Category: B.C. Real Estate News

British Columbia Real Estate News Stories And Articles

BCREA: Unprecedented Pace of Construction Needed to Offset the Impact of Record Immigration to BC

B.C. Real Estate News

Housing demand impact of record-high immigration is five times as large as the Foreign Buyers Ban: report

Vancouver, BC – March 28, 2023. To fully offset a deterioration in housing affordability, new home completions in BC need to increase 25 per cent above their historical average level for the next five years to a record level of about 43,000 completions per year, a new report has revealed.

According to the latest Market Intelligence report from the BC Real Estate Association (BCREA), two significant federal government policies – the Foreign Buyers Ban and record-high immigration targets – will shape housing demand in BC over the next three years.

Summary Findings:

  • There is weak evidence that Canada’s Foreign Buyers Ban will achieve its objective of lowering home prices, with an estimated reduction in home sales of 2,400 units in BC over the two-year ban.
  • BC will welcome an estimated 217,500 new permanent residents from 2023 to 2025 or 100,500 more new permanent residents than would be expected based on historical average immigration levels. This translates to a 20,500-unit increase in housing demand from new permanent residents.
  • The demand impact of the increase in immigration is approximately five times as large as the Foreign Buyers Ban and is estimated to place significant upward pressure on home prices.


Read the Report


“Lowering price growth so that income growth can catch up to prices is integral to improving housing affordability in BC,” says Brendon Ogmundson, BCREA Chief Economist. “In our simulations, an appropriate supply response can offset the negative impact on affordability from an immigration-driven demand shock and if sustained, can achieve a permanent improvement in affordability in BC.

Immigration plays a vital role in the economy by supporting economic growth, creating job opportunities, and bringing diversity to communities. However, as detailed in this report, immigration also adds significantly to housing demand. As the population continues to grow and global migration patterns persist, it is essential to create policies and programs that support and welcome immigrants while addressing the consequent pressures on an already stressed housing market.

“To ease the pressure on the housing market that arises from sudden changes in housing demand, governments can take steps to increase housing supply,” Ogmundson adds, “This can include zoning changes to allow for more housing construction, increasing funding for affordable housing programs, and providing incentives for developers to build more housing units.”

Additional economics information is available here on BCREA’s website.

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.

“Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.

BCREA: Provincial Housing Market Showing Signs of Recovery Heading into Spring

B.C. Real Estate News, Kamloops Real Estate Statistics

Vancouver, BC – March 13, 2023. The British Columbia Real Estate Association (BCREA) reports that a total of 4,775 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in February 2023, a decrease of 46.5 per cent from February 2022. The average MLS® residential price in BC in 2023 was 941,575, down 14.7 per cent compared to the average price of over $1.1 million in February 2022, recorded at the market’s peak. The total sales dollar volume was $4.5 billion, representing a 54.4 per cent decrease from the same time in the previous year.

“While activity across provincial housing markets remains well below normal,” said BCREA Chief Economist Brendon Ogmundson. “There are encouraging signs that the market is balancing out. Home sales rose month-over-month in most markets, and prices appear to be firming up in the face of low supply.”

Worth mentioning, the provincial MLS® average price was up 8.5 per cent month-over-month to its highest level since July 2022, partially due to a more stable market but also because of the composition of sales reverting to a more normal mix following low sales of single detached homes through the Lower Mainland in January.

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.

“Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.

BCREA Housing Market Update for January 2023

B.C. Real Estate News, Kamloops Real Estate News

BC Real Estate Association (BCREA) Chief Economist Brendon Ogmundson discusses the January 2023 statistics.

The BC real estate market is off to a slow start for 2023. Sales in the province are down 50.3% yaer over year. January is typically is a slower month for sales, the sales volume for this January is the lowest since January 2009. The invetory is up from January of 2022 however the inventory of home sales is still below the normal number for the month of January. Presently with the sales activity levels it puts the market in more of a balanced territory however it is close to dipping into the buyer’s market range.

The average price provincially was down 16.5% year over year. The sales have shifted away from the more expensive housing to more affordable home sales. Sales of single family detached homes in the lower mainland have dropped quite a bit.

The MLS Composite Price Index shows a 5.9% decline in the Interior region. In comparison Vancouver saw a 6.6% decline, Fraser Valley 15.1%, Victoria 1.3%, Vancouver Island 3.7% and 21.9% in Chilliwack.

Kamloops saw 115 unit sales for January 2023. That is a 38.8% decline year over year. The average price is a $552,976 which is a 12.3% adjustment. Kamloops presently has 752 active listings at the end of January which is 107.2% increase from last January and that equates to 6.5 months worth of supply. Kamloops actually has a lower ‘month of supply’ than other regions with the Okanagan at 9.4 months, South Peace River at 10 months, Kootenay 7.5 months, BC Northern 9.9 months, Greater Vancouver 7.6 months. The only two regions that have a lower month’s worth of supply is the Fraser Valley and Victoria.

There are buyers out looking for homes in Kamloops, we have found that there aren’t a ton of options for buyers in some price segments. It will be interesting to see how the 2023 real estate market pans out for the region. Kamloops seems to be a bit of a unique city where there are a lot of relocations for jobs and the city continues to grow.

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.

“Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.

Housing Market Activity Off to a Slow Start in 2023, BCREA

B.C. Real Estate News, Kamloops Real Estate Statistics

Vancouver, BC – February 14, 2023. The British Columbia Real Estate Association (BCREA) reports that a total of 3,047 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in January 2023, a decrease of 50.3 per cent from January 2022. The average MLS® residential price in BC in 2023 has seen a dip to $872,934, down 16.1% compared to the average price of over $1 million in January 2022, which was recorded near the peak of the market. The total sales dollar volume was $2.7 billion, representing a 58.3% decrease from the same time in the previous year.

“Provincial sales are off to a slow start in 2023 as activity continues to be weighed down by high borrowing costs,” said BCREA Chief Economist Brendon Ogmundson. “While average prices have flattened out in many markets over the past few months, year-over-year measures reflect the decline that occurred from the peak in 2022, as well as a marked shift in the composition of sales away from more expensive homes.”

The total number of active listings has significantly increased compared to the record low level recorded at the start of 2022. However, at just under 22,000 total listings, the inventory of homes for sales remains well below normal for January as a scarcity of new listings in many markets has muted the impact of slow sales activity.

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.

“Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.

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