BCREA Housing Market Update for September 2023

BC Real Estate Association (BCREA) Chief Economist Brendon Ogmundson discusses the August 2023 statistics.

BCREA has released the latest housing market update for September of 2023. Home sales declined in August however they are up 16% year over year. active listings are at their highest level since November 2020. Even though listings are up they still need to rise about 60% to reach a more balanced market level. With the slowing sales and increased listings the market has entered a more balanced market territory. The average price is up 5% year over year but it is down 13% from it’s peak of February 2022.

For Kamloops there were 225 unit sales in August 2023 which is an increase of 21.6% year over year. The average price was $615,187 which is a 5.6% increase. Kamloops saw 1,150 active listings which equates to 5.1 months worth of supply and a 5.7% change year over year. This is an increase since the last update with homes sitting longer on the market and more competition in the market in Kamloops.

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

Click here to visit to BCREA’s website. To view other statistics for the Kamloops and BC real estate market click here.

If you want to be kept informed on Kamloops Real Estate, News and more visit our Facebook Page.

To search for Kamloops real estate and homes for sale click here.

“Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.

BCREA Mortgage Rate Forecast for September 2023

Highlights:

  • Bank of Canada tightening sends mortgage rates to 15-year highs
  • Are high rates finally impacting economic growth?
  • How far will fixed mortgage rates fall once the Bank of Canada lowers its policy rate?

BCREA has released the latest mortgage rate forecast. The Bank of Canada raised the rates both in June and July due to a more brisk real estate market and inflation being hotter than expected in the spring. This has created a shift in expectations where it was thought that we may see rates come down in 2024 or 2025. Fixed rate mortgages have hit an annual high approaching 6%. Even though the economy is slowing inflation is still hovering around 3 to 4%. Inflation is not expected to return to a more normalized level until 2025.

To view the September 2023 Mortgage Rate Forecast PDF, click here.

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

Click here to visit to BCREA’s website. To view other statistics for the Kamloops and BC real estate market click here.

If you want to be kept informed on Kamloops Real Estate, News and more visit our Facebook Page.

To search for Kamloops real estate and homes for sale click here.

“Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.

BCREA: Sales Trend Slightly Lower in August

Vancouver, BC – September 13, 2023. The British Columbia Real Estate Association (BCREA) reports that a total of 6,608 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in August 2023, an increase of 15.7 per cent from August 2022. The average MLS® residential price in BC was $958,424, up 5.2 per cent compared to August 2022. The total sales dollar volume was $6.3 billion, representing a 21.7 per cent increase from the same time last year.

“Home sales are starting to settle back into a trend of below-normal activity following an unexpected surge in the spring,” said BCREA Chief Economist Brendon Ogmundson. “However, sales are in a much stronger place than expected given current mortgage qualifying difficulty.”

Active listings in the province were flat month-over-month at just over 31,000 total listings and up slightly year-over-year.

Year-to-date BC residential sales dollar volume was down 17.4 per cent to $52.7 billion, compared with the same period in 2022. Residential unit sales were down 13.4 per cent to 54,126 units, while the average MLS® residential price was down 4.6 per cent to $973,011.

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

Click here to visit to BCREA’s website. To view other statistics for the Kamloops and BC real estate market click here.

If you want to be kept informed on Kamloops Real Estate, News and more visit our Facebook Page.

To search for Kamloops real estate and homes for sale click here.

“Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.

BC Housing Market Resilient Despite High Rates

BCREA 2023 Third Quarter Housing Forecast

Vancouver, BC – August 29, 2023. The British Columbia Real Estate Association (BCREA) released its 2023 Third Quarter Housing Forecast Update today.

Multiple Listing Service® (MLS®) residential sales in BC are forecast to decline 2.8 per cent to 78,640 units this year. In 2024, MLS® residential sales are forecast to post a modest rebound, rising 6.1 per cent to 83,425 units.

“The BC housing market has been more resilient than expected in 2023, with both home sales and prices holding up well in the face of sharply higher interest rates,” said BCREA Chief Economist Brendon Ogmundson. “However, we expect sales to cool as the result of renewed Bank of Canada tightening and a delay in expectations regarding the timing of future Bank of Canada rate cuts from early next year to perhaps the end of 2024 or even mid-2025.”

Because inventory remains very low, prices rose through much of 2023 despite below-average sales. The average price in BC has varied widely throughout this year, beginning the year below $900K before reaching just over $1 million in May as sales in more expensive markets surged amid dwindling supply. If the average price trends near its current level of $970K over the year’s second half, it would mean an annual average price of $976K in 2023, or a 2 per cent decline compared to 2022. As home sales return to normal levels next year, we anticipate prices will rise 2.4 per cent to an annual average of just over $1 million, though there is risk to the upside on price growth given the state of housing supply.

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

Click here to visit to BCREA’s website. To view other statistics for the Kamloops and BC real estate market click here.

If you want to be kept informed on Kamloops Real Estate, News and more visit our Facebook Page.

To search for Kamloops real estate and homes for sale click here.

“Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.

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