Kamloops Real Estate Blog

BC Real Estate Association (BCREA) Economist Brendon Ogmundson discusses the November 2016 statistics.

Vancouver, BC – December 15, 2016. The British Columbia Real Estate Association (BCREA) reports that 6,419 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November, down 20.1 per cent from the same month last year. Total sales dollar volume was $4.02 billion in November, a decline of 25.2 per cent compared to the previous year. The average MLS® residential price in the province was $625,871, a decline of 6.4 per cent compared to the same month last year.

“Moderating consumer demand in the province’s largest population centres continues to trend home sales toward the ten-year average,” said Cameron Muir, BCREA Chief Economist. The seasonally adjusted annual rate of MLS® residential sales was approximately 89,000 units last month. The ten-year average is 83,000 unit sales, while the 15-year average is 85,300 unit sales.

“A relatively higher number of transactions outside of the Lower Mainland is largely responsible for pulling the provincial average MLS® price lower,” added Muir.

Year-to-date, BC residential sales dollar volume increased 22.8 per cent to $74.5 billion, when compared with the same period in 2015. Residential unit sales climbed by 12.1 per cent to 107,488 units, while the average MLS® residential price was up 9.6 per cent to $692,745.

Vancouver, BC – November 29, 2016. The British Columbia Real Estate Association (BCREA) released its 2016 Fourth Quarter Housing Forecast today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to climb 11 per cent to a record 113,800 units this year, eclipsing the previous record of 106,310 units in 2005. Less robust economic conditions combined with government policy constraints are expected to slow housing demand by more than 15 per cent to 96,300 units in 2017. However, housing demand is expected to remain well above the ten-year average of 85,000 unit sales.

“”Housing demand across the province is expected to moderate next year as declining affordability related to rising prices and government policy interventions limit the number of eligible buyers,” said Cameron Muir, BCREA Chief Economist. “However, while home sales are not expected to repeat this year’s record performance, consumer demand is expected to remain well above the ten-year average.”

The average MLS® residential price in the province is forecast to increase 9.8 per cent to $698,900 this year. The supply of homes for sale is expected to trend higher next year as moderating demand is met with added new home completions. A trend toward more balance in the market will unfold next year and exert less upward pressure on home prices. In addition, a larger contraction in the number high-end home sales will contribute to moving the aggregate average price statistic lower. As a result, the average MLS® residential price in the province is forecast to decline 6.4 per cent to $654,200 in 2017.

BC Real Estate Association (BCREA) Chief Economist Cameron Muir discusses the October 2016 statistics.