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.
New Listing: 1221 Raven Drive, Batchelor Heights, Kamloops, BC. Meticulous, perfect level entry home great for a family or downsize.
This home features a welcoming foyer with double closet that opens to the open floor plan. The kitchen has an island with extra storage, large dining area with access to the side of the home, back yard and large living room with gas fireplace. There are 3 bedrooms on the main floor with a large 4 piece bathroom with access from the master bedroom. The basement is fully finished and walks out to the fully fenced yard with storage shed and patio with pergola. There is a large family room in the basement, additional bedroom, 4 piece bathroom, laundry room, huge den great for a craft room or even extra storage and storage room.
Other extras include a 2 car garage, good amount of parking for multiple vehicles, central a/c, roughed in central vac. Located on a quiet street with hiking trails steps from this home! Transportation close by as well as shopping and schools a short drive. Immaculate home you don’t want to miss!
New Listing: 108-1120 Hugh Allan Drive, Aberdeen, Kamloops, BC. Elegant and inviting two bedroom, two bathroom condo in Highland Ridge.
This ground floor unit boasts a spectacular, unobstructed north view overlooking the City, valley, river and mountains that you can enjoy from both bedrooms, living room and kitchen. Large master bedroom features double closets and its own 4-piece ensuite. New flooring and freshly painted. Laundry in unit with additional storage available in a common area. Well-maintained building with elevator and community room available to use for private functions.
Monthly Strata Fee of $295.94 includes gas fireplace usage, water, sewer and garbage. Two parking stalls. Pets (1 dog or 1 cat) and rentals are allowed with restrictions (max 8). Close to all amenities, transit, shopping, TRU & so much more!
New Listing: 40-1775 McKinley Court, Sahali, Kamloops, BC $334,900. Level entry end unit townhome in popular McKinley Terrace Complex. Capture the panoramic north and west views off living room deck, dining room and additional side windows.
Upper floor with noise barrier underlay, has 3 bedrooms and full bathroom, master has double-mirrored closets and 2-piece ensuite. Full daylight basement is finished with 4th bedroom, 4-piece bathroom, wet bar and lots of storage. Powder room off kitchen and choice of laundry on main or basement. Downstairs family room provides access to patio and common area lawns. Complex has new roof in 2016. All appliances included, HWT 2015, newer flooring and paint. Single garage plus parking in front. Visitors parking located very close. Rough-in for central vac.
Monthly Strata Fee $200.37, includes water, sewer and garbage. No rental restrictions and 1 dog or 1 cat allowed with prior approval. Home is tenanted, please allow 24 hours to show – showings limited to 2:00pm to 7:00pm only.
Vancouver, BC – June 13, 2017. The British Columbia Real Estate Association (BCREA) reports that a total of 12,402 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in May, down 7.9 per cent from the same period last year. Total sales dollar volume was $9.33 billion, down 4.0 per cent from May 2017. The average MLS® residential price in the province was $752,536, a 4.2 per cent increase from the same period last year.
“Market conditions have tightened considerably this spring as an upturn in consumer demand has not been accompanied by a rise in homes listed for sale,” said Cameron Muir, BCREA Chief Economist. “The supply of homes for sale in the province has fallen 50 per cent over the past five years.”
“The entire southern portion of the province is experiencing a shortage of housing supply, which makes continuing upward pressure on home prices inevitable, at least in the near term,” added Muir. Total active listings in the province were down 11.1 per cent to 28,404 units from May 2016. The ratio of home sales to active listings was well over 20 per cent in nine of the province’s 11 real estate boards, and over 50 per cent in Vancouver, the Fraser Valley, Chilliwack and Victoria.
Year-to-date, BC residential sales dollar volume was down 25.2 per cent to $30.6 billion, when compared with the same period in 2016. Residential unit sales declined 20.1 per cent to 43,158 units, while the average MLSÂ® residential price was down 5.7 per cent to $709,541.
New Listing: 32-2815 Princeton Kamloops Highway, Knutsford, BC $169,900. Nicely situated mobile home with lovely mountain views and tons of privacy.
This custom sized home has tons of room for the whole family. The home features an open floor plan with kitchen island and large pantry. The living room has a vaulted ceiling and it leads to the two spare bedrooms with a 4 piece bathroom. Off of the dining room there is access to the many decks and outdoor space. The master bedroom is located on the other end of the home. The master is very large and easily fits a king sized bed. There is a 5 piece huge ensuite as well. The laundry room also doubles as a mud room with access to the front of the home.
Other features include storage shed, updated hot water tank 2016, updated washer & dryer. Tons of parking and located at the end of the cul-de-sac with lots of privacy, peace and quiet.
New Listing: 29-1263 Kootenay Way, South Kamloops, BC $149,900. Bright and open 5-yr young 16X66 modular home in Windchimes mobile home park, a quiet newer park set in rural area just 5 minutes from City Centre.
Home has 2 bedrooms and 2 full bathrooms, separate laundry/utility room, vaulted ceilings through out, Hardi-Plank exterior, central A/C, Natural Gas heating, 6 appliances and window blinds. The large master bedroom has double closets and ensuite with corner soaker tub and separate double walk-in shower.
Backyard has deck and grassy area for family and pets to play or entertain with a maintenance-free front yard. Detached 12×10 storage shed. Black sheathing covered by crushed rock in driveway and tons of parking for extra vehicles, RV’s and toys plus access to backyard. TIB Community Water System and septic installed. Park will sign Site Lease, no rentals allowed and 1 pet with prior approval. Pad rent is $300.00/month & includes water, sewer, garbage & road maintenance and has a playground area for the kids. This home is perfect for first-time buyers, downsizers & families … just move in & enjoy!