TheBritish Columbia Real Estate Association (BCREA) reports that a total of 7,648 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October, up 14.6 percent from October 2013. Total sales dollar volume was $4.4 billion, an increase of 22 per cent compared to a year ago. The average MLS® residential price in the province rose to $575,504, up 7.1 per cent from the same month last year. 

 

“Consumer demand for housing continues at an elevated level,” said Cameron Muir, BCREA Chief Economist. “There were more homes purchased during the first ten months of the year than during all of 2013”. To the end of October, 73,001 homes have traded hands in the province compared to 72,936 for all of last year."

 

“Strong year-over-year increases in housing demand were experienced in Chilliwack (up 31 per cent), Victoria (up 21.9 per cent) and the Kootenay (up 19.4 per cent) market areas. Vancouver, Vancouver Island, the Fraser Valley and Okanagan Mainline also posted a marked increase in sales activity last month."

 

Year-to-date, BC residential sales dollar volume was up 23 per cent to $41.4 billion, compared to the same period last year. Residential unit sales were up 15.8 per cent to 73,001 units, while the average MLS® residential price was up 6.2 per cent at $566,687.

 

For more information, please contact: 

Cameron Muir

Damian Stathonikos

Chief Economist

Director of Communications and Public Affairs

Direct: 604.742.2780

Direct: 604.742.2793

Mobile: 778.229.1884

Mobile: 778.990.1320

Email: cmuir@bcrea.bc.ca

Email: dstathonikos@bcrea.bc.ca

 

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The British Columbia Real Estate Association (BCREA) released its 2014 Third Quarter Housing Forecast Update today.

 

"Stronger than expected consumer demand in the third quarter triggered an upward revision in the housing forecast,” said Cameron Muir, BCREA Chief Economist. “Rising consumer demand is now broad-based across the province, with some of the largest year-over-year gains occurring in the Okanagan and the Kootenay regions."

 

BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 9.8 per cent to 80,100 units this year, before rising a further 4 per cent to 83,300 units in 2015. The previous forecast was for 76,700 and 81,800 unit sales respectively in 2014 and 2015. The 15-year average is 80,400 unit sales and a record 106,300 MLS® residential sales were recorded in 2005.  

 

The average MLS® residential price for the province is forecast to increase 5.6 per cent to a record $567,300 this year and a further 1.4 per cent to $575,400 in 2015. “Since the housing stock is generally expanding at the same pace as population and household growth, rapid escalation of home prices is not expected over the next two years,” added Muir. BC housing starts are forecast to edge up 2 per cent to 27,600 units this year and a further 1.8 per cent to 28,100 units in 2015.

 

To view the full BCREA Housing Forecast Update, click here.

 

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According to a recent report from the British Columbia Real Estate Association we have had the strongest month of May for home sales since 2007.

 

 

“Consumer demand was noticeably stronger last month, with unit sales posting their highest level for the month of May since 2007", said Cameron Muir, BCREA Chief Economist.

 

"Rock bottom mortgage rates are inducing many would be home buyers to enter the market this spring.”

 

For the full report, please click here.

 

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BC Real Estate Association (BCREA) Chief Economist Cameron Muir discusses the December 2013 statistics.

 

 

For more information on this report please contact:

 

Cameron Muir
Chief Economist
604.742.2780
cmuir@bcrea.bc.ca or

 

Brendon Ogmundson
Economist
604.742.2796
bogmundson@bcrea.bc.ca

 

Till next time ...

 

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BCREA 2014 First Quarter Housing Forecast Update

 

The British Columbia Real Estate Association (BCREA) released its 2014 First Quarter Housing Forecast Update today.

 

BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 4.8 per cent to 76,450 units this year, before increasing a further 7 per cent to 81,800 units in 2015. The five-year average is 75,400 unit sales, while the ten-year average is 84,400 unit sales. A record 106,300 MLS® residential sales were recorded in 2005.

 

"Housing demand in the province has nearly fully recovered from the 2012 downturn,” said Cameron Muir, BCREA Chief Economist. “Over the next year, BC will be the beneficiary of more robust global economic growth, led by a resurgent US economy and a favourable exchange rate. The resulting boost in employment will help underpin the housing market."  

 

"Home prices are not expected to climb much higher than the overall inflation rate as housing starts are expected to keep pace with consumer demand, added Muir. The average MLS® residential price is forecast to increase 1.8 per cent to $547,300 this year and a further 1.7 per cent to $556,800 in 2015.

 

To view the full BCREA Housing Forecast Update, click here.

 

For more information, please contact:

Cameron Muir

Damian Stathonikos

Chief Economist

Director of Communications and Public Affairs

Direct: 604.742.2780

Direct: 604.742.2793

Mobile: 778.229.1884

Mobile: 778.990.1320

Email: cmuir@bcrea.bc.ca

Email: dstathonikos@bcrea.bc.ca

 

 

Till next time ...

 

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The British Columbia Real Estate Association (BCREA) reports that a total of 72,936 residential sales were recorded by the Multiple Listing Service® (MLS®) in BC during 2013, up 7.8 per cent from 2012. The five-year average is 75,400 units, while the ten-year average is 84,800 units. Total sales dollar volume was $39.2 billion, an increase of 12.6 per cent compared to 2012. The average annual MLS® residential price in the province rose to $537,414 last year, up 4.4 per cent from 2012.

 

"After declining nearly 12 per cent in 2012, home sales posted steady growth through last year,” said Cameron Muir, BCREA Chief Economist. “Greater Vancouver, Kamloops and Okanagan Mainline board areas posted the most significant changes, with home sales rising between 12.5 and 14 per cent. Stronger consumer demand combined with fewer homes listed for sale improved market conditions in most regions last year."

 

In December, BC residential unit sales rose 47 per cent to 4,426 units, compared to December 2012. Total dollar volume was 67.7 per cent higher at $2.5 billion, while the average MLS® residential price rose 14.1 per cent to $568,416.

 

"Large year-over-year changes in December reflect relatively weak activity the previous year rather than evidence of an accelerating market,” added Muir.

 

Till next time ...

 

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The British Columbia Real Estate Association (BCREA) reports that a total of 5,490 residential sales were recorded by the Multiple Listing Service® (MLS®) in BC during November, up 17.3 per cent from November 2012. Total sales dollar volume was 36 per cent higher than a year ago at $3.06 billion. The average MLS® residential price in the province was $557,586, up 15.9 per cent from November 2012.

 

"While home sales were up year-over-year, they eased back from October as slow economic growth and anemic job creation negatively impacted consumer demand." said Cameron Muir, BCREA Chief Economist. "Low mortgage rates, however, continue to remain accommodative to housing demand."

 

"Average prices were skewed higher last month as the composition of sales in Vancouver and the Fraser Valley tilted toward single-detached homes," added Muir. "The MLS Home Price Index points to relatively stable prices, with the year-over-year change up 1 per cent in Vancouver and down 0.4 per cent in the Fraser Valley."

 

Year-to-date, BC residential sales dollar volume was up 10.1 per cent to $36.7 billion, compared to the same period last year. Residential unit sales were up 6 per cent to 68,510 units, while the average MLS residential price was up 3.8 per cent at $535,411.

 

See more here.

 

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BC Real Estate Association (BCREA) Chief Economist Cameron Muir discusses the October 2013 statistics.

 

 

"The fall housing market is shaping up to be the most active in four years," said Cameron Muir, BCREA Chief Economist. "Persistently low mortgage interest rates and an element of pent-up demand have driven home sales higher in the province's large Lower Mainland and Vancouver Island markets."

 

"While the rebound in consumer demand has been significant, home sales are trending near the long-term average and any continued acceleration will depend on stronger economic and employment growth," added Muir.

 

See more here

 

Till next time,

 

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