Kamloops And District Real Estate MLS Average Price Forecast For 2008 And 2009.

According to British Columbia Real Estate Association’s Housing Forecast Table. The Multiple Listing Service (MLS) average price for Kamloops and District for 2007 was $275,690. The forecast for the MLS 2008 average price is $306,000 and $270,000 for 2009. Don’t feel too bad. It’s just a forecast after all.

Vancouver, BC – October 29, 2008. The British Columbia Real Estate Association (BCREA) released its fall 2008 Housing Forecast today.

BC Multiple Listing Service (MLS) residential sales are forecast to decline 28 per cent from 102,805 units in 2007 to 73,700 units this year. A modest 4 per cent increase to 76,500 units is forecast for 2009.

“The erosion of consumer confidence that began with rising fuel prices earlier in the year is continuing, as the global financial crisis and volatile equity marketshave BC households concerned about their own finances,” said Cameron Muir, Chief Economist.

A weaker provincial economy is expected to increasethe jobless rate from 4.4 per cent this year to 4.9 percent in 2009. “While some job losses will occur next year, BC households will remain on a relatively solid financial footing,” added Muir.

The average MLS residential price is forecast toincrease 3 per cent to $453,000 this year. However, home prices peaked in the first quarter and have been edging lower for several months. For 2009, the average price is forecast to decline 9 per cent to $413,000, with most of the decrease having already occurred by the end this year.

Downward pressure on home prices is expected to ease by the second quarter of 2009, as an increase in affordability and consumer confidence induces a modest growth in sales. The inventory of homes for sale is also expected to decline in the coming months as potential home sellers delay putting their homes on the market until conditions improve.

You can find the pdf here:

The British Columbia Real Estate Association fall 2008 Housing Forecast

Home Prices Down. Affordability Improves.

Vancouver, BC – October 15, 2008. British Columbia Real Estate Association (BCREA) reports residential sales dollar volume on the Multiple Listing Service (MLS) in BC declined 39 per cent to $2.1 billion in September, compared to September 2007. Residential unit sales were down 34 per cent to 5,107 units during the same period. The average MLS residential price in the province was $412,149, down 7 per cent from September 2007.

“Weaker consumer demand and a large number of homes for sale are having an impact on home prices in the province,” said Cameron Muir, BCREA Chief Economist. “Despite relatively strong fundamentals, consumer confidence is low.

The global liquidity crisis and volatile equity markets are intensifying this sentiment, causing many households to pull back spending on major purchases.”

“However, affordability is improving,” added Muir. “The carrying cost of the average home in the province is now lower than at any time since the end of 2006.”

Year-to-date MLS residential sales dollar volume in the province declined 24 per cent to $27.5 billion compared to the same period last year. Provincial MLS sales declined 28 per cent to 59,742 units, while the average residential price increased 6 per cent to $460,621 over the same period.

Full story and graphs in the pdf link below.

home-prices-down-affordability-improves-british-columbia-real-estate-association

Kamloops MLS Residential Sales by Sub-Area, for the month of September 2008

Here is the latest Kamloops MLS Residential Sales by Sub-Area, for the month of September 2008. Published by the Kamloops and District Real Estate Association. This chart will help you see how many residential properties have sold in a given neighbourhood and the price range it sold in. The type of property is not displayed in this chart. Look at the Kamloops Real Estate, Comparative Analysis by Property Type for September, 2008 post found here: Link

kamloops-residential-mls-sales-by-sub-area-for-the-month-of-september-2008-pdf

Kamloops Residential MLS Sales by Sub-Area, for the month of September 2008

Kamloops Residential MLS Sales by Sub-Area, for the month of September 2008

Kamloops Real Estate, Comparative Analysis by Property Type, September, 2008.

Here is the latest Kamloops Real Estate, Comparative Analysis by Property Type for September, 2008. Supplied by the Kamloops & District Real Estate Association. With this chart you can get an idea of what property types are: Active listings, newly listed, # of units sold and the value of those units. These totals are down a bit from last month.

A quick summary for total residential active, new and sold listing for September 2008 for Kamloops and surrounding areas:

Residential # of active listings 1853
Residential # of new listings 428
Residential # of sold listings 200
Value of sold units $57,937,337

kamloops-comparative-analysis-by-property-type-september-2008 pdf

Kamloops Real Estate MLS Listings Comparative Analysis by Property Type, September, 2008

Kamloops Real Estate MLS Listings Comparative Analysis by Property Type, September, 2008

Canada may face housing bust: Robert Shiller

I hate to keep bringing bad news to the blog. Of course this is just another opinion. Robert Shiller is predicting that real estate markets in Calgary and Vancouver will be hurt the most if there is a serious down-turn in housing prices.

Canada may face housing bust: Robert Shiller

The Canadian housing market could face a similar housing bust to the United States, particularly in more bubbly markets as Vancouver and Calgary, said Robert Shiller, the Yale University professor who predicted both the 1990s stock market boom and bust and the US housing slump.

Mr. Shiller, co-founder of the S&P Case/Shiller Home Price Index, said psychology is the primary driver of bubbles and it appears that Canada has been caught up with home buying fever just as the United States and other countries around the world.

Asked whether that meant Canada could face a similar bust Mr. Shiller said: “Yes, especially in places that went up a lot like Vancouver and Calgary. I don’t think Toronto has been quite as extreme.”

Mr. Shiller said there was a natural connection between the United States and Canada.

“I would be surprised that the bubble that appeared in the United States and elsewhere didn’t appear in Canada,” he said in an interview with the Financial Post. “It’s psychology, I think that drives it.

Mr. Shiller, whose book Irrational Exuberance came out in March 2000 just as the tech bubble peaked, said it was essential for the U.S. government to pass a financial bailout, though he believes the United States is facing a “severe recession,” regardless.

“I’m concerned problems are deeper than can be handled by the bailout but that doesn’t mean the bailout doesn’t do some good,” he said.

He said a bailout might help restore some confidence to the stressed financial system.

“What creates a crisis is a lack of confidence,” he said.

He said the housing crisis was primarily a policy failure by U.S. authorities.

You can read the rest of the story below.

Link

5 Tips for Buying in a Buyers Market.

It’s a Buyers market! This is what we hear on the News, in newspapers and from professionals in our community. It is a great time to buy, prices are coming down, there are a lot of homes to choose from and sellers are getting more anxious to sell their homes. On the other hand there is the belief that it may not be a good time to buy because prices may fall further. How do you know when the best time is to buy? Below there are five things to consider if you are trying to decide if now is the right time to purchase a property.

  1. Timing the BOTTOM is very difficult for many reasons. The timing of the bottom of the market is different in every region. Just because the market has bottomed in one region of BC doesn’t mean that the same is happening here in Kamloops. There are many different factors that go into the state of every market. Waiting for the absolute bottom often causes buyers to miss it and get stuck in the upswing of the market, making purchasing a home more difficult. Buy a home because you need to or have found the right one for you, not because you are waiting for the bottom, often the bottom is seen in the rear view mirror.
  2. Often the best places sell FIRST. If you find a home that is perfectly suited to your needs and desires then buy it! When that perfect home comes along, and you chose to wait it can be scooped up from under you. Often if a home is desirable to you it is also very desirable to others looking. Buyers have to put some value on a home that meets or exceeds their needs that is not a monetary value. Desirable homes in desirable areas in a down market hold their value much better than less desirable homes in less desirable areas.
  3. Find a home you can GROW with. Think long-term when purchasing a home. Find a place that you can see yourself in for years to come. The Real Estate market is cyclical with ups and downs. If the market is on the decline now, there is no telling when that will change. We all wish that we could have a crystal ball to predict the future, but that just isn’t the case. Over the long term Real Estate has proven to be a good investment, so thinking long term will help with your decision.
  4. Use TECHNOLOGY in your search. Then internet has a wealth of information on home buying. Use the internet to your advantage! Educate yourself in order to prepare for that important purchase. The more you know the better off you will be. There are many free services you can find on the internet to make your search easier.
  5. BUYERS AGENTS are there to help you! Find yourself a good buyers agent who will help you search through all the listings in Kamloops. A buyers agent will find the best suited homes for you. There are other advantages of having your own buyers agent which are: they arrange appointments for you on your time, keep you up to date on current market conditions, prepare a comparative market analysis on any home you may be interested in purchasing and finally negotiate a contract. Most people are not well versed on contract negotiation and real estate purchasing, having an agent on your side is always beneficial. Don’t forget, the best part about having your own representation is it is FREE!

There are many factors that go into your decision to purchase a home. Buyers have their own personal reason for purchasing and you can’t time the market. Become an informed buyer, help yourself in this dynamic market. Remember, knowledge is power!

No tolls on Coquihalla Highway.

Coquihalla Toll Booth

I still can’t believe it! The tolls on the Coquihalla are no more. I think this is great news for Kamloops and all the the surrounding communities that are serviced by the Coquihalla. It’s very beneficial to tourism and it may affect Real Estate prices in Kamloops over the long haul. Now people have one more reason to make the trip to the Loops!

“It took almost two decades from the project’s completion, but Premier Gordon Campbell is finally lifting tolls on the Coquihalla Highway, effective immediately.”

Link

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