Brian White

Housing Demand to Ease but Remain Elevated in 2016

Vancouver, BC – November 10, 2015.

The British Columbia Real Estate Association (BCREA) released its 2015 Fourth Quarter Housing Forecast Update today.

Multiple Listing Service® (MLS®) residential sales in the province are projected to surpass 100,000 units this year. This level of home sales will be the third strongest on record and mark the first year since 2007 that BC home sales exceed the ten year average.

After climbing 15 per cent in 2014 and nearly 20 per cent this year, BC MLS® residential sales are forecast to decline 7 per cent to 93,700 units in 2016. “Less latent pent-up demand and gradual upward momentum of mortgage interest rates is expected to ease housing demand next year,” said Cameron Muir, BCREA Chief Economist.

“The inventory of homes for sale is now at its lowest level in nearly eight years,” added Muir. “Sellers’ market conditions are prevailing in many communities and causing home prices to be pushed higher.” The average MLS® residential price in the province is projected to increase 10.2 per cent to $626,000 this year and forecast to slow to a 2.2 per cent increase at $639,700.

Total housing starts in the province are projected to reach over 30,000 units this year, the highest level of production since 2008. Capacity constraints and an edging back of consumer demand is largely behind a forecast decline of BC housing starts, albeit just to 28,800 units in 2016. 

About Brian

"I’m Brian White, Bay Realty and I get you what you really want. I’m innovative, insightful, diligent and direct. With 25 years of experience in realestate and construction practises, my clients enjoy a competitive advantage they won’t get from anyone else and can move forward with complete confidence. Honesty, Dedication and RESULTS! "

Vancouver, BC – November 12, 2015.

TheBritish Columbia Real Estate Association (BCREA) reports that a total of 8,725 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October, up 14.1 per cent from the same month last year. Total sales dollar volume was $5.8 billion, up 32.3 per cent compared to the previous year. The average MLS® residential price in the province rose to $667,480, up 16 per cent from October 2014.

“Consumer demand continued at a heightened pace in October,” said Brendon Ogmundson, BCREA Economist. “Market conditions have diverged significantly in the province as very low supply and a near record pace of home sales in the metro-Vancouver area is offsetting resource sector driven weakness in northern markets.“

“There was a four month supply of residential inventory province wide in October, with markets in the Lower Mainland and Victoria closer to three months of supply. A balanced market typically exhibits a five to eight month supply of homes for sale.

The year-to-date, BC residential sales dollar volume increased 33.6 per cent to $55.3 billion, when compared with the same period in 2014. Residential unit sales climbed by 20.4 per cent to 87,895 units, while the average MLS® residential price was up 11 per cent to $628,909.

About Brian

"I’m Brian White at Bay Realty and I get you what you really want. I’m innovative, insightful, diligent and direct. With 25 years of experience in realestate and construction practises, my clients enjoy a competitive advantage they won’t get from anyone else and can move forward with complete confidence. Honesty, Dedication and RESULTS! "

Canadian and US Employment - November 6, 2015

Following four consecutive months of minor gains, Canadian employment increased by 44,000 jobs in October. The national unemployment rate ticked lower by 0.1 points to 7.0 per cent.  For a second consecutive month,  part-time employment accounted for the majority of the month's employment gains, though full-time employment was up by 9,000 jobs. Total hours worked, which is strongly correlated with economic growth, slowed down from 1.1 per cent year-over-year growth in September to 0.7 per cent in October.
 
In BC, job creation continues to accelerate. The province added 23,300 new jobs in October, including 11,300 full-time positions.  In spite of very robust job numbers, the provincial unemployment rate remained flat at 6.3 per cent as BC's economic performance continues to attract new entrants to the labour force from both inside and outside of the province. Year-to-date, employment in BC is up just 1 per cent but has risen at a rate of 2.3 per cent over the past three months and was up 3 per cent year-over-year in October. 

In the US,  jobs data for October may have been strong enough to convince the US Federal Reserve to raise interest rates at the end of this year. Employment rose by a robust 271,000 jobs in October while the US unemployment rate fell to just 5 per cent. 

About Brian

"I’m Brian White, Bay Realty and I get you what you really want. I’m innovative, insightful, diligent and direct. With 25 years of experience in realestate and construction practises, my clients enjoy a competitive advantage they won’t get from anyone else and can move forward with complete confidence. Honesty, Dedication and RESULTS! "

Welcome to November!  Or, what many happy fuzzy faced folks refer to as “Movember”.  It’s the month of the mustache, from the pencil to handlebar, a solid 30 days dedicated to honouring facial hair, and for good reason.  What started as 30 Australian “Mo Bros” back in 2003, has grown to a society of 5 million Bros and Sisters, around the world.  By 2014, the fun loving cause with a purpose had raised over $677 million, funded 832 Men’s Health Projects and was rated number 72 of the top 500 non-governmental organizations in the world.  The cause focuses on four keys areas:  Prostate Cancer, Testicular Cancer, Poor Mental Health and Physical Inactivity.  And this year, they are expanding to include “Move-ember”, challenging folks to get active for 30 days.  So whether you are sporting a new facial do, taking on the physical challenge, or donating to someone who is, Movember is an excellent cause.  For more information, please visit: https://ca.movember.com/?home

Another special day this month is also around the corner.  Mustaches aren’t the only thing people everywhere are wearing this month.  Red poppies sit pinned neatly on coats as we honour the sacrifices and achievements of those who served our country.  To all those of the past, as well as those who currently serve, we are forever grateful for what you do for our incredible country.  November 11^this Remembrance Day, many Cities have special services planned at their Municipal or City Halls or Cenotaphs check on line for information on local events.

We’ve been fortunate so far in the lower mainland to enjoy a pretty fantastic fall!  We can go from mowing grass one day to freeing the street drains for fear of being flooded out.  We may start off slightly disgruntled, but that changes the moment we hit the slopes, slip on our skates or build that first snowman.  We are cities and municipalities that move and shake 365 days a year, so make sure to visit my Facebook page for the latest events happening in and around the area!

Our team takes pride in keeping our community up to date on the latest housing market stats and trends.  If you have any questions about the market, or are thinking of buying or selling, we are here to help.  If you know of someone else who is thinking of joining the market, we always appreciate and are never too busy for your referrals.

Happy Movember!

Brian White Real Estate