BCREA Housing Market Adjusts to Mortgage Stress Test

BCREA 2019 First Quarter Housing Forecast Update

Vancouver, BC – February 25, 2019. The British Columbia Real Estate Association (BCREA) released its 2019 First Quarter Housing Forecast Update today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to increase 2 per cent to 80,000 units this year, after recording 78,345 residential sales in 2018. MLS® residential sales are forecast to increase a further 6.9 per cent to 85,500 units in 2020. The 10-year average for MLS® residential sales in the province is 85,800 units.

“The negative shock to affordability and purchasing power created by the B20 stress test on mortgage borrowers is expected to continue constraining housing demand in the province this year,” said Cameron Muir, BCREA Chief Economist. “Favourable demographics along with continuing strong performance of the BC economy is expected to underpin housing demand over the next two years.”

The policy-induced demand shock has contributed to an increase of the inventory of homes for sale in most regions of the province. As a result, market conditions are expected to provide little upward pressure on home prices this year, with the average annual residential price forecast to remain essentially unchanged, albeit up 0.5 per cent to $716,100. Modest improvement in consumer demand is expected to unfold over the next two years as households further adjust to the mortgage stress test.

To view the full BCREA Housing Forecast, click here.

New Listing: 10 Pluto Drive, North Kamloops, BC $81,500

10 Pluto Dr, North Kamloops, Kamloops Homes Sold

New Listing: 10 Pluto Drive, North Kamloops, BC $81,500. Cute 2 bedroom one bathroom home in a quiet 55+ park. Large kitchen has plenty of cupboard space and updated flooring flowing into the living room.

The master bedroom is at the back of the home looking out onto the nicely landscaped yard and all the colorful flowers. Home has a cozy deck with a lockable storage room. The storage shed in the back yard included and room for 2 vehicles to park. No pets or rentals. Park does not sign a Bank Site Lease.

Click here to view more pictures of this home.

To view all homes for sale in Kamloops click here or here.

Kamloops Open Houses: Saturday and Monday, February 16th and 18th, Juniper Heights.

This weekend’s open houses will be held in Juniper Heights. Addresses, dates and times are included with each listing below. Contact us if you have any questions or would like to schedule a private showing.

1583 Emerald Drive, Juniper Heights, Kamloops, BC

1583 Emerald Drive, Juniper Ridge.

Saturday, February 16th, 2019: 1:30-3:00pm.

Listed for $639,900. Link to information about this home.

1577 Emerald Drive, Juniper Heights, Kamloops, BC

1577 Emerald Drive, Juniper Heights.

Monday, February 18th, 2019: 1:00-2:30pm.

Listed for $639,900. Link to information about this home.

To view all of our listings go to: Kamloops Homes for Sale.

New Listing: 1410 Battel Avenue, Ashcroft, South West, BC $394,900

1410 Battel Avenue, Ashcroft, Sold

New Listing: 1410 Battel Avenue, Ashcroft, South West, BC $394,900. Immaculately kept level entry rancher overlooking Desert Hills Farms with beautiful unobstructed views.

The main living space has a nice open plan with vaulted ceilings in the living room and a large picture window to take in the views of the fields. There is a large dining room with access to the patio and there is a spacious kitchen with tons of cabinetry for all your gadgets. There is a large master suite with 5 piece ensuite and walk in closet.

On the main floor there is an additional bedroom, laundry and a 4 piece guest bathroom. The basement level has a separate entry and features 2 bedrooms and a den, large family room, 3 piece bathroom and lots of storage. The yard is partially fenced with irrigation, a storage shed and is nicely landscaped. Located on a quiet street, steps to the public pool and park, couple blocks to the local school. Other features include two car garage, central a/c and lots of parking.

Click Here to view more photos of this home.

To view all homes for sale in Kamloops click here or here.

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