Kamloops Real Estate Blog

According to British Columbia Real Estate Association’s Housing Forecast Table. The Multiple Listing Service (MLS) average price for Kamloops and District for 2007 was $275,690. The forecast for the MLS 2008 average price is $306,000 and $270,000 for 2009. Don’t feel too bad. It’s just a forecast after all.

Vancouver, BC – October 29, 2008. The British Columbia Real Estate Association (BCREA) released its fall 2008 Housing Forecast today.

BC Multiple Listing Service (MLS) residential sales are forecast to decline 28 per cent from 102,805 units in 2007 to 73,700 units this year. A modest 4 per cent increase to 76,500 units is forecast for 2009.

“The erosion of consumer confidence that began with rising fuel prices earlier in the year is continuing, as the global financial crisis and volatile equity marketshave BC households concerned about their own finances,” said Cameron Muir, Chief Economist.

A weaker provincial economy is expected to increasethe jobless rate from 4.4 per cent this year to 4.9 percent in 2009. “While some job losses will occur next year, BC households will remain on a relatively solid financial footing,” added Muir.

The average MLS residential price is forecast toincrease 3 per cent to $453,000 this year. However, home prices peaked in the first quarter and have been edging lower for several months. For 2009, the average price is forecast to decline 9 per cent to $413,000, with most of the decrease having already occurred by the end this year.

Downward pressure on home prices is expected to ease by the second quarter of 2009, as an increase in affordability and consumer confidence induces a modest growth in sales. The inventory of homes for sale is also expected to decline in the coming months as potential home sellers delay putting their homes on the market until conditions improve.

You can find the pdf here:

The British Columbia Real Estate Association fall 2008 Housing Forecast

Vancouver, BC – October 15, 2008. British Columbia Real Estate Association (BCREA) reports residential sales dollar volume on the Multiple Listing Service (MLS) in BC declined 39 per cent to $2.1 billion in September, compared to September 2007. Residential unit sales were down 34 per cent to 5,107 units during the same period. The average MLS residential price in the province was $412,149, down 7 per cent from September 2007.

“Weaker consumer demand and a large number of homes for sale are having an impact on home prices in the province,” said Cameron Muir, BCREA Chief Economist. “Despite relatively strong fundamentals, consumer confidence is low.

The global liquidity crisis and volatile equity markets are intensifying this sentiment, causing many households to pull back spending on major purchases.”

“However, affordability is improving,” added Muir. “The carrying cost of the average home in the province is now lower than at any time since the end of 2006.”

Year-to-date MLS residential sales dollar volume in the province declined 24 per cent to $27.5 billion compared to the same period last year. Provincial MLS sales declined 28 per cent to 59,742 units, while the average residential price increased 6 per cent to $460,621 over the same period.

Full story and graphs in the pdf link below.

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