Jeffrey Qián 錢 曄 // 778-238-2014 // info@jeffreyqian.com

Please visit our Open House at 806 819 HAMILTON ST in Vancouver.
Open House on Saturday, July 20, 2019 2:00PM - 4:00PM
819 Hamilton, built by the reputable BOSA Developments, located in the heart of downtown, steps way from Yaletown, Robson Street, Gastown and BC Place. This well laid out and well kept suite, has open kitchen flows into large living/dining area. Sunny Den connect to bedroom is a perfect space for reading/working. Building amenities include a fully equipped gym and sauna making your self-care that much more convenient! In suite laundry, in suite storage room, 1 parking, 2 storage lockers, a pro-active strata and an on-site caretaker round out this complete package. Come see for yourself! Open house Sat and Sun 2-4pm
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Please visit our Open House at 806 819 HAMILTON ST in Vancouver.
Open House on Sunday, July 21, 2019 2:00PM - 4:00PM
819 Hamilton, built by the reputable BOSA Developments, located in the heart of downtown, steps way from Yaletown, Robson Street, Gastown and BC Place. This well laid out and well kept suite, has open kitchen flows into large living/dining area. Sunny Den connect to bedroom is a perfect space for reading/working. Building amenities include a fully equipped gym and sauna making your self-care that much more convenient! In suite laundry, in suite storage room, 1 parking, 2 storage lockers, a pro-active strata and an on-site caretaker round out this complete package. Come see for yourself! Open house Sat and Sun 2-4pm
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I have listed a new property at 806 819 HAMILTON ST in Vancouver.
819 Hamilton, located in the heart of downtown, steps way from Yaletown, Robson Street, Gastown and BC Place. This well laid out suite, built by the reputable Bosa Developments, is thoughtfully fmished with high end custom built-ins throughout. The open kitchen flows into your large living/dining area. Sunny Den is a perfect reading/working space. Building amenities include a fully equipped gym and sauna making your self-care that much more convenient! In suite laundry, 1 parking, 2 storage lockers, a pro-active strata and an on-site caretaker round out this complete package. Come see for yourself! Open house Sat and Sun 2-4pm
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The British Columbia Real Estate Association (BCREA) reports that a total of 6,960 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in June, a decline of 11.8 per cent from the same month last year. The average MLS® residential price in the province was $687,584, a decline of 4 per cent from June 2018. Total sales dollar volume was $4.8 billion, a 15.3 per cent decline from the same month last year.

“BC home sales moderated lower in June after a stronger showing in May,” said BCREA Deputy Chief Economist Brendon Ogmundson. “While mortgage rates offered by lenders have moved below 3 per cent, a static qualifying rate has limited the impact of the lower cost of borrowing.”

Total MLS® residential active listings were up 18.6 per cent to 42,625 units compared to the same month last year and were essentially flat on a seasonally adjusted basis compared to May.

Year-to-date, BC residential sales dollar volume was down 23.4 per cent to $24.5 billion, compared with the same period in 2018. Residential unit sales decreased 18.7 per cent to 35,679 units, while the average MLS® residential price was down 5.8 per cent to $688,080..

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The Bank of Canada left its target for the overnight rate unchanged at 1.75 per cent this morning. In the statement accompanying the decision the Bank noted that although ongoing global trade tensions are having a negative effect on the global economy, economic growth in Canada is improving. A decline in mortgage rates is helping to stabilize housing markets still challenged by the mortgage stress test and a healthy labour market is supporting consumption growth.  The bank judges the current level of its policy rate appropriate but emphasized that it will be closely monitoring developments in the energy sector and the impact of trade conflicts.

The Canadian economy is showing signs of recovery after two consecutive quarters of sub-1 per cent growth. We are currently tracking second quarter real GDP growth at close to 3 per cent while Canadian inflation has recently bumped up above the Bank's 2 per cent target. As long as those trends hold, a rate cut by the Bank of Canada is looking less and less likely, though there may be some pressure to follow the Federal Reserve should it choose to ease monetary policy.
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Canadian employment was essentially unchanged in June after adding 27,000 jobs in May.  The unemployment rate rose 0.1 percentage points to 5.5 per cent as the number of people looking for work increased. Total Canadian employment was up by 132,000 job in the second quarter, almost all of which was in full-time work.  

In BC, employment fell by 3,700 jobs, the first monthly decline in employment since October 2018. The provincial unemployment rate rose 0.2 point higher to 4.5 per cent.  Compared to one year ago, employment in BC is up 4.4 per cent or 109,000 jobs.   
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Canadian retail sales rose in April for the third consecutive month by 0.1%, following a 1.3% gain in March (revised upwards from 1.1%). Retail spending increased to $51.5 billion, as 7 of 11 retail sub-sectors representing 74% of the sector reported higher sales. The main contributor to the increase in April was higher sales at gasoline stations. Behind the national gain were Manitoba (1.8%), Alberta (1.6%) and Ontario (0.9%).  

In B.C., retail sales declined 0.5% from the previous month to $7.2 billion. Sales were down in the clothing, health and personal care, and food and beverage sectors. In contrast, sales were up in the housing related sectors of building material and garden equipment, and furniture stores. On a year-over-year basis, B.C. retail sales were flat in April.

The soft increase to retail sales in April was within market expectations, as harsher than normal weather conditions hit most of the Eastern provinces and households are still adjusting their spending to higher interest rates. 

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Canadian inflation, as measured by the Consumer Price Index (CPI), rose by 2.4 per cent compared to the same time last year. Month-over-month, seasonally adjusted prices were up 0.3 per cent, the same gain as in the previous month. Gains were reported in all major components of the CPI, while food and transportation reported the largest increases. The Bank of Canada's three measures of trend inflation were also up in May, averaging 2 per cent. 

In B.C.
CPI increased by 2.6 per cent in May compared to a year ago, marking the second highest provincial gain behind Manitoba. The increase was broad-based with the highest year-over-year gains reported in transportation (4.7 per cent), gasoline (3.9 per cent) and food (3.4 per cent).  

 
The recent acceleration in inflation could complicate the Bank of Canada's decision on interest rates given the broad-based nature of the rise. That being said, much of the recent gains have been driven by seasonal and volatile factors (e.g., inclement weather and traveller accommodations), which means we can expect the Bank to remain on the sidelines.
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Canadian housing starts surpassed market expectations with a 25% monthly increase in June to 245,657 units at a seasonally adjusted annual rate (SAAR). The trend in Canadian housing starts was up, averaging 205,838 units SAAR over the past six months, which is a robust trend. 
 
In BC, total housing starts were up by 12% on a monthly basis to 60,023 units SAAR. Compared to the same time last year, total starts were up 76%. On a monthly basis, starts of multi-units and single detached units were up by 13% and 6%, respectively.
 
Looking at census metropolitan areas in BC: 
 
Total starts in Vancouver were down by 3% in June at 41,504 units SAAR, following a 25% increase in the previous month. The decline in multi-unit starts (-3%) more than offset the increase in single detached starts (1%). Compared to last year in June, housing starts in Vancouver were up 143% driven by the multi-unit segment. 
 
In Victoria, housing starts were up by 6% on a monthly basis to 2,462 units SAAR. Compared to a year ago, housing starts are down by 59%.
 
In Kelowna, housing starts increased by 177% in June to 2,902 units SAAR, rebounding from low levels the previous month. Year-over-year, total starts were down by 19% as inventory of unsold units accumulate, constraining further new construction projects. This is the risk we outlined when the provincial speculation tax was introduced.
 
Monthly housing starts in Abbotsford-Mission were down by 55% at 806 units SAAR. However, on a year-over-year basis, new home construction was up by 46% due to strong multi-unit starts.
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I have sold a property at 104 8975 JONES RD in Richmond.
"Regents Gate" by Polygon is an amazing Adult Oriented 19+ Gated Community. This immaculate 2 bedroom and 2 bath features 9 foot ceilings, crown molding, walk in closet, in floor radiant heat (included in monthly maintenance fees), engineered hardwood floors and a huge 334 sqft entertainment patio. This Rain Screened complex boasts resort style amenities like a pool table, ping pong table, gym, pub style entertainment area for private parties, quiet lounge for reading, 2 guest suites and an unbelievable workshop. You're only steps away from public transportation and a 5 minute walk to Garden City Shopping Center which has almost every type of food you can dream of. Hurry and book your private showing today.
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I have sold a property at 303 4542 10TH AVE W in Vancouver.
Georgie Award Winning “Telford on Tenth” Showcases a Boutique Concrete Building in the Heart of Point Grey! Interior Atrium Courtyard Garden provides a Lovely Oasis of Natural Light. Stylish and Bright this Large Two Bedroom Suite has so much to offer with Open Chefs Kitchen, Granite Counters, Wood Cabinets, Designer Floors, New Carpet. Generous Sized Dining & Living Areas with Cozy Gas Fireplace that can easily accommodate house furniture. Enjoy Mountain Views from Main Rooms & Private Balcony. In suite storage can easily convert to a home office. Note Separate Secured Locker plus One Parking Spot. Phenomenal Location Just Steps Away to Your Favorite Coffee Shop, Fresh Produce, Restaurants, Cafes, Trails at Pacific Spirit Park, UBC and the Beaches!
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The British Columbia Real Estate Association (BCREA) released its 2019 Second Quarter Housing Forecast today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 9 per cent to 71,400 units this year, after recording 78,346 residential sales in 2018. MLS® residential sales are forecast to increase 14 per cent to 81,700 units in 2020. The 10-year average for MLS® residential sales in the province is 84,300 units.

“The shock to affordability from restrictive mortgage policies, especially the B20 stress test, will continue to limit housing demand in the province this year,” said Cameron Muir, BCREA Chief Economist. “However, a relatively strong economy and favourable demographics are likely creating pent-up demand in the housing market,”

The inventory of homes for sale has climbed out of a cyclical low, leading to balanced market conditions in many areas and buyer’s market conditions in some communities and across some products types. Current market conditions are expected to provide little upward pressure on home prices this year, with the average annual residential price forecast to remain essentially unchanged, albeit down 2 per cent to $697,000. Modest improvement in consumer demand is expected to unfold though 2020, pushing the average residential price up 4 per cent to $726,000.

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The British Columbia Real Estate Association (BCREA) reports that a total of 8,221 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in May, a decline of 7 per cent from the same month last year. The average MLS® residential price in the province was $707,829, a decline of 4.3 per cent from May 2018. Total sales dollar volume was $5.8 billion, an 11 per cent decline from the same month last year.

“BC home sales increased 9 per cent in May compared to April, on a seasonally adjusted basis,” said BCREA Chief Economist Cameron Muir. “However, consumers continue to struggle with the negative shock to affordability that stringent mortgage lending policies have created.”

Total MLS® residential active listings were up 23.2 per cent to 41,519 units compared to the same month last year. However, total active listings were down 2 per cent from April, on a seasonally adjusted basis, the first monthly decline since the B20 Stress test was introduced in January 2018.

Year-to-date, BC residential sales dollar volume was down 25.1 per cent to $19.8 billion, compared with the same period in 2018. Residential unit sales decreased 20.2 per cent to 28,711 units, while the average MLS® residential price was down 6.2 per cent to $688,339.

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I have sold a property at 917 8080 CAMBIE RD in Richmond.
ULTIMATE URBAN LIFESTYLE! Penthouse level, South East corner, best location in ABERDEEN RESIDENCE. This 2 bedrooms, 2 full bath unit comes with luxury package: Dada Vela Quadra kitchen cabinetry from Italy, KWC single-lever faucet from Switzerland, S/S kitchen backsplash, S/S SUB-Zero refrigerator & BOSCH kitchen appliances. Owner also upgraded the unit with hardwood floor all through. Top quality living features: central air-conditioning & heating, triple glazed VISIONWALL window deliver great energy savings, eliminate outside noises and protect from ultraviolet rays. . Everywhere at doorstep: Canada Line Aberdeen Station, shopping malls, restaurants, etc. Call for your private showing!
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Canadian housing starts decreased by 13 per cent on a monthly basis in May to 202,337 units at a seasonally adjusted annual rate (SAAR). This decline follows a strong rebound reported in the previous month. The trend in Canadian housing starts was down, averaging 202,000 units SAAR over the past six months, which is still a robust trend. 

In BC, total housing starts were up 8 per cent on a monthly basis to 53,352 units SAAR. Total starts were up 31 per cent compared to May of last year. On a monthly basis, starts of multiple units were up 12 per cent to46,020 units SAAR, while single detached starts fell by 11 per cent to 7,332 units SAAR.
 
Looking at census metropolitan areas in BC: 

  • Total starts in Vancouver were up 25 per cent on a monthly basis in May at 42,667 units SAAR, as multiple unit starts rose by 29 per cent from the previous month. Compared to last year in May, housing starts in Vancouver were up 60 per cent. 

  • In Victoria, housing starts were down by 57 per cent on a monthly basis to 2,311 units SAAR, mostly due to a decline from last month's spike in multiple unit starts. Compared to a year ago, housing starts are down 28 per cent.
     

  • In Kelowna, starts increased by 28 per cent on a monthly basis, though were still relatively low at just 1,025 units SAAR. Year-over-year, total starts were down by 72 per cent as inventory of unsold units accumulate, constraining further new construction projects. This is the risk we outlined when the provincial speculation tax was introduced.
  • Housing starts in the Abbotsford-Mission were up by 76 per cent in May at 1,772 units SAAR. However, on a year-over-year basis, new home construction was up more than double due to strong multiple unit starts.
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The Canadian labour market added 27,700 jobs in May, above market expectations. This follows the 107,000 increase the previous month, placing 2019 off to a good start with employment up by about 250,000 year to date. The unemployment rate decreased by 0.3 percentage points to 5.4 per cent, which is the lowest since the series began in 1976. The gains in May were mostly in full-time employment, led by the service sector. Among the provinces, Ontario and B.C. were the primary contributors. 

In BC, employment grew by 17,000 jobs in May, led by an increase in full-time employment. The unemployment rate declined to 4.3 per cent, as more people participated in the labour market. Compared to one year ago, employment in BC grew by 4.3 per cent (107,000).   
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The BCREA Commercial Leading Indicator (CLI) rose by 1.3 points to 135.2 in the first quarter of 2019. Compared to this time one year ago, the index is 1.1 per cent higher.

“While economic activity remained tepid at the start of 2019, a rebound in financial markets pushed the CLI higher,” says BCREA Deputy Chief Economist Brendon Ogmundson. “That signals a lower risk environment, but a slowing economy may impact future commercial real estate activity.”

Following several years of robust growth, the BC economy continues to slow in the early part of 2019. The economic activity component of the CLI posted a third consecutive quarterly decline. Employment in key commercial real estate sectors was mixed. The CLI measure of office employment now sits at an all-time high, which signals strong future demand for office space. Volatile financial markets led to recent swings in the underlying CLI index, but the trend remains flat, pointing to stable commercial activity in 2019.

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Please visit our Open House at 917 8080 CAMBIE RD in Richmond.
Open House on Saturday, June 1, 2019 2:00PM - 4:00PM
ULTIMATE URBAN LIFESTYLE! Penthouse level, South East corner, best location in ABERDEEN RESIDENCE. This 2 bedrooms, 2 full bath unit comes with luxury package: Dada Vela Quadra kitchen cabinetry from Italy, KWC single-lever faucet from Switzerland, S/S kitchen backsplash, S/S SUB-Zero refrigerator & BOSCH kitchen appliances. Owner also upgraded the unit with hardwood floor all through. Top quality living features: central air-conditioning & heating, triple glazed VISIONWALL window deliver great energy savings, eliminate outside noises and protect from ultraviolet rays. . Everywhere at doorstep: Canada Line Aberdeen Station, shopping malls, restaurants, etc. Call for your private showing!
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Canadian economic growth started the year a lot slower than the already diminished expectations of most economists. Real GDP growth for the first quarter registered just 0.4 per cent, matching the meager growth of the previous quarter.  A strong recovery in household consumption spending was offset by a decline in housing investment due to the B20 stress test and the lagged impact of rising interest rates in 2018.  A drop in exports, the first decline since the third quarter of 2017, reflects a difficult global trade environment. 
 
We are forecasting that the Canadian economy will expand between 1 and 1.5 per cent this year, a deceleration from 1.8 per cent growth in 2018.  That slowdown, along with muted inflation will likely keep the Bank of Canada sidelined, particularly given the uncertain state of the global economy and the ongoing impact of the B20 stress test on the housing sector. 
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The Bank of Canada left its target for the overnight rate unchanged at 1.75 per cent this morning. In the statement accompanying the decision, the Bank noted that the slowdown over the past two quarters was temporary and growth should pick up beginning in the second quarter of 2019. On inflation, the Bank expects that both total CPI and core inflation will remain near its 2 per cent target in coming months. Overall, the Bank judges its current level of monetary accommodation as appropriate.

Slow growth in the first half of 2019, the result of reductions in Alberta oil production, global trade uncertainty and the continued impacts of the B20 stress test, has likely pushed out any possibility of further tightening by the Bank of Canada into next year at the earliest. In fact, if financial markets are to be believed, the Bank may have missed its chance to return its policy rate to its preferred or "neutral" level and the next move may even be a rate cut. Canadian mortgage rates have responded strongly to revised market expectations for Canadian monetary policy, with 5-year mortgage rates falling back to 2017 levels. Those lower rates are already providing a boost to sales in May and should continue to do so through the summer. 
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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), 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 REBGV, 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 REBGV, the FVREB or the CADREB.