Kirsten Mason, Author at Kamloops Real Estate Blog

BCREA Housing Market Update for June 2020

June 20, 2020 Kirsten Mason B.C. Real Estate News, Kamloops Real Estate Statistics

The BC Real Estate Association has released it’s latest BC market update for June 2020. BCREA Chief Economist Brendon Ogmundson discusses the May 2020 statistics. For BC overall the home sales increased month over month. The activity however, was well below the normal sales volume which was down 45% from May 2019. Active listings are also down 24% in the province year over year. They are classifying the present market as a balanced market in BC, but every region has their own market conditions in the province. In BC, home prices are up year over year.

For Kamloops specifically there was a 46.5% decline in the volume of sales with 175 sales reported for May 2020. The average price in Kamloops did increase 1.8% to $435,621. The number of active listings remains low, with a 15.9% decline year over year. There presently is 5.9 months supply of listings on the Kamloops market with 1,029 units for sale. May of 2019 saw an average price of $414,858 and 272 unit sales for the month. May 2019 also saw 4.1 months worth of supply and 1,116 active listings at that time.

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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Housing Market Activity Shows Signs of Recovery in May, BCREA

June 15, 2020 Kirsten Mason Uncategorized

Vancouver, BC – June 15, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 4,518 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in May 2020, a decline of 45.2 per cent from May 2019. The average MLS® residential price in BC was $728,898, a 3.2 per cent increase from $706,394 recorded the previous year. Total sales dollar volume in May was $3.3 billion, a 43.5 per cent decrease over 2019.

MLS Home Sales May 2020 Seasonally adjusted market activity BC Real Estate Statistics

“There were encouraging signs of recovery in May,” said BCREA Chief Economist Brendon Ogmundson. “While activity is still far below normal, both sales and listings are up significantly from April’s lows.”

New listings activity started to normalize around the first week of May, reversing a slide in total active listings. However, active listings are still down close to 24 per cent year-over-year and are more than 10,000 listings below where they would normally be in the spring months.

Year-to-date, BC residential sales dollar volume was down 6 per cent to $18.6 billion, compared with the same period in 2019. Residential unit sales were down 14.2 per cent to 24,695 units, while the average MLS® residential price was up 9.6 per cent to $753,155.

Housing Market Activity Around the province BC Statistics Information Kamloops Real Estate

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

If you want to be kept informed on Kamloops Real Estate, News and more visit our Facebook Page.

To search for Kamloops real estate and homes for sale click here.

BC Homes Sales to Post Strong Recovery in 2021: BCREA 2020 Second Quarter Housing Forecast

June 10, 2020 Kirsten Mason B.C. Real Estate News, Kamloops Real Estate Statistics

Vancouver, BC – June 10, 2020. The British Columbia Real Estate Association (BCREA) released its 2020 Second Quarter Housing Forecast today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 21 per cent to approximately 61,000 units this year, after recording 77,347 residential sales in 2019. MLS® residential sales are forecast to increase 45.3 per cent to 88,500 units in 2021.

“The bright outlook for 2020 home sales has been upended by the COVID-19 pandemic and resulting recession,” said Brendon Ogmundson, BCREA Chief Economist. “However, as the economy “re-opens” and measures to mitigate the spread of COVID-19 are gradually eased, we expect home sales will start to rebound, aided by record-low mortgage rates and pent-up demand.”

The impact of the current pandemic and associated recession on prices is largely determined by the reaction of supply. Given the unusual nature of COVID-19, the supply of listings for sale has declined for at least the first few months of the pandemic. A muted rise in for-sale inventory may translate to home prices remaining relatively firm in 2020. We are forecasting the provincial MLS® average price to finish the year up 1.8 per cent and to increase a further 5.6 per cent in 2021.

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

If you want to be kept informed on Kamloops Real Estate, News and more visit our Facebook Page.

To search for Kamloops real estate and homes for sale click here.

Kamloops District Real Estate Associations Statistics For May 2020

June 2, 2020 Kirsten Mason Kamloops Real Estate Statistics

The Kamloops District Real Estate Association has released the latest Statistics for May 2020. Click on the image below to enlarge or PDF documents included in the links below.