Category: B.C. Real Estate News

Vancouver, BC – August 25, 2020. The British Columbia Real Estate Association (BCREA) released its 2020 Third Quarter Housing Forecast Update today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to rise 6.5 per cent to 82,380 units this year, after recording 77,351 residential sales in 2019. MLS® residential sales are forecast to increase 17.6 per cent to 96,860 units in 2021.

“The outlook for the BC housing market is much brighter following a surprisingly strong recovery,” said Brendon Ogmundson, BCREA Chief Economist. “We expect home sales will sustain this momentum into 2021, aided by record-low mortgage rates and a recovering economy.”

With home sales more than fully recovered and now above pre-COVID-19 levels, combined with a decline in the supply of re-sale listings driven by the pandemic, many markets are now seeing sharply rising average prices despite a weak provincial economy. We are forecasting the provincial MLS® average price to finish the year up 7.7 per cent and to increase a further 3.7 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.

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BCREA has posted it’s most recent Housing Market Update for BC for August 2020. In BC, sales posted a strong recovery across the province and for July went up above the pre-covid the levels. Active listings remain down and there is high demand for single family homes in most markets. With low supply the market sits in the Seller’s market territory. Heightened demand for single family homes as forced prices of homes higher.

In Kamloops there were 340 unit sales in July 2020, that is a 15.6% increase year over year. The average price is also up 6.7% over last year. There is also a 21% decrease in the number of active listings in Kamloops year over year with 1,028 homes on the market.

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.

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.

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.