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CREA ECONOMICS NOW


US Economic Growth (Q2'2015) - July 30, 2015


US real GDP grew at a modest 2.3 per cent annual rate in the second quarter, led by positive contributions from personal consumption, exports, and government expenditures. Most importantly, the contraction in GDP initially reported for the first quarter was revised away, with GDP now estimated to have grown 0.6 per cent.   

Improved US economic growth will help the Canadian economy regain its footing in the second half of the year, but may also prompt the US Federal Reserve to begin tightening monetary policy as early as September. If so, we could see Canadian long-term interest rates, and therefore longer-term mortgage rates, dragged higher in spite of recent action by the Bank of Canada.  


Source: BC REA (BC Real Estate Association, July 30, 2015)

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We have just sold a property at 902 23RD AVE W in Vancouver.
Gorgeous updated Cambie character home circa 1912. This almost 3200 sq foot 4 level home features beautiful original stained glass windows, fir floors, huge windows and is overflowing with charm. Enter on a classic front porch to a welcoming foyer. Main floor features bright & spacious living & formal dining rooms, an updated kitchen with eating area. French doors open to entertainment sized private deck. Office/den plus a full bath complete the main. Upstairs are 3 bedrooms, a full bath. Top floor features a generous family/multi-purpose room with 2 huge skylights plus storage. 2 bedroom basement suite is a perfect mortgage helper. Situated on a prime south west corner lot, surrounded by a stunning mature landscaped garden. Minutes to Cambie Village shops, restaurants, theatre & Douglas Park is only steps away!
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Vancouver, BC – July 14, 2015. The British Columbia Real Estate Association (BCREA) reports that a total of 11,294 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in June, up 25.6 per cent from the same month last year. Total sales dollar volume was $7.1 billion, a 42.6 per cent increase in comparison to the previous year. The average MLS® residential price in the province rose to $631,962, a 13.5 per cent increase since last June.

 

“BC home sales posted the second strongest June on record,” said Brendon Ogmundson, BCREA Economist. “A growing provincial economy and record low borrowing rates continue to push demand higher, particularly in the lower mainland.”

 

“While consumer demand is surging, the supply of homes for sale has not kept pace. The resulting imbalance of supply and demand has put upward pressure on prices in many areas of the province, most notably with respect to single-detached homes,” added Ogmundson.

 

Year-to-date, BC residential sales dollar volume increased 36.8 per cent to $32.6 billion, when compared with the same period in 2014.

 

Residential unit sales climbed by 23.1 per cent to 51,559 units, while the average MLS® residential price rose 11.2 per cent to $631,946.

 

source: BCREA

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We have just sold a property at 108 1990 KENT AVE SOUTH AVE E in Vancouver.
Waterfront resort style living! Stunning river views from every room in this spacious 2 bed 2 bath condo. Bright open floor plan with large principal rooms, big view windows and a cozy fireplace. Kitchen offers granite counters & beautiful custom cabinets throughout. Access to an exceptional clubhouse with TV, kitchen, pool table, party room, exercise facility & hot tub. 2 secured parking stalls, storage locker & pet friendly. Excellent proactive strata in a FREEHOLD building! Enjoy walks along the seawall in the ever growing River District. Relax on the huge patio watching tugboats glide along the Fraser River.
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