Vancouver Real Estate Blog

Residential Home Sales in British Columbia Climb - September 2009

According to the British Columbia MLS, residential sales in the province climbed 68% in September compared to the same month last year. MLS sales price in British Columbia climbed 15% to $474,169 from $412,149 from September 2008. The hot spots for residential sales is the Lower mainland and Victoria.

To read more following this link:www.bcrea.bc.ca/news_room/2009-09.pdf.

British Columbia's 3rd Quarter 2009 update for Residential Sales

A client of mine asked me "Where are we with regards to sales for this year" I replied by saying that we are doing very well, so much better than anyone could have predicted 6 months ago. Here is some of that conversation with stats and links for more information.

I went on to say that the BCREA (British Columbia Real Estate Association) says " BC home sales are the brightest lights in the economy.

1) MLS sales are forecasted to climb 15% from 68,923 units in 2008 to 79,400 in 2009. And a further prediction for sales to increase 6% to 84,200 units in 2010.

2) Chief Economist Cameron Muir said "Home sales have doubled since January, with prices edging higher in Metro Vancouver and Victoria.

The full BCREA Housing Forecast Update is available at: www.bcrea.bc.ca/economics/HousingForecast.pdf.

Balanced Playing field for Buyers & Sellers in Vancouver & Victoria

We have been waiting for some great new that can be substantiated. From this graph the Listing to Sales Ratio has pushed it's way into the area of balance. I believe this is the best for all Buyers and Sellers alike. It is what I like to call a balanced playing field where the number of Sellers and Buyers are equally matched. This can also be looked at as a healthy representative in the Market Place. In the recent past (late 2008- early 2009) we experience a market where their were no buyers and prices fell. If you look at the years of 2005 - 2008 we saw a market where homes were selling faster, in multiply offers and prices were rising. Note: From what I see in the market place and projecting out into the future I see a further upswing in the market place with prices moving up and eroding our losses from the previous year.

The following are a few points of interest for everyone.

1) British Columbia Real Estate Association (BCREA) reports that MLS Residential Sales rose 53% to 10,051 in July 2009, compared to the same month last year.

2) Chief economist for BCREA Cameron Muir state "Record home sales in Metro Vancouver and Victoria propelled the province into balanced conditions".

3) Year to date MLS sales declined 10% to 21 billion over last year.

4) 46,380 homes were sold in the first 7 months 2009. That's down 6% from 2008 figures. The Average MLS price is still down 4% to $451,758

For the complete news release, including detailed statistics, follow this link: www.bcrea.bc.ca/news_room/2009-07.pdf.

Canadian home resale prices rise

According to this report from Reuters, resale prices for Canadian homes rose to their highest average on record in May as consumer confidence strengthened. The increase was more favorable in British Columbia and Alberta. 

The average home price last month rose 0.4% to $319,757, topping the previous record set a year ago and the average price recovered 16.4% from the January low. 

British Columbia Housing Market in Recovery

The British Columbia Real Estate Association (BCREA) reported today that housing market conditions have improved more rapidly than expected. 

As a result, BCREA has revised its home price forecast upwards, reflecting greater price stability through the balance of the year. The average price in British Columbia for a residential home is forecast to decline 8% to $420,600 in 2009, instead of 13% originally forecasted at the beginning of the year. 

Residential sales are forecast to decline 12% this year as a result of a weak first quarter. However, stronger consumer demand is expected to continue for the balance of the year and through 2010. Residential sales in 2010 are forecast to climb 10%.

Average Price of Homes in BC Drops 12%

The average price of a residential home in British Columbia fell 12% in March 2009, compared with March 2008, according to the British Columbia Real Estate Association. But more interestingly, home sales in British Columbia increased 24% in March 2009 over the previous month, the second consecutive monthly increase. In terms of dollar volume, in March 2009, residential sales dollar volume declined 35% to $2.3 billion compared with the same month last year. The average price of a residential home in the province is now $424,122.  

British Columbia Home Sales Increase in February

Residential home sales in British Columbia increased 17% in February 2009, over January 2009, according to the British Columbia Real Estate Association. 47,000 homes were sold in February compared with 40,200 in January. 

BCREA chief economist Cameron Muir said: "it's not surprising that home sales rebounded from January's low level. Reduced home prices and mortgage interest rates have markedly increased affordability with the carrying cost of an average home in the province approaching a three-year low."

Not all the news was positive, however. Year-to-date residential sales on the MLS declined 51% to 5,768 homes compared to the first two months of 2008. Home prices fell on average 11% and sales volume for homes was $2.4 billion, a 56% decrease over 2008.