BCREA Housing Market Update for November 2020

BCREA has released it’s latest Housing Market Update for November 2020. BC Real Estate Association’s Chief Economist Brendon Ogmundson discusses the October 2020 statistics.

Home sales in BC hit a monthly record and it was the 4th consecutive month with over 10,000 sales in the province. Supply of homes are still trending lower across BC, total active listings are down 14%. BC is solidly in Sellers Market territory. When this happens it often results in acceleration of prices to the upside. Buyers have preferred properties with more space causing the average price to increase 12.5% year over year to $812,000 due to more single family home sales.

In Kamloops, there were 337 unit sales for October 2020 which is a 23.4% change year over year. The average price also increased 11.4% to $466,113. The number of active listings for October was 1,173 which is a 5.5% increase over the year before. There is 3.5 months worth of inventory.

Click here to visit to BCREA’s website. To view other statistics for the Kamloops and BC real estate market click here.

If you want to be kept informed on Kamloops Real Estate, News and more visit our Facebook Page.

To search for Kamloops real estate and homes for sale click here.

BC Housing Market Continues Record Pace in October, BCREA

Vancouver, BC – November 12, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 11,051 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October 2020, an increase of 43.8 per cent from October 2019. The average MLS® residential price in BC set a record of $812,960, a 12.5 per cent increase from $722,333 recorded the previous year. Total sales dollar volume in August was $8.98 billion, a 61.8 per cent increase over 2019.

MLS Residential Sales BC Kamloops Home Real Estate Statistics

“The provincial housing market sustained its blistering pace of activity in October,” said BCREA Chief Economist Brendon Ogmundson. “While pent-up demand may be starting to fade, record low interest rates and a recovering job market are supporting strong sales.”

“A pandemic-driven shift in buyers’ preference for extra space is pushing average prices to record highs as larger value transactions account for a higher share of sales,” added Ogmundson. Prices are also being pushed higher by a lack of inventory. Total provincial active listings continue to trend lower and were close to 14 per cent lower in October 2020 compared to 2019.

Year-to-date, BC residential sales dollar volume was up 29.7 per cent to $58.7 billion, compared with the same period in 2019. Residential unit sales were up 16.3 per cent to 76,140 units, while the average MLS® residential price was up 11.5 per cent to $771,085.

MLS Residential Sales BC Kamloops Home Real Estate Statistics Around the province information

Market Intelligence for October 2020: Population Growth and Housing Demand

The latest BCREA Market Intelligence: COVID-19: Population Growth and Housing Demand examines how the sharp drop in immigration this year due to the global pandemic has impacted the BC housing market.

Click here to read the full report.

Summary Findings:
Immigration is the most important driver of population growth in BC, with a growing share within the prime working-age and household-forming demographic.

The global pandemic has resulted in a sharp drop in immigration and consequently BC reporting one of the lowest quarterly increases in population growth since 2011.

In the short term, the impact of lower population growth will weigh most significantly on the rental market due to a significant reduction in international students and new permanent residents.

Population Growth and Housing Demand BC Real Estate Home Sales Statistics

BCREA Housing Market Update for October 2020

BC Real Estate Association (BCREA) Chief Economist Brendon Ogmundson discusses the September 2020 statistics. In this housing market update it was a record setting September for BC housing, rising 63% year over year. Sales were up 16% for August and inventory remains low. The market in BC overall remains in the Sellers market territory. The Provincial average home price reached a record of $803,210.

Kamloops saw an increase in the number of unit sales year over year which was up 38.3% from the same time last year. We also saw price growth, bringing the average price of a home to $493,597 which is a 30% increase. Again this month the number of active listing remained low and below the average with 1,040 homes for sale, -17.6% less than this time last year. This leaves the Kamloops market with 3.1 months of supply.

Click here to visit to BCREA’s website. To view other statistics for the Kamloops and BC real estate market click here.

If you want to be kept informed on Kamloops Real Estate, News and more visit our Facebook Page.

To search for Kamloops real estate and homes for sale click here.

1 2 3 58