Author: Kirsten Mason

Housing Demand to Trend Higher, BCREA 2014 First Quarter Housing Forecast Update

B.C. Real Estate News
MLS Residential Sales BC January 2014

Click to enlarge

Vancouver, BC – January 30, 2014. The British Columbia Real Estate Association (BCREA) released its 2014 First Quarter Housing Forecast Update today.

BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 4.8 per cent to 76,450 units this year, before increasing a further 7 per cent to 81,800 units in 2015. The five-year average is 75,400 unit sales, while the ten-year average is 84,400 unit sales. A record 106,300 MLS® residential sales were recorded in 2005.

“Housing demand in the province has nearly fully recovered from the 2012 downturn,” said Cameron Muir, BCREA Chief Economist. “Over the next year, BC will be the beneficiary of more robust global economic growth, led by a resurgent US economy and a favourable exchange rate. The resulting boost in employment will help underpin the housing market.”

“Home prices are not expected to climb much higher than the overall inflation rate as housing starts are expected to keep pace with consumer demand, added Muir. The average MLS® residential price is forecast to increase 1.8 per cent to $547,300 this year and a further 1.7 per cent to $556,800 in 2015.

Venture Kamloops Releases a Promotional Video About Our Great City

Kamloops Real Estate News

Venture Kamloops recently released this video about Kamloops and all it has to offer those who call Kamloops home. This short four minute video is a great snapshot of our city.

About Venture Kamloops:

As the economic development arm of the City, Venture Kamloops’ focus is just that, economic development. The team works to provide the most up-to-date information to those interested in starting their business in Kamloops or expanding operations into the city.

Venture Kamloops’ mission is to create economic growth to establish the city as the premiere location for business development. This is done by featuring the city’s resources and offering comprehensive information plus a full spectrum of support services to investors and entrepreneurs.

For more information about Venture Kamloops click here. You can also access their 2013 annual report through this link.

 

Average Canadian House Price Up 10% to $389,119; Gains Seen in All Housing Types in December Over 2012, CREA says

National Real Estate News

This article appeared on CBC.ca on January 15th, 2014.

The average price of a Canadian home increased 10.4 per cent to $389,119 in December, compared to the same month in 2012.

The Canadian Real Estate Association (CREA) released data Wednesday showing that a total of 457,893 homes changed hands in Canada last year, an increase of about 0.8 per cent from 2012’s level.

MAP: House prices across Canada

“Absent further mortgage rule changes,” CREA’s chief economist Gregory Klump said, “sales in 2014 may surpass the annual total for 2013 if demand holds steady near current levels as strengthening economic and better job growth offset the impact of further expected marginal mortgage interest rate increases.”

As has been the case for some time now, CREA says the large jump in prices was largely due to what was happening in Canada’s most active and expensive markets.

Broad gains

Sales activity in December 2012 in Toronto and Vancouver was abnormally low, which dropped the national average at that time.

“Removing Greater Vancouver and Greater Toronto from national average price calculations cuts the year-over-year increase to 4.6 per cent,” CREA said.

CREA says the average price can be misleading, as it can be too easily influenced by individual factors.

The realtor group says its MLS Home Price Index “provides a better gauge of price trends because it is not affected by changes in the mix of sales activity the way that average price is.”

That index shows home prices rose 4.31 per cent over the past 12 months. Gains were seen in all housing types.

The index was led by an 8.7 per cent gain in Calgary and a 6.3 per cent gain in Toronto.

Vancouver’s market index posted a second straight increase of 2.13 per cent after declines for much of the time between late 2012 and late 2013.

Soft landing?

Economists and policy-makers have been scrutinizing the Canadian housing market for indications of weakness and warning signs of a possible crash.

However, BMO senior economist Robert Kavcic said it was hard to find evidence to suggest anything but a soft landing for the market.

“Look for current balanced conditions and somewhat higher interest rates to lead to steady sales this year, with price growth tucked neatly below the rate of income growth,” Kavcic said.

1 … 155 156 157 158 159 … 223