Kamloops District Real Estate Associations Statistics For February 2014. Click on the image to enlarge.
Real Estate Statistics For Kamloops B.C. And The Surrounding Communities.
BCREA: BC Real Estate Statistics and Housing Market Update for February 2014. I have included the BC Real Estate Association’s report for this month. BCREA Chief Economist Cameron Muir discuss the January 2014 statistics and how the cancellation of the Federal Immigrant Investor Program will impact the housing market. See video below and full article from BCREA is included below the video.
Strongest January Residential Sales Since 2010
Muted Impact Expected From Cancelled Investor Immigrant Program
Vancouver, BC – February 14, 2014. The British Columbia Real Estate Association (BCREA) reports that a total of 4,244 residential sales were recorded by the Multiple Listing Service® (MLS®) in January, up 24.5 per cent from January 2013. Total sales dollar volume was $2.4 billion, an increase of 36.8 per cent compared to a year ago. The average MLS® residential price in the province rose to $565,036, up 9.9 per cent from the same period last year.
“Residential sales activity in the province posted the strongest January since 2010,” said Cameron Muir, BCREA Chief Economist. “Consumer demand has recovered from last year’s lower levels and is now trending at the long-term average.” The ten-year average for January is 4,276 unit sales.
“Stronger economic conditions are expected to underpin a modest uptick in home sales later this year,” added Muir.
The demise of the federal Immigrant Investor Program is expected to have little impact on the Metro Vancouver housing market. “The only impact we foresee is less pressure on the inventory of detached homes in Vancouver’s West Side, Richmond and West Vancouver,” said Muir.
The number of investor immigrant landings peaked at 5,876 in 2008 before declining to just 2,644 in 2012, with a similar number expected for 2013. These numbers include spouses and dependents. The total number of added households is estimated to be between 900 and 1,000 per year since 2011.