BC Home Sales to Decline in 2017 from Record Pace, BCREA 2016 4th Quarter Housing Forecast

Vancouver, BC – November 29, 2016. The British Columbia Real Estate Association (BCREA) released its 2016 Fourth Quarter Housing Forecast today.

MLS Residential Sales by Region October November 2016Multiple Listing Service® (MLS®) residential sales in the province are forecast to climb 11 per cent to a record 113,800 units this year, eclipsing the previous record of 106,310 units in 2005. Less robust economic conditions combined with government policy constraints are expected to slow housing demand by more than 15 per cent to 96,300 units in 2017. However, housing demand is expected to remain well above the ten-year average of 85,000 unit sales.

“”Housing demand across the province is expected to moderate next year as declining affordability related to rising prices and government policy interventions limit the number of eligible buyers,” said Cameron Muir, BCREA Chief Economist. “However, while home sales are not expected to repeat this year’s record performance, consumer demand is expected to remain well above the ten-year average.”

The average MLS® residential price in the province is forecast to increase 9.8 per cent to $698,900 this year. The supply of homes for sale is expected to trend higher next year as moderating demand is met with added new home completions. A trend toward more balance in the market will unfold next year and exert less upward pressure on home prices. In addition, a larger contraction in the number high-end home sales will contribute to moving the aggregate average price statistic lower. As a result, the average MLS® residential price in the province is forecast to decline 6.4 per cent to $654,200 in 2017.

BC Housing Demand Remains Mixed in October, BCREA

Vancouver, BC – November 15, 2016. The British Columbia Real Estate Association (BCREA) reports that 7,272 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October, down 16.7 per cent from the same month last year. Total sales dollar volume was $4.4 billion in October, down 24.2 per cent compared to the previous year. The average MLS® residential price in the province was $606,787, a decline of 9.1 per cent compared to the same month last year.

MLS Residential Sales Lower Mainland BC Statistics November October 2016“Housing demand remained mixed across the province in October,” said Cameron Muir, BCREA Chief Economist. “Home sales across the Lower Mainland were down from the elevated levels of one year ago, but stabilized on a month to month basis. In contrast, home sales on Vancouver Island and in the interior of the province continue to post strong year-over-year gains.”

“The decline in the average residential price reflects a smaller proportion of transactions in the province originating in Vancouver,” added Muir. Home sales through the Real Estate Board of Greater Vancouver fell to 31.4 percent of BC transactions last month, compared to 42.6 per cent a year ago.

Year-to-date, BC residential sales dollar volume increased 27.4 per cent to $70.4 billion, when compared with the same period in 2015. Residential unit sales climbed by 15 per cent to 101,069 units, while the average MLS® residential price was up 10.8 per cent to $696,992.

Kamloops District Real Estate Associations Statistics For September 2016 and The 3rd Quarter

The Kamloops District Real Estate Associations has released the latest statistics for September 2016 and the third quarter. Click on image to enlarge.

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Kamloops Real Estate MLS Activity September 2016

Kamloops Real Estate MLS Activity September 2016

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comparative analysis by property type September 2016 Kamloops Real Estate

Kamloops Real Estate Comparative Analysis by Property Type September 2016

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Out of Town Sales by Subarea September 2016 Kamloops Real Estate

Out of Town Sales by Subarea September 2016

Out of Town Sales by Subarea September 2016 Kamloops Real Estate

Out of Town Sales by Subarea September 2016

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Out of Town Sales by Subarea 2016 3rd Quarter

Out of Town Sales by Subarea 2016 3rd Quarter

 

Out of Town Sales by Subarea 2016 3rd Quarter

Out of Town Sales by Subarea 2016 3rd Quarter

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Kamloops Real Estate Sales by Subarea 3rd Quarter 2016

Kamloops Real Estate Sales by Subarea 3rd Quarter 2016

 

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Kamloops Real Estate Sales by Subarea September 2016

Kamloops Real Estate Sales by Subarea September 2016

Kamloops District Real Estate Associations Statistics For August 2016

The Kamloops District Real Estate Associations has released the latest statistics for the Second Quarter and August 2016. Click on image to enlarge.

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Kamloops Real Estate Sales by Subarea August 2016

Kamloops Real Estate Sales by Subarea August 2016

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Kamloops Real Estate Out of Town Sales by Subarea August 2016

Kamloops Real Estate Out of Town Sales by Subarea August 2016

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Kamloops Real Estate MLS Activity August 2016

Kamloops Real Estate MLS Activity August 2016

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Kamloops Real Estate Comparative Analysis By Property Type August 2016

Kamloops Real Estate Comparative Analysis By Property Type August 2016

BC Housing Demand Remains Strong Despite Fewer Vancouver Home Sales, BCREA

Vancouver, BC – September 13, 2016. The British Columbia Real Estate Association (BCREA) reports that 8,945 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in August, up 1.5 per cent from the same month last year. Total sales dollar volume was $5.1 billion in August, down 6.7 per cent compared to the previous year. The average MLS® residential price in the province was $569,393, a decline of 8.1 per cent compared to the same month last year.

mls-residential-sales-august-2016“Strong housing demand across most regions of the province offset slowing home sales in Vancouver last month,” said Cameron Muir, BCREA Chief Economist. “The newly introduced 15 per cent foreign buyer tax combined with the 3 per cent property transfer tax on homes over $2 million brought in earlier this year, slowed demand at the top end of the market in Vancouver last month.”

“The decline in the average home price was due to a change in the composition and location of homes sold in the province,” added Muir. “Fewer sales of high priced detached homes relative to all other homes sales in Vancouver as well as fewer Vancouver home sales relative to the rest of the province has caused the average price statistic to decline.”

Year-to-date, BC residential sales dollar volume increased 39.1 per cent to $61.6 billion, when compared with the same period in 2015. Residential unit sales climbed by 22.1 per cent to 86,206 units, while the average MLS® residential price was up 13.9 per cent to $714.400.

Record BC Home Sale Forecast Despite Vancouver Slowdown: BCREA 2016 Third Quarter Housing Forecast Update

Vancouver, BC – August 25, 2016. The British Columbia Real Estate Association (BCREA) released its 2016 Third Quarter Housing Forecast Update today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to climb 10.4 per cent to a record 113,000 units this year, eclipsing the previous record of 106,310 units in 2005. Housing demand is expected to moderate next year, with home sales declining nearly 8 per cent to 104,400 units. However, housing demand is expected to remain well above the ten-year average of 85,000 unit sales.

MLS Residential Sales July August 2016“The introduction of a 15 per cent tax on foreign national home buyers in Metro Vancouver is expected to accelerate a moderating trend in the market that began earlier in the year,” said Cameron Muir, BCREA Chief Economist. “However, other regions of the province are performing above expectations and at the provincial level, largely offsetting Metro Vancouver’s deceleration.”

The average MLS® residential price in the province is forecast to increase 11 per cent to $706,900 this year and a further 5.2 per cent to $743,700 in 2017.

“While the cyclical nature of housing markets can exact a harsh toll on affordability in the short term, there is some relief for beleaguered home buyers on the horizon, added Muir. Housing starts in the province are expected to reach near record levels this year, and the highest amount since 1993. In Metro Vancouver, a record number of homes are now under construction. “A moderation in housing demand combined with a rising number of both new and resale homes on the market is expected to create more balance and less upward pressure on home prices.”

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