Vancouver Real Estate Blog

Housing Market - Resale - Sold - Vancouver - British Columbia

Resale Housing market:

1) The key word is balance. We are expected to have 80,200 homes re-sold in 2011.

2) CMHC Renovation and Home Purchase Survey found 5% of house holds intend to buy a home in 2011. The national average in Canada is 4%.

3) Prices outside of Vancouver will be stable for the remaining 2011 year.

4) The average price in British Columbia is forecast to be $576,100 in 2011 and $564,800 in 2012.

5) 9,500 detached homes are forecasted to be re-sold in 2011

6) 17,900 single detached homes are expected to be sold in 2012.

7) Multiple housing starts(condo, townhomes) to reach 16,900 in 2011.

8) 17,100 multiple housing starts are expected in 2012.

Economics - Canada Mortgage and Housing Corporation - British Columbia

Economics:

1) British Columbia will continue with moderate growth with a slight increase projected from growth in investments and exports.

2) With a "Steady as you go" philosophy with regards to our economy, our housing sector will remain stable throughout the year.

3) Population growth is expected to reach 52,700 people in 2011.

4) Forecast from CMHC estimates a population growth of 61,000 people in 2012.

5) Mortgage rates will remain flat for the rest of 2011.

Real Estate In British Columbia- Housing Market Information

- 6,274 housing starts in the 2nd quarter which is 2% higher than last year. A total of 11,405 housing starts for the province for both the 1st and 2nd quarters of 2011.

- Multiple family home starts were up 50% compared to last years Vancouver Census Metropolitan Area(CMA) stats.

- Construction of apartment buildings were up 28% in the province.

- Rural housing starts were down 145.

- Residential home sales in British Columbia were on par with last years sales figures of 42,095 transactions.

- Higher listing numbers and a slight decrease in sales has caused the Listing Ratio to move closer to a Buyers market. We now sit at 47% Sales To Listing Ratio in the 2nd quarter from 52% in the 1st quarter.

To read the full report follow the link below:

 

http://www.cmhc-schl.gc.ca/odpub/esub/64151/64151_2011_Q03.pdf

British Columbia's Housing Market Second Quarter - Expanding Markets

British Columbia's economy is expanding just ahead of the national average, in the foreseeable future to at least Fall 2012. This is based on employment gains, population growth from inter-provincial and international migration.

The Greater Vancouver Area will see the largest increase of new home construction as this area will see the greatest employment and population growth.

20,000 households are moving into Vancouver related to the inter-provincial and international immigrants.

Stable housing demand will occur in Victoria, Kelowna and Abbotsford in the resale markets.

To read the full report follow the link below;

 

http://www.cmhc-schl.gc.ca/odpub/esub/65442/65442_2011_Q02.pdf

 

Home Construction For British Columbia Similar To Last Year Except For Detached Single Family Homes.

Residential Construction during the 1st quarter of 2011 was similar to last year. Residential construction accounted for 5,131 new homes that were started compared to 5,337 last year. The biggest change comes in the single - detached home category, as demand for this product has slipped this quarter. We saw 1,169 starts this quarter compared to 2,163 last year. The level of completed and unabsorbed single detached homes is rising during the last year. We currently stand at 1,258 unabsorbed single family homes in BC., this is up 50% from last year. However in the multifamily homes section, the unabsorbed rate is just a little higher than last year. One reason for this disparity in detached homes is the huge growth in average prices. Strong growth in prices in the detached homes section has increased the unabsorbed rate by 50% as mentioned earlier as home buying seems to have cooled down demand.

 The average detached home price for the first quarter is $832,989 from $728,610 from last year.

 

 

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