Team Fazi Real Estate

Because you count as 1

Tel: (778) 899-8829 |


.


According to The British Columbia, Real Estate Association (BCREA) in August 2020 the number of sales showed an increase of 43% from August 2019. Total sales dollar volume in August showed a 61% increase over 2019.


BCREA Chief Economist says while pent-up demand from the spring is driving much of the increase, we anticipate a sustained strong level of sales through the fall.




Read full post

British Colombia Real Estate Association:


"The COVID-19 recession has battered many sectors of the BC economy. However, looking at recent data in the housing market, it would be difficult to tell there was a recession at all.


Why? Because in a typical recession, we would see falling demand and rising supply. But this recession is not a typical one. The reasons are: (1) a surge of pent-up demand into an undersupplied market, and (2) a record low mortgage rate."

Read full post

The August Labour Force Survey, released last Friday by Statistics Canada, reflects labour market conditions five months after the onset of the COVID-19 economic shutdown.


By mid-August, public health restrictions had substantially eased across the country and more businesses and workplaces had re-opened.



The great news is that 84% of the headline jobs gain in August was in full-time positions. This follows the surge in part-time jobs in July.



The number of Canadians working from home declined for the fourth consecutive month.



Employment Increased in Most Provinces in August--Led by Ontario and Quebec. Employment rose in most Western British Columbia reported the largest increase up 15,000.






Read full post

The British Columbia Real Estate Association (BCREA) has recently released its 2020 Third Quarter Housing Forecast Update.


Multiple Listing Service® (MLS®) residential sales in the province are forecast to rise 6.5 % this year, and 17.6 % in 2021.


The BCREA Chief Economist believes that the outlook for the BC housing market is much brighter following a surprisingly strong recovery and, aided by record-low mortgage rates and a recovering economy, we expect home sales to sustain this momentum into 2021.

Read full post

The BC government is taking its first steps to mitigate soaring strata insurance costs by introducing a bill to amend the Strata Property Act and Financial Institutions Act.


The government wants to make the strata insurance industry more transparent, close depreciation report loopholes, and end referral fees paid to property managers while giving strata councils more tools to deal with insurance.

Read full post

According to the recent report by Blair Morrison, the CEO of BC Financial Service Authority (BCFSA), the strata insurance premium for condos you’re planning to purchase might have had an increase in excess of 100%! 
The report shows a majority (54%) of strata properties experienced a premium increase of less than 30% compared to premiums the previous year. 31% of strata properties captured by our data call saw increases in the 30% – 50% range, 9% of properties faced year-over-year increases of 50% – 100% and 6% of properties saw strata insurance premium increases in excess of 100% compared to the previous year.

Read full post

The Cartier building, built by Bosa brothers with a magnificent area and location. A quick walk to the Skytrain and bus stops with convenient access to the Coquitlam Center shopping mall, with the greatest walk score.


For Showings please contact us by text or call and we will be happy to book a showing for you.




Contact us for showings (Txt OR Call)

Local number: (604) 263-5926

Toll-Free number: (800) 945-4740


Chat with us online and Check out the latest real estate news at https://www.teamfazi.com/blog.html














Read full post

Real Estate Board of Greater Vancouver recently joined our BC Lieutenant Governor anti-racism campaign.


In the video below, REBGV Chair Colette Gerber discusses how we should participate in the campaign and encourages us to take the pledge.


Supporting this campaign means standing against racism and hate and promoting respect and opportunity for people from all backgrounds in BC.





Read full post

Click on the image to view our May 2020 market update video from Real Board of Greater Vancouver providing a summary of May 2020 housing market statistics. Please share this video with individuals who might be interested in this market update.




Read full post

Price Reduced by $100,000
A huge 2br + den condo of nearly 1800 SF built by BOSA in New Port area of port moody with a breathtaking panoramic of Burrard inlet. Just watch the video to it see for yourself.


Read full post

Yesterday, Evan Siddall, the president of the Canada Mortgage and Housing Corporation (CMHC) said that the country could see claims from defaulted mortgages reach $9 billion as a result of the coronavirus and as many as 20 per cent of mortgages could go into arrears if the economic situation in Canada does not improve.
Read full post

The Bank of Canada’s latest report takes a deeper look at the impact COVID-19 is having on the Canadian financial system, including the housing market.


“Income uncertainty and physical distancing have led to considerably slower activity in housing markets, with sales and listings both down sharply,” the report states.


“Reduced liquidity in the housing market could add pressure to household finances since households may find it increasingly difficult to sell their homes. Most households now expect house prices to decline over the next 6 to 12 months."



Read full post

According to British Columbia Real Estate Association released on May 14 home sales across BC fell about 59 in April relative to the same month in 2019 reflecting restriction for COVID-19 related guidelines.


However, as these measures are relaxed, the market will gradually bounce back to normal situation. Watch the video for more details or contact Team Fazi at 778-899-8829 for any inquiry about, buying or selling strategy in COVID-19 situation.



Read full post

Total home sales and total listings in April 2020 were 40% and 60% lower, respectively compare to the same month in 2019. Watch the video for a brief overview: Call Fazi for detailed info and ask us about COVID-19 purchase and sale strategy at: (778) 899-8829



Read full post

In this video I explain the impact of COVID-19 driven recession on the real estate market in Vancouver. Please let me know, if you have any question in regards to buying or selling a home in this market.. You can also call us anytime if you have question in regards for carrying-out a safe transaction and avoiding legal and technical pitfalls.


CALL: 778 899 8829



Read full post
Categories:   Important

CBC | Business News

29/53/2020
U.S. economy notches record growth in 3rd quarter
USA-ECONOMY/

The U.S. economy grew at an unrivalled pace in the third quarter as the government poured out more than $3 trillion US worth of pandemic relief that fuelled consumer spending, but the deep scars from the COVID-19 recession could take a year or more to heal.

More...
Shopify revenue beats estimates as online boom pulls in more merchants
shopify logo generic

E-commerce firm Shopify Inc,  beat Wall Street estimates for third-quarter revenue on Thursday, as more brick-and-mortar businesses listed on its platform to tap the pandemic-driven surge in online shopping.

More...
Husky Energy reports $7B loss in 3rd quarter as merger partner Cenovus Energy takes $450M hit
Cenovus / Husky

Cenovus Energy Inc. reported a loss in its third quarter as its results were hit by a $450-million impairment charge related to a refinery it co-owns with Phillips 66 in Texas, while Husky Energy Inc. — which Cenovus is buying in a friendly takeover deal — reported a nearly $7.1-billion loss in its latest quarter.

More...
Bank of Canada says economy will likely be scarred by COVID-19 until 2023
CANADA-CENBANK/

Canada’s central bank governor, Tiff Macklem, says it will be a “long slog” to recovery as some jobs disappear for good. In light of that, he has committed to keeping interest rates at low levels until inflation climbs back to between two and three per cent.

More...
Shopify revenue beats estimates as online boom pulls in more merchants
shopify logo generic

E-commerce firm Shopify Inc,  beat Wall Street estimates for third-quarter revenue on Thursday, as more brick-and-mortar businesses listed on its platform to tap the pandemic-driven surge in online shopping.

More...
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.