BC Real Estate Association (BCREA) Chief Economist Cameron Muir discusses the August 2017 statistics.
The Kamloops District Real Estate Association has released the latest Statistics for July 2017. Click on the image below to enlarge or PDF documents included in the links below.
BC Real Estate Association (BCREA) Chief Economist Cameron Muir discusses the July 2017 statistics.
BC Real Estate Association (BCREA) Economist Brendon Ogmundson discusses the June 2017 statistics.
Vancouver, BC – July 13, 2017. The The British Columbia Real Estate Association (BCREA) reports that a total of 11,671 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in June, down 9.6 per cent from the same period last year. Total sales dollar volume was $8.47 billion, down 5.6 per cent from June 2016. The average MLS® residential price in the province was $725,778, a 4.4 per cent increase from the same period last year.
“Although home sales remain well off the record pace set last year, demand is still quite robust,” said Brendon Ogmundson, BCREA Economist. “That demand is supported by a strong provincial economy and vigorous job growth.”
“But, supply remains a challenge, which means most areas are seeing tight market conditions and significant upward pressure on prices,” said Ogmundson. Total active listings in the province were down 6.2 per cent to 29,651 units from June 2016.
Year-to-date, BC residential sales dollar volume was down 21.7 per cent to $39.1 billion, when compared with the same period in 2016. Residential unit sales declined 18.6 per cent to 54,830 units, while the average MLS® residential price was down 3.8 per cent to $712,993.
The Kamloops District Real Estate Association has released the latest Statistics for June 2017. Click on the image below to enlarge or PDF documents included in the links below.
BC Home Sales to Exceed 100,000 Units for 3rd Consecutive Year, BCREA 2017 2nd Quarter Housing Forecast
Vancouver, BC – June 19, 2017. The British Columbia Real Estate Association (BCREA) released its 2017 Second Quarter Housing Forecast today.
Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 10 per cent to 101,000 units this year, after reaching a record 112,209 units in 2016. Housing demand gained strength this spring, as some of the effects of federal and provincial policy efforts to tamp it down dissipate. In addition, strong market fundamentals continue to underpin an elevated level of home sales. The ten-year average for MLS residential sales in the province is 84,700 units.
“The province is in its fourth year of above-trend economic growth,” said Cameron Muir, BCREA Chief Economist. “Strong employment growth, consumer confidence and an influx of inter-provincial migrants are important drivers of the housing market this year.” In addition, with the millennial generation now entering their household forming years, the condominium market in major urban centres is experiencing pressure on supply.
The average MLS® residential price in the province is forecast to decline 1.1 per cent to $683,500 this year, and increase 5.2 per cent to $719,100 in 2018. The decline in the provincial average price is largely due to rising demand for more affordable condominiums and a larger proportion of home sales occurring outside the Metro Vancouver region. The supply of homes for sale is at a 20-year low in the province, with sellers’ market conditions prevelant across most BC regions and home types.
BC Real Estate Association (BCREA) Chief Economist Cameron Muir discusses the May 2017 statistics.