B.C. Real Estate News

British Columbia Real Estate News Stories And Articles

This article appeared on the BC Local News Website on January 21, 2015 and was written by Jeff Nagel.

BC Market Forecast, Landcor Data Corp 2015

Click to enlarge

Housing prices in B.C. should rise modestly this year after stronger gains in 2014, according to a new forecast by Central 1 Credit Union.

The association of B.C. credit unions predicts a 2.5 per cent increase in resale home prices in 2015 and similar increases of between two and three per cent out as far as 2018.

Bryan Yu, senior economist with Central 1, sees continued strength in urban real estate markets.

“I think sky-high prices in Greater Vancouver have more room to grow with little risk of a significant downturn,” Yu said.

One trend he expects to continue is the divergence in price growth between detached houses and multi-family units.

“While condo markets have been soft, with median home values flat since 2010, detached values have surged,” Yu said. “Single-family housing is increasingly a luxury good detached from income drivers.”

His Report predicts home prices in Metro Vancouver will continue to be underpinned by the scarcity of developable land, the growing population and international demand.

It says the collapse in the price of oil will be generally positive for real estate markets, because it leaves more discretionary money in consumers’ pockets.

But crude’s plunge is painful for Albertans and will restrain their demand for B.C. recreational property in the Interior and Vancouver Island.

The lower Canadian dollar, however, has made real estate here more affordable relative to the rising prices of U.S. homes, the report notes.

Central 1 expects no increase in interest rates until early 2016 but expects five-year rates will average 6.5 per cent in 2018.

“Record-low mortgage rates will not last indefinitely, but will remain low enough to underpin housing market demand this year and next.”

 

BC Real Estate Association (BCREA) Chief Economist Cameron Muir discusses the December 2014 statistics.

BCREA Housing Market Update for December 2014. BC Real Estate Association (BCREA) Chief Economist Cameron Muir discusses the November 2014 statistics.

Housing Market Ends Year in Balanced Conditions, BCREA.  Vancouver, BC – December 12, 2014. The British Columbia Real Estate Association (BCREA) reports that a total of 5,972 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November, up 8.8 per cent from November 2013. Total sales dollar volume was $3.4 million, an increase of 12.1 per cent compared to a year ago. The average MLS® residential price in the province rose to $574,694, up 3.1 per cent from the same month last year.

MLS Residential Sales November 2014

Click to enlarge

“BC home sales were robust in November,” said Cameron Muir, BCREA Chief Economist. “Improving economic conditions, strong consumer confidence and persistently low mortgage interest rates are providing a solid foundation for elevated consumer demand.”

“Market conditions have improved province wide, with most regional markets now in the mid to high range of a balanced market,” added Muir.

Year-to-date, BC residential sales dollar volume was up 22.1 per cent to $44.8 billion, compared to the same period last year. Residential unit sales were up 15.3 per cent to 78,973 units, while the average MLS® residential price was up 6.0 per cent at $567,292.

BC Real Estate Association (BCREA) Chief Economist Cameron Muir discusses the October 2014 statistics.

Year-to-Date Home Sales Eclipse 2013 Annual Total

Vancouver, BC – November 14, 2014.  The British Columbia Real Estate Association (BCREA) reports that a total of 7,648 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October, up 14.6 per cent from October 2013. Total sales dollar volume was $4.4 billion, an increase of 22 per cent compared to a year ago. The average MLS® residential price in the province rose to $575,504, up 7.1 per cent from the same month last year.

“Consumer demand for housing continues at an elevated level,” said Cameron Muir, BCREA Chief Economist. “There were more homes purchased during the first ten months of the year than during all of 2013”. To the end of October, 73,001 homes have traded hands in the province compared to 72,936 for all of last year.

“Strong year-over-year increases in housing demand were experienced in Chilliwack (up 31 per cent), Victoria (up 21.9 per cent) and the Kootenay (up 19.4 per cent) market areas. Vancouver, Vancouver Island, the Fraser Valley and Okanagan Mainline also posted a marked increase in sales activity last month.”

Year-to-date, BC residential sales dollar volume was up 23 per cent to $41.4 billion, compared to the same period last year. Residential unit sales were up 15.8 per cent to 73,001 units, while the average MLS® residential price was up 6.2 per cent at $566,687.

« Older entries