Author: Kirsten Mason
BC Home Sales Start 2015 in Positive Territory, BCREA
Vancouver, BC – February 13, 2015. The British Columbia Real Estate Association (BCREA) reports that a total of 4,377 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in January, up 3.1 per cent from the same month last year. Total sales dollar volume was $2.6 billion, an increase of 8.3 per cent compared to a year ago. The average MLS® residential price in the province rose to $593,155, up 5.0 per cent from the same month last year.
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“Last month was the strongest January for BC home sales in five years,” said Cameron Muir, BCREA Chief Economist. “However, consumer demand did edge down from December on a seasonally adjusted basis.”
Low mortgage interest rates, strong population growth and improving labour market conditions are underpinning housing demand in the province. However, weakening economic conditions in Alberta are limiting home sales in the Okanagan, Kootenay and BC Northern market areas.
MLS® residential sales in British Columbia are forecast to rise 2.4 per cent to 86,050 units this year and a further 3.9 per cent to 89,400 units in 2016. The ten-year average is 82,100 unit sales. A record 106,300 MLS® residential sales were recorded in 2005.
BC Home Sales Forecast to Rise Through 2016, BCREA 2015 First Quarter Housing Forecast Update
Vancouver, BC – February 11, 2015. The British Columbia Real Estate Association (BCREA) released its 2015 First Quarter Housing Forecast Update today.
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“Stronger economic conditions both at home and abroad combined with favourable interest rates and population growth are expected to bolster housing demand over the next two years,” said Cameron Muir, BCREA Chief Economist. “After a year in which housing demand ratcheted higher across the province, the retrenchment of oil prices is expected to attenuate housing demand in some regions while bolstering it in others.”
Multiple Listing Service® (MLS®) residential sales in British Columbia are forecast to rise 2.4 per cent to 86,050 units this year and a further 3.9 per cent to 89,400 units in 2016. The ten-year average is 82,100 unit sales. A record 106,300 MLS® residential sales were recorded in 2005.
The average MLS® residential sales price is forecast to rise 4.5 per cent to $594,000 this year, with most of the upward pressure being exhibited on the South Coast. Elevated consumer demand is expected to be partially offset by resale inventories and additions to the housing stock in 2016. As a result, the average MLS® residential sales price is forecast to increase by 2.4 per cent to $608,500 next year.
To view the full BCREA Housing Forecast Update, click here.
Highest Residential Permits in January Since 2008, Kamloops BC Now
This article appeared on the Kamloops BC Now on February 11, 2015 by Todd Hauptman.
Residential construction is booming in the City of Kamloops in 2015 as 28 new residential unit permits were approved in January.
While January 2014 had only five residential units approved, January 2015 saw six new single family unit, two additions to properties and 20 multi-famly units approved by the City.
These residential permit values presently stand at $7.4 million in January 2015 while January 2014 they were $1.05 million. Meanwhile the commercial unit permit values year to date presently is $889, 752.
Landlords and new property owners from throughout the city are gathering on Wednesday to learn about ways to protect their investment as well as allow more low income residents get housing. The HomeFree Collection is an initiative through the City of Kamloops to help end homelessness in Kamloops.
Here is how residential permit numbers compare year to year in the first month of the year:
2015: 46 permits valued at $7.48 million
2014: 6 permits valued at $1.06 million
2013: 23 permits valued at $2.37 million
2012: 25 permits valued at $3 million
2011: 24 permits valued at $3.28 million
2010: 33 permits valued at $4.88 million
2009: 14 permits valued at $2.04 million
2008: 61 permits valued at $10.81 million
January numbers give local realtors and property owners opportunism about the market in the year ahead.
Link to article.