Category: B.C. Real Estate News

British Columbia Real Estate News Stories And Articles

BCREA Housing Market Update for April 2023

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

The BCREA released it’s latest housing market update for April of 2023. BC Real Estate Association (BCREA) Chief Economist Brendon Ogmundson discusses the March 2023 statistics.

Home sales up slightly over last month but it is still a bit slower than usual in terms of sales and very low new listing activity. The number of sales are down 38.3% form last year but up 7% monht over month which is seasonally adjusted. Active listings for BC are up 25% compared to this time last year but thenumber of active listings have come down for the last two months because of the recovery in home sales. Home sales are about 20% below the normal levels for this time of year. This has led to tightening markets across the province and just over a three months supply of homes at the current rate of sales. Average price for a BC home in March was $961,000. That is 11.6% less than this time last year however the prices were near their peak in March of 2022. The average home price in BC has risen for the last two months and is now at it’s highest level since May of 2022. The MLS Home Price Composite Index is also down on a year over year basis in all markets.

In Kamloops there were 220 unit sales for March 2023 which was a 35.1% decline since last year. The average price for this past March was $576,974 equating to a 13.6% decline. There were 874 active listings that is up 81% which equates to a 4 month supply of homes. The Kamloops home supply is one of the lowest a month all of the Interior board regions.

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 Markets Showing Signs of Recovery As Supply Remains Scarce

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

Vancouver, BC – April 13, 2023. The British Columbia Real Estate Association (BCREA) reports that a total of 7,118 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in March 2023, a decrease of 38.3 per cent from March 2022. The average MLS® residential price in BC was 961,451 down 11.6 per cent compared to the average price of close to $1.1 million in March 2022, recorded near the market’s peak. The total sales dollar volume was $6.8 billion, representing a 45.5 per cent decrease from the same time last year.

“The BC housing market is currently characterized by slow sales but also still very low levels of listings,” said BCREA Chief Economist Brendon Ogmundson. “Consequently, even though home sales remain about 20 per cent below normal levels for this time of year, the average home price in BC has now risen two months in a row, reaching its highest level since May 2022 as markets tighten due to a lack of supply.”

Active listings in the province are up 25 per cent compared to this time last year but have fallen for the second straight month in the wake of a modest recovery in home sales and continued weak new listings activity.

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 March 2023

B.C. Real Estate News, Mortgage Information

BCREA released it’s latest Mortgage Rate Forecast for 2023. To view the March 2023 Mortgage Rate Forecast PDF, click here.

Highlights:

  • Economic uncertainty driving substantial volatility in Canadian bond markets.
  • Is the Canadian economy just slowing or something worse?
  • Inflation trending the right direction, will that be enough to keep the Bank of Canada on hold?

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: Unprecedented Pace of Construction Needed to Offset the Impact of Record Immigration to BC

B.C. Real Estate News

Housing demand impact of record-high immigration is five times as large as the Foreign Buyers Ban: report

Vancouver, BC – March 28, 2023. To fully offset a deterioration in housing affordability, new home completions in BC need to increase 25 per cent above their historical average level for the next five years to a record level of about 43,000 completions per year, a new report has revealed.

According to the latest Market Intelligence report from the BC Real Estate Association (BCREA), two significant federal government policies – the Foreign Buyers Ban and record-high immigration targets – will shape housing demand in BC over the next three years.

Summary Findings:

  • There is weak evidence that Canada’s Foreign Buyers Ban will achieve its objective of lowering home prices, with an estimated reduction in home sales of 2,400 units in BC over the two-year ban.
  • BC will welcome an estimated 217,500 new permanent residents from 2023 to 2025 or 100,500 more new permanent residents than would be expected based on historical average immigration levels. This translates to a 20,500-unit increase in housing demand from new permanent residents.
  • The demand impact of the increase in immigration is approximately five times as large as the Foreign Buyers Ban and is estimated to place significant upward pressure on home prices.


Read the Report


“Lowering price growth so that income growth can catch up to prices is integral to improving housing affordability in BC,” says Brendon Ogmundson, BCREA Chief Economist. “In our simulations, an appropriate supply response can offset the negative impact on affordability from an immigration-driven demand shock and if sustained, can achieve a permanent improvement in affordability in BC.

Immigration plays a vital role in the economy by supporting economic growth, creating job opportunities, and bringing diversity to communities. However, as detailed in this report, immigration also adds significantly to housing demand. As the population continues to grow and global migration patterns persist, it is essential to create policies and programs that support and welcome immigrants while addressing the consequent pressures on an already stressed housing market.

“To ease the pressure on the housing market that arises from sudden changes in housing demand, governments can take steps to increase housing supply,” Ogmundson adds, “This can include zoning changes to allow for more housing construction, increasing funding for affordable housing programs, and providing incentives for developers to build more housing units.”

Additional economics information is available here on BCREA’s website.

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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