Home Sales Improve ... Balanced Market

Has The Spring Housing Market Sprung?

Housing Market Conditions Improve on the South Coast Vancouver, BC – May 15, 2013.   The British Columbia Real Estate Association (BCREA) reports that a total of 6,904 residential sales were recorded by the Multiple Listing Service® (MLS®) in BC during April, up 1.9 per cent from March on a seasonally adjusted basis, but down 2.2 per cent compared to April 2012. Total sales dollar volume declined 3 per cent to $3.65 billion. The average MLS® residential price in the province was $528,507, down 0.8 per cent from a year ago. "BC home sales trended higher again in April, with seasonally adjusted unit sales now 8 per cent higher since the beginning of the year," said Cameron Muir, BCREA Chief Economist. "Market conditions were at or near balanced conditions in Victoria, Vancouver, the Fraser Valley and the North last month, leading to a firming up of home prices." The MLS® Home Price Index edged up 0.7 per cent over the past month in the Lower Mainland, and 1.5 per cent over the past three months. Year-to-date, BC residential sales dollar volume was down 16.6 per cent to $10.8 billion, compared to the same period last year. Residential unit sales dipped 13.9 per cent to 20,476 units, while the average MLS® residential price was down 3.1 per cent at $529,785. For the complete news release, including detailed statistics, click here. For immediate release

Transition Year Expected for BC Housing Market

BCREA 2013 Second Quarter Housing Forecast Vancouver, BC – May 9, 2013. The British Columbia Real Estate Association (BCREA) released its 2013 Second Quarter Housing Forecast today. BC Multiple Listing Service® (MLS®) residential sales are forecast to edge up 1.9 per cent to 68,900 units this year, before increasing a further 6.5 per cent to 73,400 units in 2014. The five-year average is 74,600 unit sales, while the ten-year average is 86,800 unit sales. A record 106,300 MLS® residential sales were recorded in 2005. "Stricter mortgage credit regulation combined with slower economic growth has kept BC home sales at a cyclical low over the past three quarters," said Cameron Muir, BCREA Chief Economist. "However, a faster growing economy is expected during the second half of the year and through 2014 which will support a growth trend in provincial housing demand." "The BC average home price forecast is revised upward for 2013, from a decline of 1 per cent to remaining unchanged, as a result of stronger than expected market conditions in Vancouver," added Muir. The average MLS® residential price in BC is forecast at $515,800 this year, before rising 1.7 per cent to $524,500 in 2014. - 30 - To view the full BCREA Housing Forecast, click here.

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BC Home Sales Tick Higher in March

Details Here

Vancouver, BC – April 15, 2013.  The British Columbia Real Estate Association (BCREA) reports that a total of 5,661 residential sales were recorded by the Multiple Listing Service® (MLS®) in BC during March, up 6.6 per cent from February on a seasonally adjusted basis, but down 17.7 per cent compared to March 2012. Total sales dollar volume was down 18.5 per cent to $3.06 billion. The average MLS® residential price in the province was $540,662, up 2 per cent from February, but down 1 per cent from a year ago.

"BC home sales in March posted the largest seasonally adjusted month-to-month increase since January 2011,” said Cameron Muir, BCREA Chief Economist. “However, homes sale per capita continue to remain near a cyclical low, suggesting that pent-up demand may be beginning to grow in the housing market."

Year-to-date, BC residential sales dollar volume declined 22.1 per cent to $7.2 billion, compared to the same period last year. Residential unit sales dipped 18.8 per cent to 13,572 units, while the average MLS® residential price was down 4.0 per cent at $530,435.

Home sale activity improves but remains below historical averages

REBGV
Lower levels of both supply and demand in recent months are holding home prices in check in the Greater Vancouver housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,347 on the Multiple Listing Service® (MLS®) in March 2013. This represents an 18.3 per cent decrease compared to the 2,874 sales recorded in March 2012, and a 30.6 per cent increase compared to the 1,797 sales in February 2013.

Last month’s sales were the second lowest March total in the region since 2001 and 30.2 per cent below the 10-year sales average for the month.

“While home sales were below what’s typical for March, we are seeing more balance between the number of sales and listings on the market in the last two months, which is having a stabilizing impact on home prices,” Sandra Wyant, REBGV president said.

The sales-to-active-listings ratio currently sits at 15.2 per cent in Greater Vancouver, a three per cent increase from last month. This is the first time this ratio has been above 15 per cent since May 2012.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,839 in March. This represents a 17.2 per cent decline compared to the 5,843 new listings reported in March 2012 and a 0.1 per cent increase from the 4,833 new listings in February of this year. Last month’s new listing count was 14.4 per cent below the region’s 10-year new listing average for the month.

The total number of properties currently listed for sale on the MLS® in Greater Vancouver is 15,460, a 1.5 per cent increase compared to March 2012 and a 4.5 per cent increase compared to February 2013.

The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $593,100. This represents a decline of 3.9 per cent compared to this time last year and an increase of 0.9 per cent compared to January 2013.

Sales of detached properties reached 933 in March 2013, a decrease of 21.1 per cent from the 1,183 detached sales recorded in March 2012, and a 48 per cent decrease from the 1,795 units sold in March 2011. The benchmark price for detached properties decreased 5 per cent from March 2012 to $906,900.

Sales of apartment properties reached 982 in March 2013, a decline of 17.5 per cent compared to the 1,191 sales in March 2012, and a decrease of 39.5 per cent compared to the 1,622 sales in March 2011. The benchmark price of an apartment property decreased 3.3 per cent from March 2012 to $362,100.

Attached property sales in March 2013 totalled 432, a decline of 13.6 per cent compared to the 500 sales in March 2012, and a 34.8 per cent decrease from the 663 attached properties sold in March 2011. The benchmark price of an attached unit decreased 2.5 per cent between March 2012 and 2013 to $454,300.

April 1 marked the return of the GST and PST tax structure in the province. From a real estate perspective, it’s important to remember that:
   • sales tax on a new home is reduced to 5 per cent GST plus 2 per cent BC Transition Tax (total 7 per cent) from 12 per cent under the HST; and
   • tax on real estate commissions has been reduced to 5 per cent from 12 per cent under the HST.

These reduced tax rates apply to transactions payable on or after April 1.

Download the complete stats package by clicking here.

BC Home Sales Continue to Trend Lower

BC Home Sales Continue to Trend Lower

Vancouver, BC – September 17, 2012. The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through the Multiple Listing Service® (MLS®) in BC declined 25.4 per cent to $2.6 billion in August compared to the same month last year. A total of 5,337 MLS® residential unit sales were recorded over the same period, down 17.9 per cent from August 2011. The average MLS® residential price was $491,145, 9.0 per cent lower than a year ago.


"Consumer demand continued to trend lower in August," said Cameron Muir, BCREA Chief Economist. "Tighter mortgage credit conditions introduced in July appear to be taking a toll on an already tentative market. However, with home sales slower than improving economic conditions suggest, a rebound may be in store before year-end."

Year-to-date, BC residential sales dollar volume declined 17.5 per cent to $26.2 billion, compared to the same period last year. Residential unit sales dipped 9.1 per cent to 50,131 units, while the average MLS® residential price was 9.3 per cent lower at $521,599.

Home Sales Decline in Vancouver, but Surge in Rest of BC

Vancouver, BC – August 14, 2012.
The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through the Multiple Listing Service® (MLS®) in BC declined 12.9 per cent to $3.1 billion in July compared to the same month last year. A total of 6,482 MLS® residential unit sales were recorded over the same period, down 0.8 per cent from July 2011. The average MLS® residential price was $474,954, 12.2 per cent lower than a year ago.


"While some potential homebuyers in Vancouver are taking a breather over the summer months, stronger consumer demand continues across the rest of the province,” said Cameron Muir, BCREA Chief Economist. MLS® residential unit sales outside of Vancouver were up 11 per cent in July over a year ago. In contrast, home sales through the Real Estate Board of Greater Vancouver were down 18 per cent over the same period.

Year-to-date, BC residential sales dollar volume declined 16.5 per cent to $23.5 billion, compared to the same period last year. Residential unit sales dipped 7.9 per cent to 44,794 units, while the average MLS® residential price was 9.4 per cent lower at $525,183.

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