BCREA Market Intelligence: Housing Supply and Demand During the Pandemic

This Market Intelligence Housing report was created by BCREA in October 2021. You can find the full report here.

During the COVID-19 pandemic, the demand for housing surged across BC despite a severe recession and closed borders. As a result of the crisis and lockdowns, homebuyers prioritized square footage over characteristics such as proximity to the urban core. This preference shift generated considerable relocation demand as square footage could be more easily purchased in smaller, less densely populated regions. Home prices rose in smaller markets, which did not have adequate housing supply to absorb the large and sudden increase in demand.

In this Market Intelligence, we use a novel modelling approach to estimate the total number of interested buyers over the course of the pandemic and highlight which regions suffered the most severe imbalances of supply and demand.

Summary Findings:
The unusual circumstances of the COVID-19 pandemic produced an unexpected and substantial increase in housing demand while the supply of listings fell.

As a result, buyers outnumbered sellers by as much as 2.5 to 1 in some months with markets in Victoria and the Fraser Valley seeing more than 7 potential buyers for every seller.

While demand has normalized somewhat, most provincial markets remain severely under-supplied and therefore far from balanced.

Interior
A major theme observed during the pandemic was the relocation of buyers into less densely populated areas of the province. That trend is evident in our estimates for demand in BC’s Interior. Like all of BC, the buyer-toseller ratio in the Interior trended at a lower level prior to the pandemic following the introduction of the B20 mortgage stress test in 2018. During the pandemic the ratio briefly fell before surging to record levels. It then receded as frenetic market activity, rapidly rising prices, and dwindling supply may have discouraged potential buyers.

Interestingly, markets in the Okanagan and Kamloops are estimated to have had a much more acute imbalance of supply and demand during the pandemic compared to the Kootenay. In those markets, we estimated that during the peak months of market activity, buyers outnumbered sellers by as much as 3 to 1.

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BCREA: Record-Low Supply Keeps Market Conditions Tight in September

Vancouver, BC – October 12, 2021. The British Columbia Real Estate Association (BCREA) reports that a total of 9,164 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in September 2021, a decrease of 19.9 per cent from September 2020. The average MLS® residential price in BC was $913,471, a 14 per cent increase from $801,241 recorded in September 2020. Total sales dollar volume was $8.4 billion, an 8.6 per cent decline from last year.

“Home sales have settled at levels that are slightly above long-term average,” said BCREA Chief Economist Brendon Ogmundson. “The main story in all markets continues to be a severe lack of listings supply, particularly in Fraser Valley, Vancouver Island and Interior markets.”

Total active residential listings were down 36.8 per cent year-over-year in September for the province as a whole and were more than more than 50 per cent below last September’s levels in the Fraser Valley and Victoria.

Year-to-date, BC residential sales dollar volume was up 81.8 per cent to $90.4 billion, compared to the same period in 2020. Residential unit sales were up 52.4 per cent to 99,182 units, while the average MLS® residential price was up 19.3 per cent to $911,195.

Click here to visit to BCREA’s website. To view other statistics for the Kamloops and BC real estate market click here.

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New Listing: 209-554 Seymour St, South Kamloops, BC $249,000

209-554 Seymour St, South Kamloops, Real Estate Sold

New Listing: 209-554 Seymour St, South Kamloops, BC $249,000. Nicely kept north facing Desert Gardens unit with a large open plan and oversized deck.

This home has just been recently painted throughout. The living space is open and bright with a large patio door for natural light. There is a gas fireplace in the living room which is very spacious and can accommodate all of your furniture. The dining space is beside the kitchen. The kitchen itself has a number of cabinets for storage.

This unit features in suite laundry a full 4 piece bathroom and a large bedroom with access to the patio off of the bedroom. This complex features secure parking and storage. The parking stall is #49 and storage unit is #209.

Desert Gardens features a Seniors community centre which offers meals, and activities. Other amenities include scooter parking. Rentals permitted, no age restrictions and pets with restrictions. Quick possession possible

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New Listing: 9-2400 Oakdale Way, Westsyde, Kamloops, BC $139,900

9-2400 Oakdale Way, Westsyde, Kamloops Real Estate for Sale

New Listing: 9-2400 Oakdale Way, Westsyde, Kamloops, BC $139,900. Seniors looking to downsize, located in private Senior Section of Oakdale MHP (55+) providing its residents quiet & carefree living with many amenities at your doorstep, including transit, convenience store and Rivers Trail.

Cute as a button and immaculate, this 1979 home offers 66’x14′ plus a large addition for bonus living space. 3 bedrooms, spacious master bedroom could also be family room, and 1 4-piece bathroom. Bright and open design step-up living room, kitchen and dining room with tons of windows, cabinets and counter space. Newer furnace, heat pump, Samsung washer and dryer, stove, some windows and blinds.

Outside boasts a closed-in sundeck, fruit trees, flower beds with grassed, fully fenced yard. New 8’x10’ storage shed. Carport plus tandem paved parking for 2 vehicles.

Monthly Pad Rent of $600.00 includes water, sewer & road maintenance, garbage collection is additional at $152.00/yr. CSA and electrical updates. Pet allowed with prior approval. No rentals allowed. Park signs Bank Assignment Site Lease.  Mid-December possession appreciated. 24-hour notice and no showings after 7:00 pm.

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