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Home Buyers in the Driver's Seat PDF Print E-mail
Monday, 06 September 2010

The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province declined 42 per cent to 5,784 units in July compared to the same month last year. On a seasonally adjusted basis, MLS® residential unit sales in the province declined 19 per cent in July from June 2010. The average MLS® residential price climbed 6 per cent to $491,832 in July compared to the same month last year.Home_Buyers_In_The_Drivers_Seat_2010-08-12

"A relatively large number of homes for sale have created the most favourable supply conditions for home buyers in more than a year," said Cameron Muir, BCREA Chief Economist. MLS® active residential listings were 21 per cent higher in July than at the start of the year on a seasonally adjusted basis. However, with newly listed MLS® residential units now declining, tighter market conditions may emerge this fall.

Year-to-date, BC residential sales dollar volume increased 16 per cent to $24.2 billion, compared to the same period last year. Residential unit sales rose 4 per cent to 48,127 year-to-date, while the average MLS® residential price climbed 13 per cent to $504,281 over the same period.

Source: British Columbia Real Estate Association

 

 
BC home sales expected to rise in 2011 PDF Print E-mail
Saturday, 14 August 2010

BCREA Housing Forecast Update - Third Quarter 2010

BC housing markets are returning to typical post-recession demand patterns. The dramatic rebound in consumer demand during 2009 and subsequent decline during the first two quarters of 2010 has set the stage for a gradual increase in home sales during the fall and through 2011. Residential unit sales through the Multiple Listing Service® (MLS®) in BC are forecast to decrease 7 per cent to 79,500 units in 2010, before climbing 5 per cent to 83,400 units in 2011.

MLS_Sales_Chart_2010-08-13A slower than expected normalization of interest rates will temper erosion of affordability as economic output posts more moderate growth for the balance of this year and through 2011. Stronger corporate profits are triggering employment growth and a reduction in the unemployment rate is now underway.

A larger inventory of homes for sale has created the most favourable supply conditions for home buyers in more than a year. While tighter mortgage qualifications for low equity home buyers has negatively impacted demand, more borrowers are now channeling into 5-year fixed mortgages where discounted rates increase purchasing power.

The average MLS® residential price is forecast to increase 6 per cent to $492,800 this year and edge down 1 per cent to $489,500 in 2011. Some softness in home prices is expected through the summer months in most regional markets. However, inventory levels peaked in May and will likely edge lower in the coming months, leading to more balanced conditions in the fall with a commensurate firming of home prices.

“The volatility in consumer demand characteristic of the past 24 months is expected to give way to more gradual improvement through 2011,” said Cameron Muir, BCREA Chief Economist. “Housing demand has fallen back to earth from its break-neck pace at the end of 2009 and is expected to more closely match overall economic performance over the next 18 months. Read more...

 
Housing supply and demand reach closer alignment in January PDF Print E-mail
Thursday, 04 February 2010

Diverse selection and favourable interest rates continue to drive demand in the Greater Vancouver housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 1,923 in January 2010, an increase of 152.4 per cent compared to January 2009 when 762 sales were recorded and a 23.5 per cent decline compared to the 2,515 sales recorded in December 2009. Read more...

 
What is a home sale worth to the economy? PDF Print E-mail
Wednesday, 24 June 2009

Each time a home changes hands in British Columbia, the transaction generates significant spin-offs, creates jobs and wealth and helps keep our communities growing. Read more...

 
Federal budget good news for homebuyers and homeowners PDF Print E-mail
Wednesday, 28 January 2009

Yesterday’s federal budget offered a number of initiatives to benefit homebuyers and homeowners in our communities.

“The housing measures tabled in yesterday’s budget will go a long way to addressing local economic uncertainties, consumer confidence and the quality of life in our neighbourhoods,” said REBGV president Dave Watt. “Home sales are so important to our economy. Each time a home changes hands, the transaction generates significant spin-offs and jobs because homebuyers also purchase furniture, appliances, carpeting, and numerous other goods and services related to their homes.” Read more...

 
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