The BC Real Estate Association released it’s latest market report on April 18th, 2011. Click on images to enlarge.
Vancouver, BC – April 18, 2011. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province continued to climb higher in March. Compared to March of 2010, MLS® residential unit sales increased 11.5 per cent to 8,600 units. The average MLS® residential price rose 15 per cent to $594,157 in March compared to the same month last year.
“We continue to observe a two-speed market in BC, with surging consumer demand in Metro Vancouver overshadowing more moderate demand in other regions,” said Cameron Muir, BCREA Chief Economist. “Vigorous consumer demand drove Greater Vancouver to its most active March since 2004, while the Fraser Valley had its strongest March in four years. Conversely, sales activity in other BC markets is expanding at a pace more inline with overall economic growth.”
Year-to-date, BC residential sales dollar volume increased 21 per cent to $11.14 billion, compared to the same period last year. Residential unit sales increased 4.7 per cent to 19,147 units. The average MLS® residential price rose 15.4 per cent to $582,021 over the same period.
Vancouver, BC – March 14, 2011. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 5 per cent in February from January 2011, on a seasonally adjusted basis. Compared to February of 2010, MLS® residential unit sales increased 8 per cent to 6,410 units. The average MLS® residential price rose 18 per cent to $587,571 in February compared to the same month last year.
“The surge in consumer demand in Metro Vancouver continues to propel the provincial statistics higher,” said Cameron Muir, BCREA Chief Economist. “Elevated sales activity in Vancouver’s pricier communities has pushed average home prices higher than market conditions would suggest.” Compared to February 2010, the average MLS® residential price in Vancouver has climbed more than 19 per cent, whereas the Benchmark or typical home price has increased a more modest 4 per cent.
Year-to-date, BC residential sales dollar volume increased 15 per cent $6.03 billion, compared to the same period last year. Residential unit sales remained relatively unchanged, albeit down by 0.3 per cent to 10,547 units. The average MLS® residential price climbed 15.6 per cent to $572,121 over the same period.
Central 1 Credit Union released their latest market report on March 2nd, 2011. Click on the charts to enlarge
VANCOUVER — Home sales in British Columbia will rise about 7 per cent in 2011 and the median price will set a new record of $402,000, according to the latest B.C. Housing Forecast 2011-2013, released today by Central 1 Credit Union.
Total home sales will rise to 95,500 units, rebounding from a 10.5 per cent drop in 2010 as both resale and new home sales will increase. Sales will increase another 2 per cent in 2012 and a healthy 15 per cent in 2013. “Even after those gains, sales will be below the levels we saw from 2002 to 2007,” said Central 1 economist Bryan Yu. “Low, but rising, interest rates and tighter mortgage insurance rules will restrict sales for the next few years.”
This year, sales will be stronger in the first few months as buyers move to beat the tougher mortgage insurance rules that take effect on March 18. “Metro Vancouver will observe the strongest uptick in early-year activity, given the higher proportion of local buyers and higher prices in those areas,” added Yu. During the three-year forecast period, home sales are expected to be strongest in the Metro Vancouver area and in Northern B.C.
Despite tightened mortgage insurance rules and modest increases in mortgage rates, stable levels of net in-migration and improved economic conditions will bolster sales in Metro Vancouver. The economy in the north will continue to benefit from strong commodity markets and trade-related activity, which will keep housing activity on an upward trend through the forecast horizon.
The weak links in B.C.’s housing market will remain areas with a high exposure to external recreational and retiree buyer demand. Housing markets in the Okanagan, the Kootenays and parts of Vancouver Island will continue to see weaker demand conditions in 2011 as mortgage rates rise and buyers remain hesitant to make discretionary and luxury purchases. These markets will observe significant rebounds in 2012 and 2013 as buyers take advantage of lower prices and retiree and recreational demand strengthens on improved economic conditions.
Following flat activity in 2011, housing sales in the Thompson-Okanagan region are forecast to rise 8 per cent in 2012 while the Kootenays will see 10 per cent growth. Both markets are forecast to record more than 20 per cent gains in sales in 2013.
This year, posted five-year fixed-term mortgage rates will range from an average of 5.4 per cent in the first quarter to 5.9 per cent in the fourth quarter. The average rate is projected to rise to 6.65 per cent in the fourth quarter of 2012.
This report was released by the British Columbia Real Estate Association on February 23rd, 2011.
Vancouver, BC – February 23, 2011. The British Columbia Real Estate Association (BCREA) released its Housing Forecast for the first quarter of 2011 today.
BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 8 per cent from 74,640 units in 2010 to 80,900 units this year, and increase another 4 per cent to 83,950 units in 2012.
“British Columbia housing markets are returning to normalcy after two years of volatility,” said Cameron Muir, BCREA Chief Economist. “Employment and population growth will fuel consumer demand over the next two years. However, higher mortgage interest rates and tighter credit conditions for low equity home buyers will limit home sales to below the ten-year average of 87,600 units.”
“Total active residential listings in the province declined 14 per cent since last spring. However, the inventory of homes for sale is expected to edge higher as the number of new listings to the market advances during the first two quarters of 2011,” added Muir. “Regional market differences continue in the province, with Vancouver trending into a seller’s market, while the Okanagan, Kootenay and Kamloops markets trend from a buyer’s market toward balanced conditions.”
The average MLS® residential price is forecast to increase 2 per cent to $517,000 this year and remain relatively unchanged in 2012, albeit declining by 0.4 per cent to $515,400.
(MLS®) residential sales in the province continued to climb higher in March. Compared to March of 2010, MLS® residential unit sales increased 11.5 per cent to 8,600 units. The average MLS® residential price rose 15 per cent to $594,157 in March compared to the same month last year.
