Click on image to watch BCREA Chief Economist Cameron Muir discuss the December 2018 statistics:
For more information, please contact:
Cameron Muir | Chief Economist | Direct: 604.742.2780 | Mobile: 778.229.1884 | Email: cmuir@bcrea.bc.ca Brendon Ogmundson | Deputy Chief Economist | Direct: 604.742.2796 | Mobile: 604.505.6793 | Email: bogmundson@bcrea.bc.ca The Housing Market Update video webcast is produced monthly by the British Columbia Real Estate Association. Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: "Copyright British Columbia Real Estate Association. Reprinted with permission." BCREA makes no guarantees as to the accuracy or completeness of this information. Copyright© British Columbia Real Estate Association Suite 1425, 1075 West Georgia Street | Vancouver, BC V6E 3C9 Phone 604.683.7702 | bcrea.bc.ca | bcrea@bcrea.bc.ca To subscribe to receive other BCREA publications such as this one, to unsubscribe, or to update your email address or current subscription list, click here. Vancouver, BC – January 15, 2019. TThe British Columbia Real Estate Association (BCREA) reports that a total of 78,345 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in 2018, a decline of 24.5 per cent from the 103,758 units sold in 2017. The annual average MLS® residential price in BC was $712,508, an increase of 0.4 per cent from $709,601 recorded the previous year. Total sales dollar volume was $55.8 billion, a 24.2 per cent decline from 2017. “BC home sales fell below the 10-year average of 84,800 units in 2018,” said Cameron Muir, BCREA Chief Economist. “The sharp decline in affordability caused by the B20 mortgage stress test is largely to blame for decline in consumer demand last year.” A total of 3,497 MLS® residential unit sales were recorded across the province in December, down 39.1 per cent from December 2017. The average MLS® residential price in BC was $695,647, a decline of 5.2 per cent from December 2017. Total sales dollar volume was $2.4 billion, a 42.3 per cent decline during the same period. Total active residential listings were up 33.3 per cent to 27,615 units in December, the highest December inventory since 2014 when 33,995 active residential listings were recorded. To view the full BCREA Housing Forecast, click here.
For more information, please contact: Cameron Muir Chief Economist Direct: 604.742.2780 Mobile: 778.229.1884 Email: cmuir@bcrea.bc.caBCREA The British Columbia Real Estate Association (BCREA) is the professional association for about 23,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province's 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients. To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods. For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada's real estate boards to ensure maximum exposure of properties listed for sale. To subscribe to receive BCREA publications such as this one, or to update your email address or current subscriptions, click here. BCREA ECONOMICS NOW The Bank of Canada left its target for the overnight rate unchanged at 1.75 per cent this morning. In the statement accompanying the decision, the Bank noted that the outlook for the Canadian economy is moderating due to falling oil prices and mandatory production cuts in Alberta and a slowdown in global demand due to US-China trade tensions. As a result, the Bank has trimmed its forecast for Canadian economic growth in 2019 from 2.1 per cent to 1.7 per cent. Total inflation is being dragged lower by falling gasoline prices, though core inflation remains near the Bank's 2 per cent target. While the direction of future monetary policy remains tilted toward higher interest rates, our baseline forecast is for a single rate hike as the most likely outcome for 2019. With a housing market battered by the stress test and signs of slowing growth elsewhere in the economy, it will be difficult for the Bank to accelerate monetary tightening beyond a gradual pace. A less hawkish Bank of Canada, along with a steep fall in Canadian bond yields, should translate to mortgage rates flattening out or even moving slightly lower in 2019. For more information, please contact:
Cameron Muir | Chief Economist | Direct: 604.742.2780 | Mobile: 778.229.1884 | Email: cmuir@bcrea.bc.ca Brendon Ogmundson | Deputy Chief Economist | Direct: 604.742.2796 | Mobile: 604.505.6793 | Email: bogmundson@bcrea.bc.ca The British Columbia Real Estate Association (BCREA) is the professional association for about 23,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients. Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information. To change your email address, subscribe to more BCREA publications or unsubscribe from this distribution list, click here. |
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