Moderate Growth in Housing Demand Through 2012: BCREA 2011 3rd Quarter Housing Forecast Update

B.C. Real Estate News, Kamloops Real Estate Statistics
MLS Residential Sales BC August 2011

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Vancouver, BC – August 25, 2011. The British Columbia Real Estate Association (BCREA) released its 2011 Third Quarter Housing Forecast Update today. BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 3.8 per cent from 74,640 units in 2010 to 77,500 units this year, increasing a further 3.6 per cent to 80,300 units in 2012.

“Slower than expected employment growth is expected to keep BC home sales below their ten-year average through 2012,” said Cameron Muir, BCREA Chief Economist. “However, weaker global economic growth and recent uncertainty in the equity markets points to continued low mortgage interest rates which will help underpin housing demand.”

“Following a decade where unit sales broke all records, consumer demand over the next few years will be relatively moderate,” added Muir. The ten-year BC MLS® residential sales average is 87,600 units. A record 106,300 MLS® residential sales were recorded in 2005.

 

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B.C. Sales Stall in July, but Drop in Interest Rates Could Reignite Activity

B.C. Real Estate News, Kamloops Real Estate News

This article appeared on the CanadianRealEstateMagazine.ca on August 12th, 2011.

British Columbia suffered a major dip in home sales during July, but the situation could get better if interest rates drop, according to a new report by the British Columbia Real Estate Association (BCREA).

Sales were up 12.9% in July compared to a year ago, while average prices were up 10% over the same period. But even with adjusting for the typical drop in July activity, seasonally-adjusted sales are trending down in the province.

BCREA said seasonally adjusted sale fell 4% in July from June. The raw numbers pointed to larger downward trend, with sales dropping 17% to 6,533 in July from 7,904 sales in June

Rising prices in the province might be putting off interest from potential buyers, however. The average price is now $540,877, according to the BCREA’s report on July stats.

“Less frenetic activity in Vancouver operated to pull total provincial sales lower,” said BCREA Chief Economist Cameron Muir.

Recent global financial uncertainty, especially in the U.S., could help pull mortgage rates in Canada even lower, however, spurring another surge in sales, Muir said.

“The increased affordability and added purchasing power from lower mortgage rates will help bolster housing demand,” he said.

While the average residential price in Greater Vancouver is now $761,763 and 15.8% higher than a year ago, the rest of the province showed more modest results.

Prices are up 9.7% in Fraser Valley to $503,931, and up just 0.5% in Okanagan Mainline to an average of $408,035.

B.C. Northern was the most affordable location last year with an average price of $211,542, but that’s now up 7% to reach $226,359.

In Northern Lights, where the average was $239,955 last year, it’s now the province’s lowest after dropping 8.3% to reach $220,060. Kamloops also dropped 7.6% since last year to reach an average in July of $287,005.

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Jim Pattison Group Hopeful on Tobiano’s Future

Kamloops Real Estate News

This article appeared in the Kamloops This Week on August 10th, 2011 and was written by Jeremy Deutsch.

Tobiano Golf Green view Kamloops Homes For SaleOne of the largest group of companies in the country is eagerly waiting to see who will take the reins of the financially troubled Tobiano resort.

The Jim Pattison Group​, which owns a 13-acre parcel of land within Tobiano, told KTW it is optimistic a new owner will be found, one who can carry on with the original plans of the resort.

“We’re hopeful that a new owner with a vision comes in that could carry it out and help build [Tobiano] out over time. That will be the best thing for the project,” said Michael Lee, vice-president of developments for the Jim Pattison Group.

The company bought the parcel of land in hopes of one day developing the space into townhomes.

But, citing the recent economic struggles in the golf-resort market, Lee said it’s unlikely such a project will get started any time soon.

“Until that [the market] turns around, I don’t think we would be confident enough to move forward,” he said.

Word of the resort’s financial woes broke in June, after the real-estate side of the resort and golf course was ordered into receivership by a B.C. Supreme Court.

Pagebrook Inc. and Kamlands Holdings Ltd., companies owned by developer Mike Grenier, owe the Bank of Montreal debts totalling roughly $26 million.

Meantime, the Bowra Group, which was appointed receiver of the golf resort by the court, has since put together a sales package for about 100 potential buyers.

Douglas Chivers, a representative with the Bowra Group, said the company intends to start a larger sales campaign by taking out ads in national publications such as the Globe and Mail newspaper and Financial Post magazine.

He noted the company has received some interest in the resort, mostly from local people and groups in B.C. and Alberta.

“It’s a little early for a lot of people,” Chivers said.

The deadline for offers is Sept. 30.

Afterward, the receiver will review the offers and begin negotiations with interested buyers.

A local group called Save Tobiano has come forward with the goal to keep the course locally owned and open to the public.

Its website, found here, seeks ideas from the public to help keep the resort locally owned.

Chivers said Bowra Group is also trying to get some form of a marina in place at the resort.

The financial downfall of the resort was in part blamed on the inability by the developer to secure funding to build a marina.

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