The Association of Interior Realtors has released the latest Statistics for January 2024. Click on the image below to enlarge or PDF documents included in the links below.
Vancouver, BC – January 25, 2024. The British Columbia Real Estate Association (BCREA) released its 2024 First Quarter Housing Forecast Update today.
Multiple Listing Service® (MLS®) residential sales in BC are forecast to increase 7.8 per cent to 78,775 units this year. In 2025, MLS® residential sales are forecasted to strengthen further, rising to 86,475 units
“In 2023, the housing market faced headwinds due to elevated mortgage rates, but the recent decline in fixed mortgage rates and potential Bank of Canada rate cuts present an optimistic outlook for 2024,” said Brendon Ogmundson, Chief Economist. “As we navigate through 2024, we expect a delicate balance between rising sales and normalizing inventories, which should lead to a relatively quiet year for prices.”
With substantial progress in bringing inflation back to 2 per cent and a softening in economic growth and employment, there is less necessity for monetary policy to remain stringent. Therefore, we anticipate the Bank of Canada will begin to lower its policy rate this year, leading to higher provincial home sales. The ultimate impact on prices hinges entirely on how inventory evolves this year. While risks to the economy remain, our view is that new listings normalize following a lull in activity last year. That normalization of new listing activity should result in a more balanced market this year with relatively stable pricing.
Click here to visit to BCREA’s website. To view other statistics for the Kamloops and BC real estate market click here.
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“Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.
Vancouver, BC – January 15, 2024. The British Columbia Real Estate Association (BCREA) reports that 73,109 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in 2023, a 9.2 per cent decline from 80,506 units sold in 2022. The annual average MLS® residential price in BC was $971,144, a 2.6 per cent decrease from $996,943 recorded the previous year. Total sales dollar volume was $71 billion, an 11.5 per cent decline from 2022.
“The highest mortgage rates in over 15 years led to the slowest sales in a decade for BC,” said BCREA Chief Economist Brendon Ogmundson. “With mortgage rates falling to start the year and the potential for Bank of Canada rate cuts on the horizon, the outlook for 2024 appears much brighter.”
A total of 3,596 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in December 2023, an increase of 2.6 per cent from December 2022. The average MLS® residential price in BC was $965,447 a 6.5 per cent increase from $906,356 recorded in December 2022. Total sales dollar volume was $3.5 billion, a 9.3 per cent increase from the same time last year.
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 Association of Interior Realtors has released the latest Statistics for December, 4th Quarter & Annual 2023. Click on the image below to enlarge or PDF documents included in the links below.
