BC Housing Markets Off to a Strong Start in 2020, BCREA

Vancouver, BC – February 13, 2020.  The British Columbia Real Estate Association (BCREA) reports that a total of 4,426 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in January 2020, an increase of 23.7 per cent from the 3,579 units sold in January 2019. The average MLS® residential price in BC was $725,370, a 9.1 per cent increase from $664,633 recorded the previous year. Total sales dollar volume in January was $3.2 billion, a 35 per cent increase over 2019.

MLS residential sales BC 2020 Kamloops Real Estate Home Sales statistics

“Housing markets in BC are off to a strong start in 2020,” said BCREA Chief Economist Brendon Ogmundson. “We expect a much more typical year of home sales in 2020 as markets recover from the policy-induced slowdown of the past two years.”

Total MLS® residential active listings fell 12.6 per cent to 25,790 units compared to the same month last year. The ratio of sales to active residential listings increased to 17.2 per cent from just 12.1 per cent last January. 

“While many markets are showing strong signs of recovery, the struggling forestry sector is having a clear impact on housing demand, particularly in the North and parts of Vancouver Island,” added Ogmundson.

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

BC Homes Sales Carry Momentum into 2020: BCREA 2020 First Quarter Housing Forecast Update

Vancouver, BC – January 23, 2020. The British Columbia Real Estate Association (BCREA) released its 2020 First Quarter Housing Forecast Update today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to increase 10.3 per cent to 85,290 units this year, after recording 77,349 residential sales in 2019. MLS® residential sales are forecast to increase 6.3 per cent to 90,700 units in 2021.

MLS home sales BC units by region 2020 first quarter housing forecast update Real Estate Kamloops

“The outlook for home sales in 2020 is considerably brighter than the past two years,” said Brendon Ogmundson, BCREA Chief Economist. “Momentum carried through from the end of 2019 to 2020 will put the housing market on more solid footing, aided by low interest rates and an improving economy.”

While demand is recovering, the supply of homes for sale has not managed to keep pace. New listings activity did not materially increase during the downturn in home sales, and total inventory did not accumulate to the same extent as in prior slowdowns. As a result, market conditions around the province are tightening and home prices will likely face upward pressure as demand continues to firm. In 2020, we expect the MLS® average price will rise 4.8 per cent to $734,000.

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

Housing Markets Flat in 2019 After Strong Second Half, BCREA

Vancouver, BC – January 13, 2020.  The British Columbia Real Estate Association (BCREA) reports that a total of 77,331 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in 2019, a decline of 1.5 per cent from the 78,516 units sold in 2018. The annual average MLS® residential price in BC was $700,460, a decline of 1.6 per cent from $711,564 recorded the previous year. Total sales dollar volume was $54.2 billion, a 3 per cent decline from 2018.

MLS  Residential Sales BC December 2019 Housing Markets Flat in 2019

“Housing markets across the province staged a strong recovery in the second half of 2019,” said BCREA Chief Economist Brendon Ogmundson. “This sets up 2020 to be a much more typical year than what markets have experienced recently.”

A total of 5,218 MLS® residential unit sales were recorded across the province in December, up 48.9 per cent from December 2018. The average MLS® residential price in BC was $755,165, an increase of 8.7 per cent from December 2018. Total sales dollar volume was $3.9 billion, a 61.8 per cent increase year-over-year.

Total active residential listings were down 10.6 per cent to 24,691 units in December. Total inventory of homes for sale have declined more than 10 per cent on a year-over-year basis for two straight months.

Around the Province of BC Kamloops Real Estate Statistics Housing Markets Flat in 2019

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

BCREA Housing Market Update for December 2019

The BC Real Estate Association (BCREA) released the latest housing market update for December 2019 which discusses the November 2019 statistics.

For Kamloops the housing market in November we saw a 4.3% decrease in the number of sales year over year. Kamloops did however see an average price increase of 7.7% resulting in an average price of $436,656. At the end of November there were 996 active listings in the Kamloops district which is an increase of 3% over last year. This translates to 4.9 months worth of supply of homes on the market. The Kamloops housing market is ultimately still doing well in comparison to other comparable market areas.

Click here to visit to BCREA’s website. To view the November 2019 market update click here.

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