Steve Flynn, REMAX Realtor
1-5050 Kingsway v5h 4c2 Burnaby, BC, Canada

CANADIAN INFLATION (JAN) - FEBRUARY 17, 2021 Canadian inflation, as measured by the Consumer Price Index (CPI) rose by 1.0% in January year-over-year. The increase was largely due to higher gasoline prices (6.1%). Excluding gasoline, the CPI rose by 1.3%, which is up from 1.0% in December. Prices rose in seven of eight components year-over-year in January. Growth in the Bank of Canada's three measures of trend inflation inched up slightly, averaging 1.5%. Regionally, the CPI... was positive in eight provinces, led by Newfoundland and Labrador (1.5%). In BC, CPI rose by 1.1% in January year-over-year, up from December's increase of 0.8%. Strong price growth continued for health and personal care and shelter. Home furnishings also pulled ahead in January on the heels of robust home sales. In contrast, gas prices continue to be a drag on BC's inflation. Inflation is expected to remain weak until the vaccine rollout becomes more widespread and health regulations across the country are relaxed. In the current environment, the Bank of Canada will continue to keep interest rates low. Copyright British Columbia Real Estate Association. Reprinted with permission.

CANADIAN HOUSING STARTS (JAN) - FEBRUARY 16, 2021 Canadian housing starts increased by 23% m/m to 282,428 units in January at a seasonally adjusted annual rate (SAAR), following a 12% decrease in the previous month. Housing starts increased in 6 of 10 provinces with the strongest gains in Quebec and Ontario. January's strong performance increased the six-month moving average to a historic high of 244,963 units SAAR. In BC, housing starts decreased by 17% m/m to 35,931 units... SAAR in January, following a 12% decrease in the previous month. Building activity was down by 28% for multi-unit starts, while single-detached starts were up by 38% in January. Compared to the same time last year, housing starts were up by 24% in BC. We can expect housing activity to continue to be supported by strong demand and historically low borrowing rates but are not expected to remain at elevated levels. The value of BC residential building permits was down by 5% in December. The good news is that after a long downward trend in the value of building permits for single-detached homes in BC, the trend started to reverse in April 2020.

A RECORD-SETTING START TO 2021 IN B.C. SALES Vancouver, BC February 11, 2021. The British Columbia Real Estate Association (BCREA) reports that a total of 7,169 residential unit sales were recorded by the Multiple Listing Service (MLS) in January 2021, an increase of 63.3 per cent over January 2020 and over a thousand sales higher than the previous record for the month of January. The average MLS residential price in BC was $845,169, a 16.1 per cent increase from $728,2...69 recorded in January 2020. Total sales dollar volume was $6.1 billion, an 89.6 per cent increase from last year. It was once again a record-setting month for the provincial housing market, said BCREA Chief Economist Brendon Ogmundson. While sales were strong across all regions of the province, the Fraser Valley, Interior and Vancouver Island regions shattered previous sales records and pushed January sales to new heights. Total active residential listings were down 21.5 per cent to 20,254 units in January, the lowest level of provincial active listings on record, going back to 2000. With strong sales and so few listings, market conditions are exceptionally tight with less than three months of total supply. The supply of listings continues to be held back by the pandemic, added Ogmundson. With so few listings, markets are starved for supply and prices are under extraordinary pressure.

VIDEO UPDATE - JANUARY 2021 METRO VANCOUVER MLS SALES Check out this very informative video of Jan 2021's MLS market activity: