BC Home Sales to Rise in 2019: BCREA 2018 Fourth Quarter Housing Forecast

B.C. Real Estate News, Kamloops Real Estate Statistics

Vancouver, BC – November 8, 2018. The British Columbia Real Estate Association (BCREA) released its 2018 Fourth Quarter Housing Forecast today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 23 per cent to 80,000 units this year, after recording 103,768 residential sales in 2017. MLS® residential sales are forecast to increase 12 per cent to 89,500 units in 2019. The 10-year average for MLS® residential sales in the province is 84,800 units.

“The marked erosion of affordability and purchasing power caused by the mortgage stress test and rising interest rates continue to be a drag on the housing demand,” said Cameron Muir, BCREA Chief Economist. “However, continuing strong performance in the economy combined with favourable demographics is expected to push home sales above their 10-year average in 2019.”

Despite the mortgage policy drag on the sector, strong performance of the BC economy continues to be highly supportive of housing demand. Five consecutive years of above trend growth in the province has led to a high level of employment and an unemployment rate that appears to be at a cyclical low.

The combination of fewer home sales and a larger inventory of homes for sale has helped trend most markets to balanced conditions. As a result, home price growth has slowed considerably, and is expected to more closely reflect overall consumer price inflation through 2019. In addition, a record number of homes are under construction in BC, which will provide for much needed expansion of the housing stock and greater price stability.

New Listing: 6705 Tingley Street, Savona, Kamloops, BC $679,900

Tobiano & Savona

6705 Tingley St, Savona, Kamloops Homes Sold

New Listing: 6705 Tingley Street, Savona, Kamloops, BC $679,900. Beautiful waterfront Gold Medallion home sitting on picturesque Kamloops Lake. Home is centered on one of the four deeded lots and three of them can be divided off.

Main floor has a cozy wood burning fireplace in the living room and large windows overlooking the lake. Eat in kitchen with large wrap around deck perfect for entertaining. All the bedrooms are large and a fantastic laundry room on the main level that is also a sewing room or 2nd office. Basement is fully finished with big windows for lots of light.

Separate entrance so easy to put in an inlaw suite. Sauna has 2 showers or could be converted to one big bathroom. Many updates including roof 2015, Furnace 2013, central a/c 2016, and the deck was recently re done. Less than 30 min to Kamloops.

Click here to view more pictures of this home.

To view all homes for sale in Kamloops click here.

New Listing: 8-1250 Aberdeen Drive, Aberdeen, Kamloops, BC $449,900

Aberdeen

8-1250 Aberdeen Dr, Aberdeen, Kamloops Homes Sold

New Listing: 8-1250 Aberdeen Drive, Aberdeen, Kamloops, BC $449,900. Lovely pristine basement entry home in bare land strata in desirable Carradale Court. This home features a great room open floor plan with upgraded stainless steel appliances which are all included.

This home has had extensive renovations is the past year including: quartz countertops, backsplash, refaced cabinets, paint, backyard access from deck above and much more! There are 2 bedrooms on the main floor with a 4 piece bathroom. Basement level has a great sized entry level with new tile floor and offers an additional bedroom and 4 piece bathroom, along with a living room and laundry room.

Backyard is fully fenced with a hot tub perfect with the colder nights coming. Other features include single car garage, double wide driveway, central a/c. Quick possession possible. Bareland Strata fee $114/month.

Click here to view more pictures of this home.

To view all homes for sale in Kamloops click here.

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