Category: B.C. Real Estate News

BCREA 2023 Third Quarter Housing Forecast

Vancouver, BC – August 29, 2023. The British Columbia Real Estate Association (BCREA) released its 2023 Third Quarter Housing Forecast Update today.

Multiple Listing Service® (MLS®) residential sales in BC are forecast to decline 2.8 per cent to 78,640 units this year. In 2024, MLS® residential sales are forecast to post a modest rebound, rising 6.1 per cent to 83,425 units.

“The BC housing market has been more resilient than expected in 2023, with both home sales and prices holding up well in the face of sharply higher interest rates,” said BCREA Chief Economist Brendon Ogmundson. “However, we expect sales to cool as the result of renewed Bank of Canada tightening and a delay in expectations regarding the timing of future Bank of Canada rate cuts from early next year to perhaps the end of 2024 or even mid-2025.”

Because inventory remains very low, prices rose through much of 2023 despite below-average sales. The average price in BC has varied widely throughout this year, beginning the year below $900K before reaching just over $1 million in May as sales in more expensive markets surged amid dwindling supply. If the average price trends near its current level of $970K over the year’s second half, it would mean an annual average price of $976K in 2023, or a 2 per cent decline compared to 2022. As home sales return to normal levels next year, we anticipate prices will rise 2.4 per cent to an annual average of just over $1 million, though there is risk to the upside on price growth given the state of housing supply.

For the complete news release, including detailed statistics, click here.

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.

“Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.

Vancouver, BC – August 10, 2023. The British Columbia Real Estate Association (BCREA) reports that a total of 7,103 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in July 2023, an increase of 25.9 per cent from July 2022. The average MLS® residential price in BC was $967,948, up 5.6 per cent compared to July 2022. The total sales dollar volume was $6.9 billion, representing a 33 per cent increase from the same time last year.

“Home sales are up significantly since this time last year,” said BCREA Chief Economist Brendon Ogmundson. “That said, there are signs that the most recent Bank of Canada rate increases are slowing activity as mortgage rates climb to their highest levels in over a decade.”

Active listings in the province were flat compared with July 2022, at just over 31,000 total listings and were up for the second consecutive month on a monthly, seasonally adjusted basis, as new listings return to more normal levels and sales moderate.

Year-to-date BC residential sales dollar volume was down 20.9 per cent to $46.3 billion, compared with the same period in 2022. Residential unit sales were down 16.3 per cent to 47,508 units, while the average MLS® residential price was down 5.4 per cent to $975,232.

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.

“Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.

Vancouver, BC – July 13, 2023. The British Columbia Real Estate Association (BCREA) reports that a total of 8,740 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in June 2023, an increase of 21.9 per cent from June 2022. The average MLS® residential price in BC was $991,648, up 4.7 per cent compared to June 2022. The total sales dollar volume was $8.7 billion, representing a 27.6 per cent increase from the same time last year.

“June home sales continued to outperform expectations, following a very strong rebound in May,” said BCREA Chief Economist Brendon Ogmundson. “However, rising interest rates will likely dampen home sales activity in coming months.”

Active listings in the province were above 30,000 units for the first time since September 2022, but were still down 1.2 per cent compared to this time last year, and essentially flat month-over-month on a seasonally adjusted basis.

Year-to-date BC residential sales dollar volume was down 26.1 per cent to $39.4 billion, compared with the same period in 2022. Residential unit sales were down 21.1 per cent to 40,381 units, while the average MLS® residential price was down 6.4 per cent to $976,885.

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.

“Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.

The BC Real Estate Association has released it’s latest housing market update for June of 2023 which discusses May 2023’s statistics. Home sales were strong across BC For May with a number of regions surging 20% month over month. This puts the sales back on pace with the historical averages. We saw a year of activity that was below average. Home sales increased about 10% from last year. The province saw a slight increase nithe number of active listings, up 1.4% compared to this time last year. This is not seen as much of a change. The higher volume of sales left the inventory of listings at approximately 25% below pre-pandemic levels. The average price ofr a BC home was above the $1 million price point for the first time since April of 2022. Some of the increase is due to the increased demand for more pricier homes.

Kamloops for the month of May saw 294 sales which was a 3.5% year over year change. The average price sat at $601,152 which is down 6.4%. This likely is due to fewer high end homes selling as they seem to be sitting on the market much longer. There were 979 active listings in Kamloops which is a 15.3% year over year change. This equates to 3.3 months worth of supply which is fairly low. Due to this a number of properties have experienced multiple offers when they are sharply priced.

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.

“Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.