Vancouver, BC – November 14, 2018. The British Columbia Real Estate Association (BCREA) reports that a total of 6,405 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in October, down 26.2 per cent from the same month last year. The average MLS® residential price in BC was $690,161, a decline of 4.1 per cent from October 2017. Total sales dollar volume was $4.2 billion, a 29.3 per cent decline from October 2017.
“The BC housing market continued to grapple with tougher mortgage qualifications in October,” said Cameron Muir, BCREA Chief Economist. “However, more moderate consumer demand has led to a much-needed increase in the supply of homes for sale.”
Total active residential listings were up nearly 30 per cent to 36,195 units in October, compared to the same month last year. While the BC housing market exhibited balanced conditions overall in October, market conditions do vary between regions and by product type.
Year-to-date, BC residential sales dollar volume was down 22.1 per cent to $49.7 billion, compared with the same period in 2017. Residential unit sales decreased 22.8 per cent to 69,664 units, while the average MLS® residential price was up 1 per cent to $713,662.
New Listing: 670 Columbia Street, South Kamloops, BC $384,900. Cute downtown Kamloops charmer. This home has over 1,000 square feet on the main floor with original hardwood flooring and 9 foot ceilings throughout. There is a large living room, 3 bedrooms, 4 piece updated bathroom and main floor laundry. The basement is ready for your ideas and has full height ceilings.
There is a detached garage with lane access and a really nice sized mostly fenced yard. Located steps to downtown amenities, transportation, schools and hospital. Perfect for an investor, first time home buyer or downsize! Day before notice for showings.
New Listing: 920 Quail Court, Batchelor Heights, Kamloops, BC $559,000. Lovely 2 storey home Bachelor Heights located on a cul-de-sac with a 2 bedroom in-law suite. This home features a great room open floor plan on the main floor with a bedroom/office off the main entry. The living room has a high ceiling open to the second level.
The large kitchen has a lot of cabinetry. Main floor walks out to the back patio with beautiful yard featuring fruit trees and a hot tub. The second level has 3 bedrooms, and 2 full bathrooms. There is a 2 car garage, main floor laundry and central a/c. The basement level has a cute 2 bedroom in-law suite with separate entry. 24 hours notice minimum for showings.
Vancouver, BC – November 8, 2018. The British Columbia Real Estate Association (BCREA) released its 2018 Fourth Quarter Housing Forecast today.
Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 23 per cent to 80,000 units this year, after recording 103,768 residential sales in 2017. MLS® residential sales are forecast to increase 12 per cent to 89,500 units in 2019. The 10-year average for MLS® residential sales in the province is 84,800 units.
“The marked erosion of affordability and purchasing power caused by the mortgage stress test and rising interest rates continue to be a drag on the housing demand,” said Cameron Muir, BCREA Chief Economist. “However, continuing strong performance in the economy combined with favourable demographics is expected to push home sales above their 10-year average in 2019.”
Despite the mortgage policy drag on the sector, strong performance of the BC economy continues to be highly supportive of housing demand. Five consecutive years of above trend growth in the province has led to a high level of employment and an unemployment rate that appears to be at a cyclical low.
The combination of fewer home sales and a larger inventory of homes for sale has helped trend most markets to balanced conditions. As a result, home price growth has slowed considerably, and is expected to more closely reflect overall consumer price inflation through 2019. In addition, a record number of homes are under construction in BC, which will provide for much needed expansion of the housing stock and greater price stability.
New Listing: 6705 Tingley Street, Savona, Kamloops, BC $679,900. Beautiful waterfront Gold Medallion home sitting on picturesque Kamloops Lake. Home is centered on one of the four deeded lots and three of them can be divided off.
Main floor has a cozy wood burning fireplace in the living room and large windows overlooking the lake. Eat in kitchen with large wrap around deck perfect for entertaining. All the bedrooms are large and a fantastic laundry room on the main level that is also a sewing room or 2nd office. Basement is fully finished with big windows for lots of light.
Separate entrance so easy to put in an inlaw suite. Sauna has 2 showers or could be converted to one big bathroom. Many updates including roof 2015, Furnace 2013, central a/c 2016, and the deck was recently re done. Less than 30 min to Kamloops.