Click on image to watch BCREA Chief Economist Cameron Muir discuss the April 2019 statistics:
For inquiries regarding statistical and economics-related news releases, please contact:
Cameron Muir | Chief Economist | 604.742.2780 | [email protected] Brendon Ogmundson | Deputy Chief Economist | 604.742.2796 | [email protected] 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 | [email protected] 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 – May 14, 2019. The British Columbia Real Estate Association (BCREA) reports that a total of 6,652 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in April, a decline of 18.9 per cent from the same month last year. The average MLS® residential price in the province was $685,304, a decline of 6.2 per cent from April 2018. Total sales dollar volume was $4.6 billion, a 23.9 per cent decline from the same month last year. “BC home sales were essentially unchanged from March on a seasonally adjusted basis,” said BCREA Chief Economist Cameron Muir. “Prospective home buyers continue to grapple with the decline in their purchasing power caused by federal government changes to mortgage policy.” Total MLS® residential active listings increased 33.6 per cent to 38,672 units compared to the same month last year. The ratio of sales to active residential listings declined from 28.4 per cent to 17.2 per cent over the same period. Year-to-date, BC residential sales dollar volume was down 29.8 per cent to $13.9 billion, compared with the same period in 2018. Residential unit sales decreased 24.5 per cent to 20,479 units, while the average MLS® residential price was down 7 per cent to $680,671. For more information, please contact:
Cameron Muir | Chief Economist | Direct: 604.742.2780 | Mobile: 778.229.1884 | Email: [email protected] 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. ![]() Vancouver, BC – April 15, 2019. The British Columbia Real Estate Association (BCREA) reports that a total of 5,707 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in March, a decline of 23 per cent from the same month last year. The average MLS® residential price in the province was $687,720, a decline of 5.4 per cent from March 2018. Total sales dollar volume was $3.9 billion, a 27.1 per cent decline from the same month last year. “BC home sales continue to be adversely impacted by federal mortgage policy,” said BCREA Chief Economist Cameron Muir. “The erosion of affordability caused by the B20 stress test has created near recession level housing demand despite the province boasting the lowest unemployment rates in a decade.” “The sharp erosion of affordability caused by the B20 stress test is now creating pent-up demand, as many would-be home buyers are forced to wait on the sidelines,” added Muir. “Unfortunately, new home construction is slowing as well, which will likely lead to another housing supply crunch down the road.” Total MLS® residential active listings increased 36.2 per cent to 34,295 units compared to the same month last year. The ratio of sales to active residential listings declined from 29.4 per cent to 16.6 per cent over the same period. For more information, please contact:
Cameron Muir | Chief Economist Direct: 604.742.2780 | Mobile: 778.229.1884 Email: [email protected] 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.
Click on image to watch BCREA Deputy Chief Economist Brendon Ogmundson discuss the February 2019 statistics:
Click here to visit BCREA's YouTube channel. Read the news release here.
For inquiries regarding statistical and economics-related news releases, please contact: Cameron Muir | Chief Economist | 604.742.2780 | [email protected] Brendon Ogmundson | Deputy Chief Economist | 604.742.2796 | [email protected] 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 | [email protected] 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 – February 15, 2019. The British Columbia Real Estate Association (BCREA) reports that a total of 3,546 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in January, a decline of 33.2 per cent from the same month last year. The average MLS® residential price in the province was $665,590, a decline of 7.7 per cent from January 2018. Total sales dollar volume was $2.36 billion, a 38.4 per cent decline from the same month last year. “BC households continue to grapple with the policyinduced affordability shock created last year by the federal government,” said Cameron Muir, BCREA Chief Economist. “The resulting pullback in consumer demand is largely responsible for January’s lacklustre performance.” Total MLS® residential active listings increased 41.2 per cent to 29,522 units compared to the same month last year. The ratio of sales to active residential listings declined from 25.4 per cent to 12 per cent over the same period. “Many BC regions are now exhibiting buyer’s market conditions,” added Muir. “However, BC Northern, the Kootenay, Okanagan Mainline and the Vancouver Island markets continue to reflect balance between supply and demand.” For more information, please contact:
Cameron Muir | Chief Economist Direct: 604.742.2780 | Mobile: 778.229.1884 | Email: [email protected] 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.
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: [email protected] Brendon Ogmundson | Deputy Chief Economist | Direct: 604.742.2796 | Mobile: 604.505.6793 | Email: [email protected] 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 | [email protected] 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: [email protected]BCREA 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: [email protected] Brendon Ogmundson | Deputy Chief Economist | Direct: 604.742.2796 | Mobile: 604.505.6793 | Email: [email protected] 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.
Click here to visit BCREA's YouTube channel. Read the news release here.
For inquiries regarding statistical and economics-related news releases, please contact: Cameron Muir, Chief Economist | 604.742.2780, [email protected] Brendon Ogmundson, Deputy Chief Economist | 604.742.2796, [email protected]
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 | [email protected]
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 – December 14, 2018. The British Columbia Real Estate Association (BCREA) reports that a total of 5,179 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in November, down 33.1 per cent from the same month last year. The average MLS® residential price in BC was $718,903, a decline of 1.9 per cent from November 2017. Total sales dollar volume was $3.7 billion, a 34.3 per cent decline from November 2017. “BC households continue to struggle with the sharp decline in purchasing power caused by the B20 mortgage stress test,” said Cameron Muir, BCREA Chief Economist. “Most BC regions are now exhibiting relative balance between supply and demand.” Total active residential listings were up nearly 31 per cent to 33,500 units in November, compared to the same month last year. However, it should be noted that this compares to 2017, when active listings for the month of November were at their lowest level in more than 15 years. Year-to-date, BC residential sales dollar volume was down 23.1 per cent to $53.4 billion, compared with the same period in 2017. Residential unit sales declined 23.6 per cent to 74,847 units, while the average MLS® residential price was up 0.7 per cent to $713,302. 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: [email protected]BCREA 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. |
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