BCREA Housing Market Update for June 2020

The BC Real Estate Association has released it’s latest BC market update for June 2020. BCREA Chief Economist Brendon Ogmundson discusses the May 2020 statistics. For BC overall the home sales increased month over month. The activity however, was well below the normal sales volume which was down 45% from May 2019. Active listings are also down 24% in the province year over year. They are classifying the present market as a balanced market in BC, but every region has their own market conditions in the province. In BC, home prices are up year over year.

For Kamloops specifically there was a 46.5% decline in the volume of sales with 175 sales reported for May 2020. The average price in Kamloops did increase 1.8% to $435,621. The number of active listings remains low, with a 15.9% decline year over year. There presently is 5.9 months supply of listings on the Kamloops market with 1,029 units for sale. May of 2019 saw an average price of $414,858 and 272 unit sales for the month. May 2019 also saw 4.1 months worth of supply and 1,116 active listings at that time.

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 Homes Sales to Post Strong Recovery in 2021: BCREA 2020 Second Quarter Housing Forecast

Vancouver, BC – June 10, 2020. The British Columbia Real Estate Association (BCREA) released its 2020 Second Quarter Housing Forecast today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 21 per cent to approximately 61,000 units this year, after recording 77,347 residential sales in 2019. MLS® residential sales are forecast to increase 45.3 per cent to 88,500 units in 2021.

“The bright outlook for 2020 home sales has been upended by the COVID-19 pandemic and resulting recession,” said Brendon Ogmundson, BCREA Chief Economist. “However, as the economy “re-opens” and measures to mitigate the spread of COVID-19 are gradually eased, we expect home sales will start to rebound, aided by record-low mortgage rates and pent-up demand.”

The impact of the current pandemic and associated recession on prices is largely determined by the reaction of supply. Given the unusual nature of COVID-19, the supply of listings for sale has declined for at least the first few months of the pandemic. A muted rise in for-sale inventory may translate to home prices remaining relatively firm in 2020. We are forecasting the provincial MLS® average price to finish the year up 1.8 per cent and to increase a further 5.6 per cent in 2021.

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.

Housing Market Slows, but Resilient in Response to Pandemic. BCREA

Vancouver, BC – May 13, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 3,284 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in April 2020, a decline of 50.8 per cent from April 2019. The average MLS® residential price in BC was $737,834, a 7.8 per cent increase from $684,430 recorded the previous year. Total sales dollar volume in March was $2.4 billion, a 46.9 per cent decrease over 2019.

BC MLS home sales real estate statistis BCREA 2020

“We expected to see a sharp drop in sales for April as we confronted the COVID-19 pandemic,” said BCREA Chief Economist Brendon Ogmundson. “However, buyers and sellers are adapting to a new normal, and activity should pick up as the economy gradually re-opens.”

While home sales were down by more than half compared to this time last year, the supply of homes for sale, which normally rises through the spring, was down close to 10 per cent on a seasonally adjusted basis and down 23.7 per cent year-over-year. That slide in total active listings means that prices remained firm despite the sharp fall in sales.

Year-to-date, BC residential sales dollar volume was up 9.6 per cent to $15.3 billion, compared with the same period in 2019. Residential unit sales were down 1.7 per cent to 20,164 units, while the average MLS® residential price was up 11.6 per cent to $758,614.  

Around BC Statistics Home Sales Kamloops Real Estate Housing Market Slows due to Pandemic

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.

Pandemic Halts Sales Activity in March, BCREA

Vancouver, BC – April 15, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 6,717 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in March 2020, an increase of 17.2 per cent from March 2019. The average MLS® residential price in BC was $789,548, a 15.1 per cent increase from $685,892 recorded the previous year. Total sales dollar volume in March was $5.3 billion, a 35 per cent increase over 2019.

“Provincial housing markets started the month very strong before the COVID-19 pandemic put a halt to activity,” said BCREA Chief Economist Brendon Ogmundson. “Activity will slow considerably in April as households and the real estate sector implement measures necessary to mitigate the spread of this virus.”

“While we don’t know when this unprecedented period will end, markets will be boosted by pent-up demand and historically low interest rates when it does,” added Ogmundson. “The ultimate strength of the recovery will depend on how long the economy remains effectively shut down, as well as the efficacy of federal and provincial measures to bridge households through the financial difficulties brought on by the pandemic.”

Year-to-date, BC residential sales dollar volume was up 37.1 per cent to $12.9 billion, compared with the same period in 2019. Residential unit sales increased 21.7 per cent to 16,866 units, while the average MLS® residential price was up 12.6 per cent to $763,031.

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 55