 26.2 per cent above the 10-year seasonal average (11,475).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for October 2024 is 18.8 per cent. By property type, the ratio is 13.4 per cent for detached homes, 22.5 per cent for attached, and 22.2 per cent for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“While the strength in October's numbers is encouraging, one data point does not make a trend," Lis said. "Recent data shows that market conditions have been decidedly balanced, with prices easing over the past few months. With the recent uptick in sales however, the attached and apartment segments are now tilting toward a seller’s market with the detached segment not far behind, suggesting the recent period of price moderation may be nearing an end."

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $1,172,200. This represents a 1.9 per cent decrease over October 2023 and a 0.6 per cent decrease compared to September 2024.

Sales of detached homes in October 2024 reached 724, a 25.5 per cent increase from the 577 detached sales recorded in October 2023. The benchmark price for a detached home is $2,002,900. This represents a 0.3 per cent increase from October 2023 and a 1 per cent decrease compared to September 2024.

Sales of apartment homes reached 1,393 in October 2024, a 33.4 per cent increase compared to the 1,044 sales in October 2023. The benchmark price of an apartment home is $757,200. This represents a 1.6 per cent decrease from October 2023 and a 0.6 per cent decrease compared to September 2024.

Attached home sales in October 2024 totalled 501, a 40.7 per cent increase compared to the 356 sales in October 2023. The benchmark price of a townhouse is $1,108,800. This represents a 0.4 per cent increase from October 2023 and a 0.9 per cent increase compared to September 2024.

Rising home sales a sign of market shift in the Fraser Valley?

Home sales in the Fraser Valley increased for the first time in five months following a sizable interest rate cut by the Bank of Canada in October.

The Fraser Valley Real Estate Board recorded 1,330 sales in October, up 35 per cent from September, and 37 per cent year-over-year.

“After waiting it out on the sidelines for a number of months, buyers seem to be finally responding to the series of successive rate cuts by the Bank of Canada,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “Whether this is an indication of further sales trends, remains to be seen, especially as the feds eye a possible additional cut before year-end.”

New listings declined in October, down 5 per cent to 3,194, but increased 26 per cent year-over-year. Overall inventory dipped in October to 8,799, down three per cent from September, but up 34 per cent over last year. Rising sales and steady inventory levels have the Fraser Valley in a balanced market with a sales-to-active ratio of 15 per cent. The market is considered to be balanced when the ratio is between 12 per cent and 20 per cent.

“October’s healthy sales boost is a welcome development for buyers and sellers alike,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “The coming weeks and months will shed more light on whether buyer optimism has returned now that the cycle of interest rate cuts is in full swing.”

Across the Fraser Valley in October, the average number of days to sell a single-family detached home was 34, while for a condo it was 32. Townhomes took, on average, 29 days to sell.

Benchmark prices in the Fraser Valley dipped for the seventh straight month in October, with the composite Benchmark price down 0.7 per cent to $971,700.

If you are interested in learning about the specific stats of a neighborhood, reach out to Iwa. They can provide insights on areas, property types, or trends you can leverage in 2024.

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New property listed in Mount Pleasant VE, Vancouver East

I have listed a new property at 1005 328 11th AVE E in Vancouver. See details here

Rare Exceptional Sub-Penthouse at UNO in the heart of trendy Mt. Pleasant! This stunning southwest corner unit features 3 bedrooms, 3 bathrooms, and a den in 1,167 sqft of living space. Bright and spacious, it includes 2 ensuite bedrooms and offers breathtaking panoramic views of the water, mountains, sunsets and downtown. Just steps away from the upcoming SkyTrain, urban living has never been easier. This meticulously maintained home boasts an open floor plan with stainless steel appliances, a gas range, and updated laminate flooring throughout. Amenities include a well-equipped gym, lounge room, bike room, and outdoor play area, perfect for an active lifestyle. With 1 parking stall, in-suite storage, pets friendly and rentals allowed, this home truly has it all! Contact Iwa for more photos/book your viewing!

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Home sales registered on the MLS® in Metro Vancouver1 declined 3.8 per cent year over year in September, suggesting recent reductions in borrowing costs are having a limited effect in spurring demand so far.

Greater Vancouver REALTORS® (GVR)2 reports that residential sales in the region totalled 1,852 in September 2024, a 3.8 per cent decrease from the 1,926 sales recorded in September 2023. This was 26 per cent below the 10-year seasonal average (2,502).

"Real estate watchers have been monitoring the data for signs of renewed strength in demand in response to recent mortgage rate reductions, but the September figures don’t offer the signal that many are watching for.

Sales continue trending roughly 25 per cent below the ten-year seasonal average in the region, which, believe it or not, is a trend that has been in place for a few years now. With the September data, sales are now tracking slightly below our forecast however, but we remain optimistic sales will still end 2024 higher than 2023."

There were 6,144 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2024. This represents a 12.8 per cent increase compared to the 5,446 properties listed in September 2023. This was also 16.7 per cent above the 10-year seasonal average (5,266).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,932, a 31.2 per cent increase compared to September 2023 (11,382). This is 24.2 per cent above the 10-year seasonal average (12,027).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for September 2024 is 12.8 per cent. By property type, the ratio is 9.1 per cent for detached homes, 16.9 per cent for attached, and 14.6 per cent for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“With some buyers choosing to stay on the sidelines, inventory levels have sustained the healthy gains achieved over the course of this year, providing much more selection to anyone searching for a home,” Lis said.

With all this choice available, prices have trended sideways for the past few months. The September figures, however, are now showing modest declines across all segments on a month over month basis. This downward pressure on prices is a result of sales not keeping pace with the number of newly listed properties coming to market, which has now put the overall market on the cusp of a buyers’ market. With two more policy rate decisions to go this year, and all signs pointing to further reductions, it’s not inconceivable that demand may still pick up later this fall should buyers step off the sidelines.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,179,700. This represents a 1.8 per cent decrease over September 2023 and a 1.4 per cent decrease compared to August 2024.

Sales of detached homes in September 2024 reached 516, a 9.8 per cent decrease from the 572 detached sales recorded in September 2023. The benchmark price for a detached home is $2,022,200. This represents a 0.5 per cent increase from September 2023 and a 1.3 per cent decrease compared to August 2024.

Sales of apartment homes reached 940 in September 2024, a 4.9 per cent decrease compared to the 988 sales in September 2023. The benchmark price of an apartment home is $762,000. This represents a 0.8 per cent decrease from September 2023 and a 0.8 per cent decrease compared to August 2024.

Attached home sales in September 2024 totalled 378, a 7.4 per cent increase compared to the 352 sales in September 2023. The benchmark price of a townhouse is $1,099,200. This represents a 0.5 per cent decrease from September 2023 and a 1.8 per cent decrease compared to August 2024.

Sluggish sales and rising inventories see Fraser Valley moving toward a buyer’s market

SURREY, BC – With active inventories hitting levels not seen in 10 years and sales 30 per cent below the 10- year average, Fraser Valley real estate is building towards a buyer’s market if sales continue to lag.

The Fraser Valley Real Estate Board recorded 982 sales in September, down by eight per cent over August and by more than 10 per cent over September 2023. Again, seasonally adjusted sales were the second slowest in a decade in the Fraser Valley.

“With three rate cuts already and more expected before the end of the year, buyers are watching the market closely to time their purchasing decisions,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “The current conditions should favour buyers, particularly in the detached market, however until we start to see some movement in asking prices, properties will continue to sit on the market for extended periods as both buyers and sellers await the next rate announcement.”

New listings rose in September, up 21 per cent to 3,352, an increase of 17 per cent year-over-year. Overall inventory increased five per cent from August to September to 9,045, up 39 per cent over last year. The combination of declining sales and rising inventories has helped to create balanced, and in some cases, buyers’, market conditions in the Fraser Valley.

“We know the demand is there among Fraser Valley buyers,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “After months on the sidelines, buyers want to get into the market but many also need to sell before they can buy. When you factor in affordability challenges and the anticipation of more interest rate cuts, we are seeing persistent weakness in the market. In conditions like these, we encourage buyers and sellers alike to talk to their REALTOR® to assess the risks and opportunities before making a decision.”

Across the Fraser Valley in September, the average number of days to sell a single-family detached home was 35, while for a condo it was 37. Townhomes took, on average, 30 days to sell.

Benchmark prices in the Fraser Valley dipped again in September, with the composite Benchmark price down 1.4 per cent to $978,800.

If you are interested in learning about the specific stats of a neighborhood, reach out to Iwa. They can provide insights on areas, property types, or trends you can leverage in 2024.

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Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.