MLS Listings, News & Statistics
The Kamloops and District Real Estate Association has released it’s latest statistics for February 2013. Click on the image to enlarge.
Kamloops Real Estate Sales by subarea February 2013
Kamloops Real Estate Comparative analysis by property type February 2013
Kamloops Real Estate MLS Activity February 2013
For the second month in a row, the value of building permits issued in Kamloops has exceeded 2012 monthly totals.
The city doled out $6.6-million worth of permits in February, compared to $4.2 million in the same period in 2012.
But, bucking the trend of late, February’s surge wasn’t driven by commercial construction.
Commercial projects accounted for only $814,091 of the month’s totals, while residential-permit values totaled $5.7 million.
In 2012, residential construction accounted for only $1.3 million of permit value.
Multi-family projects accounted for the greatest amount of permit value, at $3.1 million.
Development and engineering director Marvin Kwiatkowski said that’s a trend that will likely continue.
“It’ll be higher than last year and you see that already,” he said.
A number of larger projects have yet to come through and the city is predicting it will add about 220 multi-family dwelling units by year’s end.
After a run of big-ticket commercial projects in previous months, Kwiatkowski said there aren’t many more major builds on the horizon.
On the institutional side, however, the city is expecting a $30-million bump from permits for the Royal Inland Hospital’s new clinical- services and parking building some time this year.
So far, the city has handed out $23.4 million in permits for 2013, compared to $18.8 million at this time last year.
By Andrea Klassen – Kamloops This Week
OTTAWA, February 22, 2013 — Moderation in economic and employment growth in the second half of 2012 has led to more modest housing demand. With continued moderation expected in the first half of 2013, total annual housing starts are expected to be lower in 2013 relative to 2012, according to Canada Mortgage and Housing Corporation’s (CMHC) first quarter 2013 Housing Market Outlook, Canada Edition1.
As fundamentals, including employment, economic growth and net migration are expected to gain momentum later in 2013 and in 2014, housing starts are expected to trend slightly higher next year.
“CMHC expects housing construction activity will trend lower in the first half of 2013, before gaining more momentum by the end of the year as economic and employment growth remain supportive of the Canadian housing market,” said Mathieu Laberge, Deputy Chief Economist for CMHC. “In 2014, improving economic conditions may be partially offset by a slight moderation in the number of first-time homebuyers, and potential small and steady increases in mortgage interest rates.”
On an annual basis, housing starts are expected to range between 178,600 to 202,000 units in 2013, with a point forecast of 190,300 units, following a level of 214,827 units in 2012. In 2014, housing starts are expected to range from 171,200 to 217,000 units, with a point forecast of 194,100 units.
Existing home sales are expected to range between 418,200 to 484,000 units in 2013, with a point forecast of 451,100 units, following a level of 453,372 in 2012. In 2014, Multiple Listing Service® (MLS®2) sales are expected to range from 439,600 to 505,000 units, with an increase in the point forecast to 472,300 units.
The average MLS® price is forecast to be between $356,500 and $378,500 in 2013 and between $363,800 and $390,800 in 2014. CMHC’s point forecast for the average MLS® price calls for a 1 per cent gain to $367,500 in 2013 and a further 2.7 per cent gain to $377,300 in 2014.
As Canada’s national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.
BC Real Estate Association (BCREA) Chief Economist Cameron Muir discusses the January 2013 statistics. The real estate statistics for Kamloops pertaining to this post can be found here.