Category: B.C. Real Estate News

British Columbia Real Estate News Stories And Articles

B.C. Real Estate & Housing Market Outlook For 2010 to 2012

B.C. Real Estate News, Mortgage Information

Brenda Colman - Invis Kamloops Mortgage BrokerCentral 1 Credit Union recently released their report on the B.C. housing market for 2010 through to 2012. I have included small exerts from the article here in this post.  The full B.C. report is included at the bottom of this article.

Housing market activity in British Columbia is set to gradually improve over the next two years after deteriorating sharply for most of 2010. While weak demand is forecast to persist into early 2011 and lead to further home price declines, the combination of lower prices and mortgage rates will act as a catalyst for rising sales through 2012. A gradual improvement in the economy and modest rates of household formation will also provide support. Housing starts also look to edge higher over the forecast horizon as builders take their cue from the rising activity in the resale market. However, new home construction will remain subdued relative to cycle highs observed from 2005-2008.

  • Looking forward, sales are forecast to embark on a rising trend through 2012, but remain low.
  • This year, home sales, as defined by annual market arms-length residential transactions, in the province are expected to fall 7% from 2009 levels. Declines will be led by a significant cut in apartment condominium sales of 19%. Single-detached sales will remain relatively flat.
  • Stronger demand from the younger first-time buyer segment will lead to increased sales of multi-family units.
  • These factors will lead to sales increases of 5% and 9% in 2011 and 2012. However, overall transactions will remain 20% below peak levels reached during the 2005 – 2007 period.
  • A gradual downtrend in housing inventory and rising sales is expected to stabilize price levels.
  • Lower inventory levels and higher demand is forecast to push price levels higher through 2012.
  • Thompson/Okanagan (including Kamloops) sales are expected to dip 5%.
  • The main assumptions underlying this forecast includes a gradual but sustained economic growth trajectory, conducive to modest employment gains, a favorable mortgage rate environment for consumers, and positive net-migration similar to recent years.
Brenda Colman, Mortgage Consultant, Invis Kamloops
P. 250-318-8118  E. ac.sivninull@namlocadnerb W. www.BrendaColman.ca

BC Housing Outlook 2010-2012 Kamloops Real Estate MLS Listings Information

British Columbia Real Estate Associations MLS® Transaction Sales Statistics For B.C.: 2nd Quarter of 2010

B.C. Real Estate News, Kamloops Real Estate Statistics

The British Columbia Real Estate Association released sales statistics from all B.C. Real Estate boards comparing the MLS® transaction volumes for 2009 and 2010. I have included all charts including the larger Real Estate board areas for the sake of comparison. Click on the image to enlarge.

Kamloops Housing Market 2010 vs. 2009 sales MLS transactions by Board Area Statistics Information

Kamloops Real Estate MLS Transaction Volume and Statistics by Board Area

BC Housing Market 2010 Quarter 2 charts statistics Information

BC Housing Market 2nd Quarter 2010 MLS Transaction Sales Statistics

2010 Year To Date MLS Transactions By Board Area Statistics 2nd Quarter Larger Real Estate Board Area

2010 Year To Date MLS Transactions By Board Area Statistics 2nd Quarter Larger Real Estate Board Area

Link

BC Real Estate Association: Home Buyers Are In The Drivers Seat In 2010

B.C. Real Estate News, Real Estate Information

This article was released by the British Columbia Real Estate Association mid-August 2010. There are a number of graphs and sales data in the original document including Kamloops specific information. To view the original document (link removed). I have included the basic information below.

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.

“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.

BCREA

B.C. Real Estate Association’s Second Quarter Housing Forecast for 2010

B.C. Real Estate News

The B.C. Real Estate Association has released it’s Quarterly Housing Forecast for 2010. Included in this report is the Housing Forecast Summary, where all the real estate board areas are shown individually. (link removed) to view the full report with the charts. Information from the report is included below.

Residential units sales through the Multiple Listing Service® (MLS®) in BC are forecast to ease back 3 per cent to 82,350 units in 2010, before climbing 4 per cent to 85,900 units in 2011. Waning pent-up demand, upward pressure on mortgage interest rates and tighter lending qualifications for low equity home buyers will moderate consumer demand this year, particularly on the South Coast.

Improving economic conditions, however, are expected to counterbalance some of the erosion in affordability caused by higher mortgage interest rates and tighter lending.

Stronger economic and employment growth in 2011 will bolster housing demand and push home sales higher. Regionally, home sales are forecast to edge lower in Vancouver, Victoria and the Fraser Valley as the dramatic rebound in consumer demand experienced during the latter half 2009 was induced by short-term factors of pent-up demand and favourable interest rates.

The North is expected to post the strongest percentage gains in unit sales as a result of reinvigorated demand for commodities and the associated employment growth. The rest of the province is expected to continue along a trajectory of gradually improving consumer demand in line with overall provincial economic performance.

After climbing 2.4 per cent in 2009, the average MLS® residential price in the province is forecast to increase a further 6.2 per cent this year before remaining relatively unchanged in 2011, albeit up 1 per cent. Vancouver, Victoria and the Fraser Valley comprise two-thirds of provincial home sales and the 2009 year-over-year change in BC home prices largely reflect gains already realized in those markets.

Seller’s market conditions have now given way to balanced conditions in the Lower Mainland and Victoria as moderating consumer demand and a larger inventory of homes for sale are quelling upward pressure on home prices.

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