Watch BCREA Chief Economist Cameron Muir discuss the March 2013 statistics:
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Vancouver, BC – April 15, 2013. The British Columbia Real Estate Association (BCREA) reports that a total of 5,661 residential sales were recorded by the Multiple Listing Service® (MLS®) in BC during March, up 6.6 per cent from February on a seasonally adjusted basis, but down 17.7 per cent compared to March 2012. Total sales dollar volume was down 18.5 per cent to $3.06 billion. The average MLS® residential price in the province was $540,662, up 2 per cent from February, but down 1 per cent from a year ago.
“BC home sales in March posted the largest seasonally adjusted month-to-month increase since January 2011,” said Cameron Muir, BCREA Chief Economist. “However, homes sale per capita continue to remain near a cyclical low, suggesting that pent-up demand may be beginning to grow in the housing market.”
Year-to-date, BC residential sales dollar volume declined 22.1 per cent to $7.2 billion, compared to the same period last year. Residential unit sales dipped 18.8 per cent to 13,572 units, while the average MLS® residential price was downn 4.0 per cent at $530,435. The pdf file with all of the statistics can be found here.
Vancouver, BC – March 14, 2013. The British Columbia Real Estate Association (BCREA) reports that a total of 4,501 residential sales were recorded by the Multiple Listing Service® (MLS®) in BC during February, down 23.6 per cent compared to February 2012. Total sales dollar volume was down 29.9 per cent to $2.39 million. The average MLS® residential price in the province was $514,134, up 3.1 per cent from January, but down 8.1 per cent from a year ago.
“BC home sales continued at a modest pace in February,” said Cameron Muir, BCREA Chief Economist. “Despite improved affordability, many potential buyers and sellers remain in a holding pattern. With pent up demand now becoming latent in the market, it’s not a matter of if, but when home sales rise above their current pace.”
“An unusual spike in the average MLS® residential price in February 2012 is largely responsible for the year-over-year percentage change,” added Muir. “Most BC markets have experienced relatively stable price levels during the first two months of the year.”
Year-to-date, BC residential sales dollar volume declined 24.6 per cent to $4.1 billion, compared to the same period last year. Residential unit sales dipped 19.6 per cent to 7,911 units, while the average MLS® residential price was down 6.2 per cent at $523,117.
For the second month in a row, the value of building permits issued in Kamloops has exceeded 2012 monthly totals.
The city doled out $6.6-million worth of permits in February, compared to $4.2 million in the same period in 2012.
But, bucking the trend of late, February’s surge wasn’t driven by commercial construction.
Commercial projects accounted for only $814,091 of the month’s totals, while residential-permit values totaled $5.7 million.
In 2012, residential construction accounted for only $1.3 million of permit value.
Multi-family projects accounted for the greatest amount of permit value, at $3.1 million.
Development and engineering director Marvin Kwiatkowski said that’s a trend that will likely continue.
“It’ll be higher than last year and you see that already,” he said.
A number of larger projects have yet to come through and the city is predicting it will add about 220 multi-family dwelling units by year’s end.
After a run of big-ticket commercial projects in previous months, Kwiatkowski said there aren’t many more major builds on the horizon.
On the institutional side, however, the city is expecting a $30-million bump from permits for the Royal Inland Hospital’s new clinical- services and parking building some time this year.
So far, the city has handed out $23.4 million in permits for 2013, compared to $18.8 million at this time last year.
By Andrea Klassen – Kamloops This Week
Vancouver, BC – February 28, 2013. The British Columbia Real Estate Association (BCREA) Commercial Leading Indicator (CLI) edged lower by 1.3 points in the fourth quarter of 2012, to an index level of 111.3. On a year-over-year basis, the CLI was up 0.8 per cent during the fourth quarter of 2012.
The decline in the CLI translates to a slight rolling over in the underlying index trend, signaling a potential slowing of activity for the first half of 2013.
“A modest slowing of commercial real estate activity is in general accord with 2013 being somewhat of a transition year for the economy,” said Brendon Ogmundson, BCREA Economist. “We anticipate that slower growth through the first half of 2013 will give way to a more robust economy in 2014 and therefore an increase in commercial market activity.”