B.C. Real Estate News

This article appeared on the Canadian Real Estate Magazine on December 14th, 2011.

The B.C. real estate market may finally have reached the equilibrium investors and others have long hoped for, with Multiple Listing sales in November falling only marginally from  the previous year and price growth restricting itself to a 1 per cent gain.

“After waning during the first half of the year, consumer demand has steadily increased since the summer months, bringing home sales within seven units of the November 2010 level,” said Cameron Muir, chief economist for the The British Columbia Real Estate Association (BCREA). “BC home sales continued to gain ground in November.”

A total of 5,640 units were sold last month compared to 5,647 units in November 2010. The average MLS residential price was up 1.1 per cent to $529,140 in November compared to the same month last year.

“Low mortgage interest rates remain a key driver in the housing market, helping to maintain affordability and purchasing power,” said Muir.

But affordability on B.C.’s Lower Mainland — or rather the lack of it — has worried local investors trying to make acquisitions in markets they have inreasingly found themselves shut out of this year.

That rapid value growth continues to moderate, with a falling number of buyers able or willing to purchase at prices in some cases more than 30 per cent higher than their 2010 numbers.

Year-to-date, the dollar volume for B.C. residential sales increased 15.5 per cent to $41 billion, compared to the same period last year. Residential unit sales increased 3.2 per cent to 72,632 units, and the average residential price rose 11.9 per cent to $563,991 over the same period.

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Vancouver, BC – December 14, 2011. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential unit sales in the province remained relatively unchanged in November compared to the same month last year. A total of 5,640 units were sold last month compared to 5,647 units in November 2010. The average MLS® residential price was up 1.1 per cent to $529,140 in November compared to the same month last year.

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“BC home sales continued to gain ground in November,” said Cameron Muir, BCREA Chief Economist. “After waning during the first half of the year, consumer demand has steadily increased since the summer months, bringing home sales within seven units of the November 2010 level.”

“Low mortgage interest rates remain a key driver in the housing market, helping to maintain affordability and purchasing power,” added Muir.

Year-to-date, BC residential sales dollar volume increased 15.5 per cent to $41 billion, compared to the same period last year. Residential unit sales increased 3.2 per cent to 72,632 units, while the average MLS® residential price rose 11.9 per cent to $563,991 over the same period.

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Vancouver, BC – November 15, 2011. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential unit sales in the province rose 6.5 per cent to 5,865 units in October compared to the same month last year. The average MLS® residential price was up 2.6 per cent to $535,695 last month compared to October 2010.

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“BC home sales rose three per cent in October compared to September on a seasonally adjusted basis,” said Cameron Muir, BCREA Chief Economist. “While consumer demand in Vancouver edged lower last month on a year-overyear basis, strong increases were recorded in the Fraser Valley, Kamloops, Kootenay, the North and on Vancouver Island.”

“Total active residential listings in the province declined by 3,360 units in October from September. However, active listings were up 6.9 per cent from October 2011,” added Muir. “Market conditions remained slightly in favour of home buyers last month.”

Year-to-date, BC residential sales dollar volume increased 16.8 per cent to $38 billion, compared to the same period last year. Residential unit sales increased 3.5 per cent to 66,922 units, while the average MLS® residential price rose 12.9 per cent to $566,925 over the same period.

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Vancouver, BC – November 8, 2011. The British Columbia Real Estate Association (BCREA) released its 2011 Fourth Quarter Housing Forecast today.

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BC Multiple Listing Service® (MLS®) residential sales are forecast to rise 3.2 per cent from 74,640 units in 2010 to 77,000 units this year, increasing a further 3.9 per cent to 80,000 units in 2012.

“Low mortgage interest rates are expected to persist through 2012 keeping affordability on an even keel,” said Cameron Muir, BCREA Chief Economist. “However, headwinds on the economic front will constrain consumer demand over the next year to below the ten-year average of 87,600 units.” A record 106,300 MLS® residential sales were recorded in 2005.

“Moderate consumer demand combined with larger inventories of homes for sale means BC housing markets will experience little upward pressure on home prices through 2012,” added Muir. The average MLS® residential price in the province is estimated to rise 11.8 per cent to $564,600 this year, and is forecast to decline 2.5 per cent to $550,500 in 2012.

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