Category: B.C. Real Estate News

BCREA 2022 Second Quarter Housing Forecast

Vancouver, BC – May 31, 2022. The British Columbia Real Estate Association (BCREA) released its 2022 Second Quarter Housing Forecast today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 22 per cent from a record high 2021 to 97,240 units this year. In 2023, MLS® residential sales are forecast to fall an additional 12.4 per cent to 85,150 units.

“After a strong first quarter, BC markets are now adjusting to a much different interest rate environment,” said BCREA Chief Economist Brendon Ogmundson. “With mortgage rates surpassing 4 per cent for the first time in over a decade, the housing market over the next two years may have very little resemblance to the housing market of the past year.”

On the supply side, we have begun to see active listings move off of record lows and re-sale inventories trend back toward balance. However, because inventories reached such low levels over the past year, the journey back to balance may take up to a year or more in some areas. As markets adjust to the new interest rate landscape, we anticipate that prices may be somewhat volatile but will ultimately flatten out through 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.

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Vancouver, BC – March 14, 2022. The British Columbia Real Estate Association (BCREA) reports that a total of 8,902 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in February 2022, a decrease of 18.8 per cent from February 2021. The average MLS® residential price in BC was $1.109 million, a 24.9 per cent increase from $887,866 recorded in February 2021. Total sales dollar volume was $9.9 billion, a 1.5 per cent increase from the same time last year.

“While sales are not keeping pace with the unprecedented level of activity we saw this time last year, demand continues to be quite strong,” said BCREA Chief Economist Brendon Ogmundson. “There are some encouraging signs that listings are recovering from historical lows, but there is a very long way to go before markets achieve balance.”

Provincial active listings were 19 per cent lower than this time last year with the total inventory of homes for sale in the province at just 16,000 units. That level of inventory is well below the roughly 40,000 listings needed for a balanced market.

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 Real Estate Association (BCREA) has released it’s latest Housing Market Update where Chief Economist Brendon Ogmundson discusses the January 2022 statistics.

Sales activity across the province was down about 15% from a record January 2021 however it remained above the long term average levels. Home sales year over year were essentially flat from December 2021. Active listings in the province are still at historically low levels. Active listings were down 36% year over year which equated to 13,000 listings. For historical context in a balanced market you would see active listings closer to the 40,000 mark. This imbalance has kept markets all over BC very tight. MLS average price for BC was up 23.5% year over year in January. Average prices in the interior are up significantly compared to this time last year.

The average home price in Kamloops was $631,032 which is a 25% year over year change. There were 189 unit sales, down 24.4%. There were 363 active listings down 25.9% which equated to 1.9 months worth of supply.

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.