BCREA Housing Market Update (April 2013)
Watch BCREA Chief Economist Cameron Muir discuss the March 2013 statistics:
Author: Admin
BC Home Sales Tick Higher in March
Vancouver, BC – April 15, 2013. The British Columbia Real Estate Association (BCREA) reports that a total of 5,661 residential sales were recorded by the Multiple Listing Service® (MLS®) in BC during March, up 6.6 per cent from February on a seasonally adjusted basis, but down 17.7 per cent compared to March 2012. Total sales dollar volume was down 18.5 per cent to $3.06 billion. The average MLS® residential price in the province was $540,662, up 2 per cent from February, but down 1 per cent from a year ago.
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“BC home sales in March posted the largest seasonally adjusted month-to-month increase since January 2011,” said Cameron Muir, BCREA Chief Economist. “However, homes sale per capita continue to remain near a cyclical low, suggesting that pent-up demand may be beginning to grow in the housing market.”
Year-to-date, BC residential sales dollar volume declined 22.1 per cent to $7.2 billion, compared to the same period last year. Residential unit sales dipped 18.8 per cent to 13,572 units, while the average MLS® residential price was downn 4.0 per cent at $530,435. The pdf file with all of the statistics can be found here.
Home Sales Continue at Modest Pace: Pent-Up Demand Growing
Vancouver, BC – March 14, 2013. The British Columbia Real Estate Association (BCREA) reports that a total of 4,501 residential sales were recorded by the Multiple Listing Service® (MLS®) in BC during February, down 23.6 per cent compared to February 2012. Total sales dollar volume was down 29.9 per cent to $2.39 million. The average MLS® residential price in the province was $514,134, up 3.1 per cent from January, but down 8.1 per cent from a year ago.
“BC home sales continued at a modest pace in February,” said Cameron Muir, BCREA Chief Economist. “Despite improved affordability, many potential buyers and sellers remain in a holding pattern. With pent up demand now becoming latent in the market, it’s not a matter of if, but when home sales rise above their current pace.”
“An unusual spike in the average MLS® residential price in February 2012 is largely responsible for the year-over-year percentage change,” added Muir. “Most BC markets have experienced relatively stable price levels during the first two months of the year.”
Year-to-date, BC residential sales dollar volume declined 24.6 per cent to $4.1 billion, compared to the same period last year. Residential unit sales dipped 19.6 per cent to 7,911 units, while the average MLS® residential price was down 6.2 per cent at $523,117.
Year off to strong start in construction sector
For the second month in a row, the value of building permits issued in Kamloops has exceeded 2012 monthly totals.
The city doled out $6.6-million worth of permits in February, compared to $4.2 million in the same period in 2012.
But, bucking the trend of late, February’s surge wasn’t driven by commercial construction.
Commercial projects accounted for only $814,091 of the month’s totals, while residential-permit values totaled $5.7 million.
In 2012, residential construction accounted for only $1.3 million of permit value.
Multi-family projects accounted for the greatest amount of permit value, at $3.1 million.
Development and engineering director Marvin Kwiatkowski said that’s a trend that will likely continue.
“It’ll be higher than last year and you see that already,” he said.
A number of larger projects have yet to come through and the city is predicting it will add about 220 multi-family dwelling units by year’s end.
After a run of big-ticket commercial projects in previous months, Kwiatkowski said there aren’t many more major builds on the horizon.
On the institutional side, however, the city is expecting a $30-million bump from permits for the Royal Inland Hospital’s new clinical- services and parking building some time this year.
So far, the city has handed out $23.4 million in permits for 2013, compared to $18.8 million at this time last year.
By Andrea Klassen – Kamloops This Week