Home Sales Stable During Summer Months

Vancouver, BC – September 14, 2011. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential unit sales in the province rose 16.4 per cent to 6,504 units in August compared to the same month last year. The MLS Residential Sales BC August 2011average MLS® residential price climbed 10.7 per cent to $539,953 last month compared to August 2010.

“BC home sales edged up one per cent in August compared to July on a seasonally adjusted basis,” said Cameron Muir, BCREA Chief Economist. “Low mortgage interest rates continued to underpin housing demand in the province last month.”

“Total active listings in the province remained elevated in August,” added Muir. “Most regional markets exhibited buyer’s market conditions, meaning little upward pressure on home prices.” Year-to-date, BC residential sales dollar volume increased 17.7 per cent to $31.7 billion, compared to the same period last year. Residential unit sales increased 2.6 per cent to 55,132 units, while the average MLS® residential price rose 14.7 per cent to $574,962 over the same period.

Band Sees Development Potential With Completion of Sewer Line

This article was written by Cam Fortems of the Kamloops Daily News on September 12, 2011.

Sewer expansion on TIB lands funded under a federal government program designed to create jobs after the last recession will provide even more economic opportunity in the future, leaders said Monday.

Tk’emlups Indian Band held a official opening at its arbor Monday morning to celebrate completion of its $9.7-million sewer mainline trunk expansion.

The system feeds into the City of Kamoops sewage treatment plant.

While the Sun Rivers development and Sk’lep school have always been connected to the City plant, most of the band lands remained on septic systems.

TIB councillor Fred Seymour, who headed the project for the band, said that fact limited commercial development potential, as well as housing for band members. The 114 homes at the band’s main George Campbell subdivision are on one-acre lots to allow septic fields. But Seymour said the trunk line extension will allow more dense land use, including multi-family projects for band members.

Seymour said the band had long wanted to expand its sewer system and was ready to approach Ottawa in the wake of the last recession, when government was looking for “shovel-ready” projects to help create jobs and boost the economy.

Chief Shane Gottfriedson said now that the more than seven kilometres of trunk line is in place, the band and individual certificate of possession owners will be looking at development and hooking up in the next phase. That includes Mount Paul Industrial Park, which is currently on septic systems.

“We’d like to get the business case and financial planning together.”

In addition to hooking up existing development, Gottfriedson said the sewer expansion allows servicing of 20 hectares of developable land along the South Thompson River beside the Chief Louis complex.

“We’re looking at a riverfront atmosphere with restaurants and fine dining,” Gottfriedson said. “We want to build upon what we started at the Chief Louis Centre.”

The band originally looked at building its own sewage treatment centre, but has an agreement with the City of Kamloops dating back more than a decade. One of the possible outfalls was on the North Thompson River.

Kamloops Mayor Peter Milobar said the City has always factored in development on band lands into its wastewater treatment planning.

“Anytime you can have one less outfall is a good thing for all the residents of the region.”

Both the engineering and construction were done by Kamloops-based companies. One of the band’s stipulations was 30 per cent of the construction workforce was First Nations.

The band also trained and will employ two workers to maintain the series of lines and lift stations.

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Moderate Growth in Housing Demand Through 2012: BCREA 2011 3rd Quarter Housing Forecast Update

MLS Residential Sales BC August 2011

Click to enlarge

Vancouver, BC – August 25, 2011. The British Columbia Real Estate Association (BCREA) released its 2011 Third Quarter Housing Forecast Update today. BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 3.8 per cent from 74,640 units in 2010 to 77,500 units this year, increasing a further 3.6 per cent to 80,300 units in 2012.

“Slower than expected employment growth is expected to keep BC home sales below their ten-year average through 2012,” said Cameron Muir, BCREA Chief Economist. “However, weaker global economic growth and recent uncertainty in the equity markets points to continued low mortgage interest rates which will help underpin housing demand.”

“Following a decade where unit sales broke all records, consumer demand over the next few years will be relatively moderate,” added Muir. The ten-year BC MLS® residential sales average is 87,600 units. A record 106,300 MLS® residential sales were recorded in 2005.

 

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