BC Home Sales to Reach 100,000 Units in 2015: BCREA 2015 Third Quarter Housing Forecast Update

Vancouver, BC – August 18, 2015. The British Columbia Real Estate Association (BCREA) released its 2015 Third Quarter Housing Forecast Update today.

BC MLS Sales 2015 3rd QuarterFor only the third time in BC, Multiple Listing Service® (MLS®) residential sales are expected to reach 100,000 units in 2015. Housing demand has not been this robust since 2007 when 102,800 homes traded hands. A record 106,300 MLS® residential sales were recorded in 2005.

“While rock-bottom mortgage interest rates and BC’s nation leading economic growth are underpinning demand, consumer confidence is the key driver of the near record activity,” said Cameron Muir, BCREA Chief Economist.

Strong consumer demand has drawn down the inventory of homes for sale to their lowest level in nearly eight years. As a result, sellers’ market conditions are prevailing in many communities and causing home prices to be pushed higher. The average MLS® residential sales price in the province is forecast to climb 10 per cent to $626,000 this year.  An increase in new construction activity and a higher proportion of condominium purchases is expected to limit growth in the average home price to 2.5 per cent in 2016.

 

Elevated Home Sales Point to Strong Consumer Confidence, BCREA

Vancouver, BC – August 13, 2015. The British Columbia Real Estate Association (BCREA) reports that a total of 10,247 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in July, up 20.7 per cent from the same month last year. Total sales dollar volume was $6.2 billion, a 33.9 per cent increase in comparison to the previous year. The average MLS® residential price in the province rose to $608,294, an 11 per cent increase since last July.

MLS Residential Sales August 2015“Consumer confidence is brimming in the fastest growing economy in the country,” said Cameron Muir, BCREA Chief Economist. “Broad-based consumer demand continues to push BC home sales higher in every region except the more resource dependent northern markets.”

“Tighter market conditions are driving home prices higher as supply struggles to keep up with demand,” added Muir.  The Fraser Valley experienced the strongest average price growth, climbing 13.5 per cent year-over-year to $571,700 on the strength of strong demand in the single-detached market.

The year-to-date, BC residential sales dollar volume increased 36.4 per cent to $38.8 billion, when compared with the same period in 2014. Residential unit sales climbed by 22.7 per cent to 61,806 units, while the average MLS® residential price rose 11.1 per cent to $628,025.

BC Home Sales Post Second Strongest June on Record, BCREA

Vancouver, BC – July 14, 2015. The British Columbia Real Estate Association (BCREA) reports that a total of 11,294 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in June, up 25.6 per cent from the same month last year. Total sales dollar volume was $7.1 billion, a 42.6 per cent increase in comparison to the previous year. The average MLS® residential price in the province rose to $631,962, a 13.5 per cent increase since last June.

Sales to Listings Ratio BCREA July 2015“BC home sales posted the second strongest June on record,” said Brendon Ogmundson, BCREA Economist. “A growing provincial economy and record low borrowing rates continue to push demand higher, particularly in the lower mainland.”

“While consumer demand is surging, the supply of homes for sale has not kept pace. The resulting imbalance of supply and demand has put upward pressure on prices in many areas of the province, most notably with respect to single-detached homes,” added Ogmundson.

Year-to-date, BC residential sales dollar volume increased 36.8 per cent to $32.6 billion, when compared with the same period in 2014. Residential unit sales climbed by 23.1 per cent to 51,559 units, while the average MLS® residential price rose 11.2 per cent to $631,946.

 

 

Kamloops District Real Estate Associations Statistics For the Second Quarter and June 2015

Kamloops District Real Estate Associations Statistics For the Second Quarter and June 2015. Click to enlarge.

Comparative analysis by property type June 2015 Kamloops Real Estate Statistics

Kamloops Real Estate Comparative analysis by property type June 2015

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MLS Activity June 2015 Kamloops Real Estate Statistics

Kamloops Real Estate MLS Activity June 2015

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Out of town Sales by Subarea June 2015

Out of town Sales by Subarea June 2015

Out of town Sales by Subarea June 2015

Out of town Sales by Subarea June 2015

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Sales by subarea June 2015 Kamloops Real Estate Statistics

Kamloops Real Estate Sales by subarea June 2015

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Out of town Sales by Subarea Q2 2015

Out of town Sales by Subarea Q2 2015

Out of town Sales by Subarea Q2 2015

Out of town Sales by Subarea Q2 2015

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BC Housing Demand Forecast to be Strongest Since 2007, BCREA 2015 Second Quarter Housing Forecast

Vancouver, BC – June 1, 2015. The British Columbia Real Estate Association (BCREA) released its 2015 Second Quarter Housing Forecast today.

“More robust economic growth, strong consumer confidence and rock-bottom mortgage interest rates are expected to push housing demand this year to its highest level since 2007,” said Cameron Muir, BCREA Chief Economist.

MLS Residential Sales June 2015Multiple Listing Service® (MLS®) residential sales in British Columbia are forecast to rise 12.1 per cent to 94,300 units this year, before edging back 2.9 per cent to 91,600 units in 2016. The ten-year average is 83,600 unit sales. A record 106,300 MLS® residential sales were recorded in 2005.

Stronger consumer demand combined with fewer homes available for sale is forecast to push the average MLS® residential sales price in the province up 7.4 per cent to $610,500 this year. Modest upward pressure on mortgage interest and rising new home completions are expected to ease pressure on home prices in 2016. The average MLS® residential sales price is forecast to increase by 1.7 per cent to $621,000 in 2016.

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