BCREA Housing Market Update for June 2019

BCREA has released their Housing Market Update for June 2019, reflecting on the statistics from May 2019.

A lot of the province of BC has seen an increase in the inventory of homes on the market. The lower mainland areas have seen some serious pressure on prices. Kamloops however has remained strong. In May 2019 there were 327 sales in Kamloops. This was a volume drop of 6.6% year over year.

The average price of a home in Kamloops is $427,831 which is a 9.5% year over year change. At the end of May 2019, there were 1,223 active listings which means that Kamloops has a supply of 3.7 months. That is also a 2.9% increase in the number of listings available for sale in the region.

Other areas such as the Okanagan board have seen a much larger increase in inventory resulting in a slower moving market in comparison to Kamloops and district.

Contact us anytime if you have any questions about the statistics and how this affects you as a Buyer or Seller in the Kamloops Real Estate market.

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BCREA Housing Market Adjusts to Mortgage Stress Test

BCREA 2019 First Quarter Housing Forecast Update

Vancouver, BC – February 25, 2019. The British Columbia Real Estate Association (BCREA) released its 2019 First Quarter Housing Forecast Update today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to increase 2 per cent to 80,000 units this year, after recording 78,345 residential sales in 2018. MLS® residential sales are forecast to increase a further 6.9 per cent to 85,500 units in 2020. The 10-year average for MLS® residential sales in the province is 85,800 units.

“The negative shock to affordability and purchasing power created by the B20 stress test on mortgage borrowers is expected to continue constraining housing demand in the province this year,” said Cameron Muir, BCREA Chief Economist. “Favourable demographics along with continuing strong performance of the BC economy is expected to underpin housing demand over the next two years.”

The policy-induced demand shock has contributed to an increase of the inventory of homes for sale in most regions of the province. As a result, market conditions are expected to provide little upward pressure on home prices this year, with the average annual residential price forecast to remain essentially unchanged, albeit up 0.5 per cent to $716,100. Modest improvement in consumer demand is expected to unfold over the next two years as households further adjust to the mortgage stress test.

To view the full BCREA Housing Forecast, click here.

BC Home Sales Decline 25% in 2018, BCREA

Vancouver, BC – January 15, 2019. TThe British Columbia Real Estate Association (BCREA) reports that a total of 78,345 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in 2018, a decline of 24.5 per cent from the 103,758 units sold in 2017. The annual average MLS® residential price in BC was $712,508, an increase of 0.4 per cent from $709,601 recorded the previous year. Total sales dollar volume was $55.8 billion, a 24.2 per cent decline from 2017.

MLS Residential Sales BC 2018

“BC home sales fell below the 10-year average of 84,800 units in 2018,” said Cameron Muir, BCREA Chief Economist. “The sharp decline in affordability caused by the B20 mortgage stress test is largely to blame for decline in consumer demand last year.”

A total of 3,497 MLS® residential unit sales were recorded across the province in December, down 39.1 per cent from December 2017. The average MLS® residential price in BC was $695,647, a decline of 5.2 per cent from December 2017. Total sales dollar volume was $2.4 billion, a 42.3 per cent decline during the same period.

Total active residential listings were up 33.3 per cent to 27,615 units in December, the highest December inventory since 2014 when 33,995 active residential listings were recorded.

BCREA Housing Market Update, December 2018

BC Real Estate Association (BCREA) Chief Economist Cameron Muir discusses the November 2018 statistics.

Home sales across the province were down in November in comparison to the same time last year. December sales are expected to show the same pattern. Saying that, 2017 was a year where the number of active listings were at a historical low. This is one of the reasons for such an active market.

In Kamloops we have seen a similar pattern but not as pronounced as what is being experienced in the Lower Mainland areas. For November 2018, Kamloops was down 5% for the number of sales year over year and 11.4% in terms of dollar value. We are seeing more listings coming on the market in the Kamloops area, although we are still relatively low in inventory. There has been an increase in the number of listings by 4.8% giving our market 4.6 months worth of supply.

While the market appears to be calming down, the statistics show that Kamloops is experiencing much less dramatic market adjustments in comparison to other areas.

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