Category: B.C. Real Estate News

BCREA 2023 Second Quarter Housing Forecast

Vancouver, BC – May 2, 2023. The British Columbia Real Estate Association (BCREA) released its 2023 Second Quarter Housing Forecast today.

Multiple Listing Service®(MLS®) residential sales in BC are forecast to decline 6.6 per cent to 75,530 units this year. In 2024, MLS® residential sales are forecast to post a strong rebound, rising 19.3 per cent to 90,100 units.

“An uptick in home sales to start the spring, despite still high mortgage rates, indicates how much pent-up demand there is in the market waiting to be unlocked,” said BCREA Chief Economist Brendon Ogmundson. “With the Bank of Canada on hold and fixed mortgage rates still stubbornly high, home sales are unlikely to fully normalize this year.”

While home sales remain close to 25 per cent below normal, the inventory of homes for sale has not accumulated significantly as potential sellers have held off on listing their homes in a down market. While significant uncertainty surrounds the economic outlook, the current market shows no signs of financial vulnerability or highly motivated sellers. As sales recover into a low inventory market, prices will likely begin to rise month-over-month and finish the year higher than at the start. However, on an annual basis, average prices are still expected to be down about 6.1 per cent from a record high in 2022.

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.

The BCREA released it’s latest housing market update for April of 2023. BC Real Estate Association (BCREA) Chief Economist Brendon Ogmundson discusses the March 2023 statistics.

Home sales up slightly over last month but it is still a bit slower than usual in terms of sales and very low new listing activity. The number of sales are down 38.3% form last year but up 7% monht over month which is seasonally adjusted. Active listings for BC are up 25% compared to this time last year but thenumber of active listings have come down for the last two months because of the recovery in home sales. Home sales are about 20% below the normal levels for this time of year. This has led to tightening markets across the province and just over a three months supply of homes at the current rate of sales. Average price for a BC home in March was $961,000. That is 11.6% less than this time last year however the prices were near their peak in March of 2022. The average home price in BC has risen for the last two months and is now at it’s highest level since May of 2022. The MLS Home Price Composite Index is also down on a year over year basis in all markets.

In Kamloops there were 220 unit sales for March 2023 which was a 35.1% decline since last year. The average price for this past March was $576,974 equating to a 13.6% decline. There were 874 active listings that is up 81% which equates to a 4 month supply of homes. The Kamloops home supply is one of the lowest a month all of the Interior board regions.

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.

Vancouver, BC – April 13, 2023. The British Columbia Real Estate Association (BCREA) reports that a total of 7,118 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in March 2023, a decrease of 38.3 per cent from March 2022. The average MLS® residential price in BC was 961,451 down 11.6 per cent compared to the average price of close to $1.1 million in March 2022, recorded near the market’s peak. The total sales dollar volume was $6.8 billion, representing a 45.5 per cent decrease from the same time last year.

“The BC housing market is currently characterized by slow sales but also still very low levels of listings,” said BCREA Chief Economist Brendon Ogmundson. “Consequently, even though home sales remain about 20 per cent below normal levels for this time of year, the average home price in BC has now risen two months in a row, reaching its highest level since May 2022 as markets tighten due to a lack of supply.”

Active listings in the province are up 25 per cent compared to this time last year but have fallen for the second straight month in the wake of a modest recovery in home sales and continued weak new listings 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.