December Smashes Home Sales Record and 2015 Enters Record Book, BCREA

Vancouver, BC – January 15, 2016. The British Columbia Real Estate Association (BCREA) reports that a record number of home sales were recorded in the province for the month of December. A total of 6,590 residential unit sales were recorded by the Multiple Listing Service® (MLS®) last month, up 29.8 per cent from the same month the previous year. Total sales dollar volume hit a record $4.62 billion for the month of December, up 55.4 per cent compared to the previous year.

MLS Residential Sales December 2015The average MLS® residential price in the province climbed above the $700,000 threshold for the first time in BC last month, rising 19.7 from December 2014 to $700,943.

“The 2015 housing market finished in dramatic fashion, with record demand for month of December,” said Cameron Muir, BCREA Chief Economist. “BC home sales breached the 100,000 unit threshold in 2015, and it was only the third time on record that this high watermark was achieved.”

The combination of record home average home prices and near record annual unit sales prices propelled the dollar volume of MLS® residential to a record $65.3 billion in 2015, up nearly 37 per cent from the previous year. The average annual residential price reached a record $636,627 last year, up 12 per cent from 2014. A total of 102,517 residential unit sales were recorded, an increase of 22 per cent compared to 2014. A record 106,310 residential unit sales were recorded in 2005, while the only other year eclipsing 2015 were 2007 when 102,805 unit sales were recorded.

Bank of Canada Interest Rate Cut Expectations Tick Higher, Business News Network

Bank of Canada Kamloops Real Estate Mortgage Interest RatesThis article appeared on the Business News Network on January 14th, 2016 and was written by Fergal Smith of Reuters.

Bank of Canada interest rate cut speculation intensified on Tuesday as crude oil prices and the Canadian dollar both weakened to 12-year lows, with traders pricing in a full 25-basis-point easing by mid year.

The Canadian central bank cut rates twice in 2015 as an oil price shock drove the economy into recession in the first half of the year, but has been sidelined since July.

“People are calling for the Bank of Canada to cut rates at the next meeting,” said David Bradley, director of foreign exchange trading at Scotiabank.

The implied probability of a Bank of Canada rate cut at next week’s interest rate announcement has climbed from 22 percent after a speech by Governor Stephen Poloz last week to more than 30 percent, while the market has nearly fully discounted a rate cut in May.

The prospect of easing helped drive the yield on the Canadian government’s two-year bond to a four-month low.

Even so, “the market is underpricing the probability of a rate cut next week,” said Andrew Kelvin, senior rates strategist at TD Securities.

A Jan. 7 speech by Poloz had left investors doubtful he would cut Canada’s benchmark rate this month.

However, the central bank’s quarterly Business Outlook Survey has since found that business sentiment has deteriorated, while investment and hiring intentions have fallen to their lowest levels since 2009.

“It’s clearly going to be a very close call for the Bank of Canada given the financial turmoil we have seen,” said Kelvin.

U.S. crude oil prices have fallen an additional 8 percent this week, dipping below US$30 a barrel. Moreover, Western Canada Select, a blend produced by Canadian oil companies, trades at a greater than $14 discount to U.S. crude oil prices.

“We know falling oil prices have preceded both the last two cuts from the Bank (of Canada),” said Kelvin.

The central bank assumed a $45 price for U.S. crude oil prices when making its latest forecasts for the economy in October.

Speaking on Tuesday, Canadian Finance Minister Bill Morneau acknowledged that the public is concerned about the economy, but declined to indicate whether the government will stick to its budget deficit pledge or boost spending.

“We will be working in our budget to make sure that our initiatives help to grow the economy. We think the initiatives we already outlined are the appropriate initiatives to make a difference,” he said.

New Business Listing: 361 4th Avenue, South Kamloops, BC $42,900

4th Avenue Hair Salon, 361 4th Avenue, South Kamloops Home for Sale

New Listing: 361 4th Avenue, South Kamloops, BC $42,900. Business Opportunity… well-established hair salon in downtown core!

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Kamloops Housing Starts Remain Steady, CFJC News

This article was written by James Peters of CFJC News and appeared on their website on January 13th, 2016.

New Construction Kamloops BC Real Estate

Kamloops — The final numbers are in for 2015, and the Kamloops new home construction market performed almost exactly as well as it did in 2014.

According to the Canada Mortgage and Housing Corporation, a total of 523 new units were started last year, just five more than the year previous.

CMHC Market Analyst Taylor Pardy says don’t expect big changes in that number any time soon.

“The outlook for new construction in Kamloops is expected to be positive for the 2015-2017 period in general, with total housing starts remaining steady,” said Pardy adding, “new housing construction will be supported by a combination of low mortgage rates, population growth, and a balanced re-sale market”

Pardy also indicated that stability is very positive, especially considering the uncertainty much of the rest of Canada is seeing right now.

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