BCREA Housing Market Update for November 2022

The BC Real Estate Association released it’s latest housing market update for November 2022 where they discuss the October 2022 statistics. In BC the housing activity increased slightly in October versus Sepember but is still slow by historical standards. The number of sales are down 45.5% year over year and this is about 30% lower than what is considered normal for this time of year. The number of active listings were up 51.9% compared to the near-record low inventory levels from last year. Even though we have seen an increase in active listings, they have been flat for the last 3 months. The market right now for the province is in balanced territory – it is not a sellers nor a buyer’s market. BCREA also states that this is not the case for all regions or even the housing types, where the market is more in the Buyer’s market range. The MLS average price for BC was down 3.1% for October. Average prices have come down significantly since the peak levels reached in February of 2022. Most markets in BC have seen price levels flatten for the last few months. The Home Price Composite index which is not suceptable to being influenced by the composite of sale types shows that home prices are down from the peak levels but still remain higher than this time last year. The HPI for the interior is up 6.1% for September and 3.2% for October.

For Kamloops there were 168 unit sales in the month of October which is a 46.9% decrease from this time last year. The average price is $592,617 which is a 3.9% year over year change. Kamloops had a 57.5% increase in active listings with 937 units on the market. That equates to 5.6 months worth of sales. The Kamloops market has definitely shifted towards more of a buyer’s market however we do see small pockets in the market were we are experiencing higher demand and at times multiple offers.

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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BC Home Sales Remain Slow While Active Listings Plateau

Vancouver, BC – November 14, 2022. The British Columbia Real Estate Association (BCREA) reports that a total of 5,242 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October 2022, a decrease of 45.5 per cent from October 2021. The average MLS® residential price in BC was $932,979, a 3.1 per cent decrease from $963,011 recorded in October 2021. Total sales dollar volume was $4.9 billion, a 47.2 per cent decline from the same time last year.

“Sales activity remains slow across the province and inventories appear to be plateauing,” said BCREA Chief Economist Brendon Ogmundson. “While prices have fallen from peak levels reached in early 2022, average prices have recently leveled off.”

Year-to-date, BC residential sales dollar volume was down 26.3 per cent from the same period in 2021 to $73.3 billion. Residential unit sales were down 33 per cent to 72,824 units, while the average MLS® residential price was up 10 per cent to $1.01 million.

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.

Housing Market Faces High Rates and Slowing Economy in 2023

BCREA 2022 Fourth Quarter Housing Forecast

Vancouver, BC – November 8, 2022. The British Columbia Real Estate Association (BCREA) released its 2022 Fourth Quarter Housing Forecast today.

Multiple Listing Service® (MLS®) residential sales in BC are forecast to decline 34.4 per cent from a record high 2021 to 82,345 units this year. In 2023, MLS® residential sales are forecast to fall an additional 11.4 per cent to 72,960 units.

“The factors that drove unprecedented housing market activity over the past two years, including record low mortgage rates, buyer preference for extra space and the ability to work remotely, are now unwinding,” said BCREA Chief Economist Brendon Ogmundson. “As a result, there has been a significant shift in the housing market, which we anticipate will continue through 2023.”

With continued high-interest rates and what looks like a difficult 2023 ahead for the Canadian economy, we anticipate that market activity is going to fall below normal levels next year. On the supply side, slow sales activity has led to an increase in inventory, but from record lows. The rapid shift in market conditions has weighed on prices in the second half of this year, though active listings growth has slowed and is short of levels where we tend to see more substantial downward pressure on prices. However, price levels have fallen from their peak earlier this year, so even flat prices from current levels will translate to the provincial average price being down about 5 per cent in 2023.

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.

BCREA: Market Activity Remains Subdued in September

Vancouver, BC – October 12, 2022. The British Columbia Real Estate Association (BCREA) reports that a total of 4,977 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in September 2022, a decrease of 45.8 per cent from September 2021. The average MLS® residential price in BC was $927,119, a 1.7 per cent increase from $912,008 recorded in September 2021. Total sales dollar volume was $4.6 billion, a 44.9 per cent decline from the same time last year.

“Mortgage qualifying continues to be a significant hurdle for many potential buyers as interest rates rise,” said BCREA Chief Economist Brendon Ogmundson. “In addition, many trends that drove demand in smaller markets, such as remote work and the quest for affordable space, have faded in prominence. As a result, we see a stronger pullback in markets outside of major metropolitan areas.”

Year-to-date, BC residential sales dollar volume was down 24.2 per cent from the same period in 2021 to $68.5 billion. Residential unit sales were down 31.8 per cent to 67,547 units, while the average MLS® residential price was up 11.3 per cent to $1.01 million.

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.

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