Home Sales Increase Last Year

MLS Residential Sales BC Year End 2011
Click to enlarge

Vancouver, BC – January 13, 2012. The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through Multiple Listing Service® (MLS®) in BC climbed 14.3 per cent to $43.1 billion in 2011. A total of 76,817 homes were sold in BC in 2011, up 2.9 per cent from 2010. The average annual MLS® residential price climbed 11.1 per cent to $561,026 over the same period.

“Low mortgage interest rates and gradually improving economic conditions contributed to a moderate increase in consumer demand last year,” said Cameron Muir, BCREA Chief Economist. “BC home sales came in about on par with their 15-year average, but fell well below their ten-year average of over 88,000 units.”

Vancouver, the Fraser Valley and the North experienced the largest percentage increase in unit sales last year, while consumer demand edged lower in Victoria and on Vancouver Island.

BC residential unit sales in December dipped 1.7 per cent to 4,186 units, while the average MLS® residential price was 2.8 per cent lower than in December 2010.

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Homeowner Grant Threshold Raised to $1.285M, Grant Reduces Property Taxes for B.C. Residents

This article appeared on CBC News on January 3rd, 2012.

The B.C. government has raised the threshold for homeowner property grant to $1.285 million to accommodate rising property values.

The news comes as hundreds of thousands of annual property assessments are being prepared for B.C. property owners by the government. Last year, the threshold was $1.15 million. The grant effectively reduces the property tax paid by most B.C. homeowners by up to $1,045

Every year the province adjusts the grant to ensure 95.5 per cent of homeowners receive the full amount of the grant. Those with homes above the threshold may still be eligible for part of the grant.

“The homeowner grant provides a maximum reduction in residential property taxes on principal residences of $570 in the Capital, Greater Vancouver and Fraser Valley regional districts and $770 elsewhere in the province,” said a statement issued by the government on Tuesday.

“An additional grant of $275 is available to those who are age 65 or over, permanently disabled or a veteran of certain wars,.”

“We continue to see challenging economic times around the world. By maintaining the homeowner grant, we continue to help families with the costs of owning their homes,” said Finance Minister Kevin Falcon in the statement.

The grant is only available to Canadian citizens and to landed immigrants who normally reside in B.C.

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B.C. Market Heads Toward Equilibrium

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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Déjà Vu in November Housing Market

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.

BC Residential Sales November 2011 Real Estate

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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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