Too Tight? The Impact of Bank of Canada Tightening on BC Housing Markets: BCREA

This report was released by the BC Real Estate Association on January 18, 2022. The report discusses the implications on the BC real estate market should the Bank Of Canada increase the interest rates. This is only a “best guess” scenario as we have found that markets will do their own thing based on the local conditions (ie low inventory vs demand). Read the summary below or click the link below to read the full report.

Later this year, the Bank of Canada is widely expected to embark on its first interest rate tightening cycle since 2018. In this Market Intelligence, Too Tight? The Impact of Bank of Canada Tightening on BC Housing Markets, we will consider how high interest rates might rise and using both historical data and model simulations, we analyze how BC housing markets may be impacted.

Click here to read the full report.


Summary Findings:

  • The Bank of Canada is signalling that in response to elevated Canadian inflation, it will begin raising its policy rate or “tightening” monetary policy this year.
  • Historically, Bank of Canada tightening has led to falling home sales and flattening home prices.
  • With markets so out-of-balance, it will take a substantial decline in demand to return active listings to a healthy state.
  • Model simulations show that the most likely outcome of this round of Bank of Canada tightening will be home sales falling to near their historical averages and for home price growth to moderate, but because of severely low supply, it is unlikely to result in significant home price declines.

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.

BCREA Housing Market Update for July 2020

BC Real Estate Association (BCREA) Chief Economist Brendon Ogmundson discusses the June 2020 statistics in the latest Housing Market Update.

Sales across provincial housing markets surged coming back to pre-covid numbers. This is likely due to pent up demand and low mortgage interest rates. This has pushed the market towards a bit of a sellers market across the province.

For Kamloops there was an 11.1% increase in the number of units sold for this same time last year. The average price was also up 7.4% to $456,701. We still have low listing inventory with 1,002 active listings on the market at the end of June 2020 which is a down 21% from last year. The result of the low inventory is that Kamloops has a swiftly moving market with only 3.4 months of supply. This is one of the lowest in the Interior and Northern 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.

BC Housing Markets Bounce Back in June, BCREA

Vancouver, BC – July 14, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 8,166 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in June 2020, an increase of 16.9 per cent from June 2019. The average MLS® residential price in BC was $748,155, a 9.1 per cent increase from $685,968 recorded the previous year. Total sales dollar volume in June was $6.1 billion, a 27.5 per cent increase over 2019.

BC MLS Real estate sales Kamloops home residential market june july 2020

“Sales around the province surged back to pre-COVID-19 levels in June,” said BCREA Chief Economist Brendon Ogmundson. “While there are some temporary factors that may have pushed demand forward, we are cautiously optimistic that market activity will remain firm.”

Although listings activity has normalized along with sales, active listings are still down close to 20 per cent year-over-year and, as a result, many markets are seeing upward pressure on prices.

Year-to-date, BC residential sales dollar volume was up 0.6 per cent to $24.7 billion, compared with the same period in 2019. Residential unit sales were down 8 per cent to 32,875 units, while the average MLS® residential price was up 9.4 per cent to $751,722.

BC Provincial real estate sales statistics information home house residential 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.

Brighton Place, Aberdeen: One of Kamloops’ Newest Bare Land Strata Developments!

Brighton Place Aberdeen Kamloops Home New Construction Bare Land Strata Property Real EstateBrighton Place is located at 1323 Kinross Place in the Aberdeen Highlands development. This new development is located walking distance from Pacific Way Elementary School, local walking trails, sports fields and transportation. It is also a short drive to local shopping and City of Kamloops amenities.

Brighton Place will consist of a combination of homes which include single family, duplex style and townhouse (4 plex) style units. There are level entry rancher homes, two storey designed homes and basement entry walk up style homes. There is a home to suit everyone! Phase 1 consists of 14 units which vary on price, size and style. Click here to view the site map and Phase 1 options.

Contact us anytime with questions or to secure your home!

Brighton Place Aberdeen Home for Sale New Construction Real Estate

 

Click Here to view the rancher style homes in Phase 1 (Plan A1)

 

Brighton Place Aberdeen Home for Sale New Construction Real Estate Kirsten Mason Team Century 21 Agent Realty REMAX

 

Click Here to view the basement entry style homes in Phase 1 (Plan E)

 

Brighton Place Aberdeen Home for Sale New Construction Real Estate Kirsten Mason Team Century 21 Agent Realty REMAX

 

Click Here to view the 2-storey style homes in Phase 1 (Plan G)

 

Brighton Place Aberdeen Home for Sale New Construction Real Estate Kirsten Mason Team Century 21 Agent Realty REMAX

 

Click Here to view the 2-storey style townhomes in Phase 1 (Plan H)

 

There will be four colour schemes to choose from. The flooring throughout will be a combination of Ceramic Tile (bathrooms), Wood Grain Laminate (main living space) and Carpet (stairways & bedrooms). Each home will have a modern open great room floor plan with modern finishings and colours. There are a number of upgrades that can also be included with the home. For all information regarding finishings, upgrades and unit spec’s click here.

Each home will have a patio in the back yard area of the home and the yard will be fully fenced. The single family homes will have double wide drive way space to accommodate more than one vehicle. Every home in this development will have a fully enclosed garage and some units even have a double garage. Bare land strata fee $109.53 per unit and includes water, sewer and road maintenance. This development is pet and rental friendly!

Occupancy for homes will start late winter to early spring 2018. Contact us anytime with questions or to secure your home!

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