Category: B.C. Real Estate News

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Vancouver, BC – January 13, 2014.  The British Columbia Real Estate Association (BCREA) reports that a total of 72,936 residential sales were recorded by the Multiple Listing Service® (MLS®) in BC during 2013, up 7.8 per cent from 2012. The five-year average is 75,400 units, while the ten-year average is 84,800 units. Total sales dollar volume was $39.2 billion, an increase of 12.6 per cent compared to 2012. The average annual MLS® residential price in the province rose to $537,414 last year, up 4.4 per cent from 2012.

“After declining nearly 12 per cent in 2012, home sales posted steady growth through last year,” said Cameron Muir, BCREA Chief Economist. “Greater Vancouver, Kamloops and Okanagan Mainline board areas posted the most significant changes, with home sales rising between 12.5 and 14 per cent. Stronger consumer demand combined with fewer homes listed for sale improved market conditions in most regions last year.”

In December, BC residential unit sales rose 47 per cent to 4,426 units, compared to December 2012. Total dollar volume was 67.7 per cent higher at $2.5 billion, while the average MLS® residential price rose 14.1 per cent to $568,416.

“Large year-over-year changes in December reflect relatively weak activity the previous year rather than evidence of an accelerating market,” added Muir.

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Vancouver, BC – October 15, 2013.  The British Columbia Real Estate Association (BCREA) reports that a total of 6,498 residential sales were recorded by the Multiple Listing Service® (MLS®) in BC during September, up 43.2 per cent from September 2012. Total sales dollar volume was 55.7 per cent higher than a year ago at $3.49 billion. The average MLS® residential price in the province was $537,458, up 8.8 per cent from September 2012.

“Consumer demand for housing in September was the strongest in four years,” said Cameron Muir, BCREA Chief Economist. “After declining for most of 2012, BC home sales have increased now for seven consecutive months.”

“While a return to a more normal level of demand is good news for buyers and sellers, relatively weak economic conditions and muted provincial job growth will likely limit continued acceleration of home sales over the next few quarters,” added Muir.

Year-to-date, BC residential sales dollar volume was up 5.7 per cent to $30 billion, compared to the same period last year. Residential unit sales were up 3.1 per cent to 56,347 units, while the average MLS® residential price was up 2.6 per cent at $532,745.

Vancouver, BC – August 22, 2013. The British Columbia Real Estate Association (BCREA) released its 2013 Third Quarter Housing Forecast Update today.

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BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 3.9 per cent to 70,300 units this year, before increasing a further 6.1 per cent to 74,600 units in 2014. The five-year average is 74,600 unit sales, while the ten-year average is 86,800 unit sales. A record 106,300 MLS® residential sales were recorded in 2005.

“After a marked pull back of consumer demand in 2012, the housing market is now transitioning to more elevated home buying activity,” said Cameron Muir, BCREA Chief Economist. “However, the effect of sluggish employment growth this year is expected to spill over into 2014, limiting housing demand to a 6 per cent increase, with total home sales matching the 5 year average.”

“The average MLS® residential price in the province has been revised from remaining unchanged to increasing 3.3 per cent to $531,700 this year. A stronger than expected decline in the inventory of homes for sale has created balanced market conditions in the Lower Mainland, causing home prices to align more closely with overall consumer price inflation,” added Muir. The average MLS® residential price in BC is forecast to increase 2.2 per cent to 543,400 in 2014.