BCREA 2021 Third Quarter Housing Forecast Update: Provincial Housing Market Activity Normalizing into 2022

Vancouver, BC – August 17, 2021 The British Columbia Real Estate Association (BCREA) released its 2021 Third Quarter Housing Forecast Update today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to rise 26 per cent to 118,350 units this year, after recording 94,007 sales in 2020. In 2022, MLS®residential sales are forecast to pull back 15 per cent to 100,150 units.

“The pace of home sales in the province has slowed in recent months but an unprecedented start to the year still has BC on track for a record-breaking year,” said Brendon Ogmundson, BCREA Chief Economist.

With strong demand being supported by low mortgage rates and a rapidly rebounding post-COVID economy, the more significant concern is whether there will be an adequate supply of listings in the market. The supply situation is especially severe in markets outside the Lower Mainland, where new listings activity has been lackluster. As a result, the average price in 2021 is on track to post a second consecutive year of double-digit gains. We are forecasting the provincial average price to rise 16.6 per cent to $911,300 this year, followed by a 2.9 per cent gain next year to $937,300.

Housing Market Activity Normalizing After a Frenetic Year, BCREA

Vancouver, BC – July 12, 2021. The British Columbia Real Estate Association (BCREA) reports that a total of 11,070 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in June 2021, an increase of 34.7 per cent over June 2020. The average MLS® residential price in BC was $910,445, a 22.2 per cent increase from $745,194 recorded in June 2020. Total sales dollar volume was $10.1 billion, a 64.6 per cent increase from last year.

“As expected, housing market activity is calming to start the second half of 2021,” said BCREA Chief Economist Brendon Ogmundson. “That said, while down from record highs earlier this year, home sales across the province remain well above long-run average levels”

Total active residential listings were down 23.4 per cent year-over-year in June and continued to fall on a monthly seasonally adjusted basis.

Year-to-date, BC residential sales dollar volume was up 161.6 per cent to $64.7 billion, compared with the same period in 2020. Residential unit sales were up 114.3 per cent to 70,690 units, while the average MLS® residential price was up 22.1 per cent to $915,563.

Click here to visit to BCREA’s website. To view other statistics for the Kamloops and BC real estate market click here.

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Kamloops District Real Estate Associations Statistics For May 2021

The Kamloops District Real Estate Association has released the latest Statistics for May 2021. Click on the image below to enlarge or PDF documents included in the links below. Comparative Analysis - May 2021 PDF: Comparative Analysis – May 2021 MLS Activity - May 2021 PDF: MLS Activity – May 2021 Sales by Sub Area - May 2021 Sales by Sub Area – May 2021 Sale by Sub-Area Out of Town - May 2021 Sale by Sub-Area Out of Town - May 2021 PDF: Sale by Sub-Area Out of Town – May 2021 For Previous Monthly, Quarterly & Annual Statistics click here. To View our current listings click here.

BCREA Housing Market Update May 2021

BC Real Estate Association (BCREA) Chief Economist Brendon Ogmundson discusses the April 2021 statistics in it’s latest Housing Market Update for May 2021.

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.

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