Vancouver Real Estate Blog

British Columbia Real Estate Association Reported That Sales Volume Drops By 26.5% Due To Lack Of High End Home Sales

The British Columbia RealEstate Association (BCREA) reports that the dollar volume of homes sold throughMultiple Listing Service® (MLS®) in BC declined 26.5 per cent to $3.8 billionin March compared to the same month last year. A total of 6,882 MLS®
residential unit sales were recorded over the same period, a decline of 20 per
cent. The average MLS® residential price was $545,959 in March, 8.1 per cent
lower than in March 2011.

The spike in consumer demand recorded a year ago was not
repeated last month,” said Cameron Muir, BCREA Chief Economist. “A marked
increase in high-end home sales a year ago pushed up unit sales and skewed
average prices higher, so it’s no surprise to see fewer home sales and lower
average prices in March of this year."

Year-to-date, BC residential sales dollar volume
declined 17 per cent to $9.2 billion, compared to the same period last year.
Residential unit sales dipped 12.7 per cent to 16,724 units, while the average
MLS® residential price edged back 5 per cent to $552,785 over the same period

9.6% Decline In Dollar Volume Through MLS Reports British Columbia Real Estate Association

  Vancouver, BC – March 15, 2012. The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through Multiple Listing Service® (MLS®) in BC declined 9.6 per cent to $3.4 billion in February compared to the same month last year. A total of 5,923 MLS® residential unit sales were recorded over the same period, a decline of 7.6 per cent. The average MLS® residential price was $574,975 in February, 2.1 per cent lower than in February 2011.

"Sales gains in the interior and the north were offset again in February by less robust demand on the south coast," said Cameron Muir, BCREA Chief Economist. Improving economic conditions in both BC and Alberta are positively influencing consumer demand outside of large urban areas, closing the gap between regional housing markets.

Year-to-date, BC residential sales dollar volume declined 9.2 per cent to $5.5 billion, compared to the same period last year. Residential unit sales dipped 6.8 per cent to 9,828 units, while the average MLS® residential price edged back 2.5 per cent to $557,732 over the same period

Home Sales Increase Last Year (2011) Reports The British Columbia Real Estate Association

Vancouver, BC – January 13, 2012. The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through Multiple Listing Service® (MLS®) in BC climbed 14.3 per cent to $43.1 billion in 2011. A total of 76,817 homes were sold in BC in 2011, up 2.9 per cent from 2010. The average annual MLS® residential price climbed 11.1 per cent to $561,026 over the same period.

 

"Low mortgage interest rates and gradually improving economic conditions contributed to a moderate increase in consumer demand last year," said Cameron Muir, BCREA Chief Economist. "BC home sales came in about on par with their 15-year average, but fell well below their ten-year average of over 88,000 units."

 

Vancouver, the Fraser Valley and the North experienced the largest percentage increase in unit sales last year, while consumer demand edged lower in Victoria and on Vancouver Island.

 

BC residential unit sales in December dipped 1.7 per cent to 4,186 units, while the average MLS® residential price was 2.8 per cent lower than in December 2010.

 

British Columbia's Real Estate Sales Remain Unchanged In November Reports The British Columbia Real Estate Association

Vancouver, BC – December 14, 2011. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential unit sales in the province remained relatively unchanged in November compared to the same month last year. A total of 5,640 units were sold last month compared to 5,647 units in November 2010. The average MLS® residential price was up 1.1 per cent to $529,140 in November compared to the same month last year.

  BC home sales continued to gain ground in November,” said Cameron Muir, BCREA Chief Economist. “After waning during the first half of the year, consumer demand has steadily increased since the summer months, bringing home sales within seven units of the November 2010 level."

"Low mortgage interest rates remain a key driver in the housing market, helping to maintain affordability and purchasing power,” added Muir.

Year-to-date, BC residential sales dollar volume increased 15.5 per cent to $41 billion, compared to the same period last year. Residential unit sales increased 3.2 per cent to 72,632 units, while the average MLS® residential price rose 11.9 per cent to $563,991 over the same period.

For the complete news release, including detailed statistics, click here

Housing Forecast Points To Market Stability

The British Columbia Real Estate Association (BCREA) released its 2011 Fourth Quarter Housing Forecast earlier this month.

BC Multiple Listing Service® (MLS®) residential sales are forecast to rise 3.2 per cent from 74,640 units in 2010 to 77,000 units this year, increasing a further 3.9 per cent to 80,000 units in 2012.

“Low mortgage interest rates are expected to persist through 2012 keeping affordability on an even keel,” said Cameron Muir, BCREA Chief Economist. “However, headwinds on the economic front will constrain consumer demand over the next year to below the ten-year average of 87,600 units.” A record 106,300 MLS® residential sales were recorded in 2005.

“Moderate consumer demand combined with larger inventories of homes for sale means BC housing markets will experience little upward pressure on home prices through 2012,” added Muir. The average MLS® residential price in the province is estimated to rise 11.8 per cent to $564,600 this year, and is forecast to decline 2.5 per cent to $550,500 in 2012.

Click here to download the full BCREA Housing Forecast

Vancouver Leads The Way In House Sales And Prices Rose A Staggering 18%.

The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 8%  compared to February of 2010.  The average MLS® residential price rose 18 per cent to $587,571 in February compared to the same month last year.

"The surge in consumer demand in Metro Vancouver continues to propel the provincial statistics higher,” said Cameron Muir, BCREA Chief Economist. “Elevated sales activity in Vancouver’s pricier communities has pushed average home prices higher than market conditions would suggest.” Compared to February 2010, the average MLS® residential price in Vancouver has climbed more than 19 per cent, whereas the Benchmark or typical home price has increased a more modest 4 per cent.

 "Believes that these increases are just a start of what is to become an upswing and he added value added pricing on the Westside. It would not surprise me to see residential Sale Prices move up into the 20% category or more. As long as we see a relative short supply of inventory in the detached market place, a large demand, we will see multiple offers and price inflation on homes" says Mitchell Mingie.

Living on the Westside as a Real Estate Agent with Re/Max Crest Realty(Westside), Mitchell Mingie see's a huge influx of Asian Buyers competing amongst themselves for the homes located in area's like Dunbar, Point Grey, Kerrisdale to name a few. 

For the complete news release, including detailed statistics, follow this link: www.bcrea.bc.ca/news_room/2011-02.pdf.

British Columbia Housing Forecast from the Real Estate Association of British Columbia

The British Columbia Real Estate Association (BCREA) released its Housing Forecast for the first quarter of 2011 today.

BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 8 per cent from 74,640 units in 2010 to 80,900 units this year, and increase another 4 per cent to 83,950 units in 2012.

“Employment and population growth will fuel consumer demand over the next two years. However, higher mortgage interest rates and tighter credit conditions for low equity home buyers will limit home sales to below the ten-year average of 87,600 units.”   Says Cameron Muir, Chief Economist with BCREA.

Cameron Muir summerized the province this way."Regional market differences continue in the province, with Vancouver trending into a seller’s market, while the Okanagan, Kootenay and Kamloops markets trend from a buyer’s market toward balanced conditions.”

To read more follow this link:www.bcrea.bc.ca/economics/HousingForecast.pdf.

CMHC Housing Market Information for British Columbia 2010

In 2010 23,600 home starts in British Columbia(BC) compared to 13,833 2009. Home prices increased across BC.

Apartments accounted for 70% of all multiple unit home starts. 9209 single - detached homes were started in BC. Factors that affected home growth were as follows:

A) Strong resale market in the later part of 2009.

B) Increase in interest rates in the summer of 2010

C) July 1st implementation of Harmonized Sales Tax(HST)

There were 74,760 resales for 2010

Economic Factors affecting the Housing Market:

1) Employment growth which led British Columbia to gain back all it's job losses due to the recession.

2) Strong Migration spurred on home ownership and rentals. An estimate of 39,000 in the first 3/4 of the year migrated from international destinations.

3) Interest rates stabilized in the 3rd quarter of 2010.

To read the full report follow the link below:

 

http://www.cmhc-schl.gc.ca/odpub/esub/64151/64151_2011_Q01.pdf

Greater Vancouver Residential Real Estate summary for 2010

The Greater Vancouver residential housing market entered three distinctive phases in 2010. Continued buoyancy from the post-recession recovery began the year, followed by a summer lull and, throughout the fall, a sustained period of stability and sales.

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2010 reached 30,595, a 14.2 per cent decrease from the 35,669 sales recorded in 2009. Last year’s number of housing sales was 10.3 per cent below the ten-year average for annual Multiple Listing Service® (MLS®) sales in the region.

The number of residential properties listed for sale on the MLS® in Greater Vancouver increased 9.7 per cent in 2010 to 58,009 compared to the 52,869 properties listed in 2009. The number of properties added to the MLS® peaked in April and generally declined for the remainder of the year.

Residential property sales in Greater Vancouver totalled 1,899 in December 2010, a decrease of 24.5 per cent from the 2,515 sales recorded in December 2009.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,699 in December 2010. This represents a 21.1 per cent decline compared to the 2,153 units listed in December 2009 and a 43.9 per cent decline compared to November 2010 when 3,030 properties were listed.

Sales of detached properties in December 2010 reached 769, a decrease of 14.8 per cent from the 902 detached sales recorded in December 2009. The benchmark price for detached properties increased 4.0 per cent from December 2009 to $797,868.

Sales of apartment properties reached 811 in December 2010, a decline of 29.7 per cent compared to the 1,154 sales in December 2009. The benchmark price of an apartment property increased 1.2 per cent from December 2009 to $387,115.

Attached property sales in December 2010 totalled 319, a decline of 30.5 per cent compared to the 459 sales in December 2009. The benchmark price of an attached unit increased 2.7 per cent between December 2009 and 2010 to $490,869.

Predictions for 2011: By looking back at the stats from above, and looking at migration into British Columbia for 2011, from both the Inter - Provincial  and abroad Mitchell Mingie "see's a steady and stable road ahead. Prices will pretty much be flat with a 0.9 - 2% growth." This will be thanks to the influx of people coming into our markets, relative short supply of homes on the market, low interest rates, The Canadian banking system, the overall rise of productivity in manufacturing and the confidence in the people that the worse is over.

The British Columbia Real Estate Association reported Record Home Prices in 2010

The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province declined 12 per cent to 74,640 units in 2010. The annual average MLS® residential price rose 8.5 per cent to a record $505,178 in 2010.

Tighter credit conditions and expended pent-up demand curbed home sales during the first half of 2010,” said Cameron Muir, BCREA Chief Economist. “However, low mortgage interest rates and improved economic conditions buoyed home sales in the latter half of the year.”

"The inventory of homes for sale peaked at 53,375 units in May before declining 14 per cent to 46,000 units by December,” added Muir. “The combination of fewer active listings and increased consumer demand has improved market conditions in many areas."

For Vancouver, the month of January 2011 has seen what would best be describedas "pockets of major activity" says Mitchell Mingie. In area's of Vancouver West and West Vancouver. On the Westside where inventory levels are low, "new homes coming into the market and priced properly will most likely see multiple offers". Some dramatic results have been offers $400,000 above list price with 20 offers coming in.