The Association of Interior Realtors has released the latest Statistics for September & Quarter 3 2024. Click on the image below to enlarge or PDF documents included in the links below.
The Association of Interior Realtors has released the latest Statistics for August 2024. Click on the image below to enlarge or PDF documents included in the links below.
Vancouver, BC – September 11, 2024. The British Columbia Real Estate Association (BCREA) reports that 5,943 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in August 2024, a 10 per cent decrease from August 2023. The average MLS® residential price in BC in August 2024 was down 1.7 per cent at $938,500 compared to an average price of $955,063 in August 2023.
The total sales dollar volume was $5.6 billion, an 11.5 per cent decline from the same time the previous year. BC MLS® unit sales were 22 per cent lower than the ten-year average for August. “After some encouraging signs of recovery in early summer, sales slowed again in August,” said BCREA Chief Economist Brendon Ogmundson. “However, with the Bank of Canada lowering rates for a third consecutive time and with fixed mortgage rates falling, we expect market activity to pick up in the fall.”
Year-to-date, BC residential sales dollar volume is down 3.3 per cent to $50.8 billion, compared with the same period in 2023. Residential unit sales are down by 4.6 per cent year-over-year at 51,505 units, while the average MLS® residential price is up 1.4 per cent to $985,609.
Click hereto visit to BCREA’s website. To view other statistics for the Kamloops and BC real estate marketclick here.
If you want to be kept informed on Kamloops Real Estate, News and more visit ourFacebook 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
How British Columbia can meet its housing supply targets and meaningfully improve housing affordability in the province
To view the full interactive BCREA Market Intelligence report, click here. To view the latest Market Intelligence report PDF, click here.
Vancouver, BC – September 5, 2024. Despite recent government attempts to address BC’s ongoing housing crisis, a new economic report from the BC Real Estate Association (BCREA) indicates that even the current, elevated pace of construction will be insufficient to improve affordability in the province.
According to the latest BCREA Market Intelligence report, moving the needle of affordability and meeting the province’s housing targets will require aggressive reforms. These include significant expansion of the construction workforce, improved efficiency throughout the home-creation process, and collaboration between the construction sector and multiple levels of government.
Summary of Findings:
A status quo level of homebuilding will not be enough to meaningfully improve affordability over the next ten years.
Improving affordability will likely require a large expansion of construction production capacity to hit provincial targets.
Construction labour force expansion will be necessary but not sufficient. We also need a significant boost to productivity in the construction sector.
Building a record amount of new housing is going to require an unprecedented level of financial investment on the part of government and developers.
What this report hopefully shows is that, while ambitious, achieving bold housing supply targets is possible and, indeed, crucial to meaningfully improving housing affordability for British Columbians,” says BCREA Chief Economist Brendon Ogmundson. “However, it will require a coordinated effort from the government and the development sector, and probably a bit of luck.”
The report concludes that several other factors, including increased capital stock, regulatory streamlining, and financing incentives, will likely be needed to enable the construction expansion necessary to improve BC housing affordability.
Click hereto visit to BCREA’s website. To view other statistics for the Kamloops and BC real estate marketclick here.
If you want to be kept informed on Kamloops Real Estate, News and more visit ourFacebook 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
