BCREA 2017 Second Quarter Housing Forecast


Vancouver, BC – June 19, 2017.

 

The British Columbia Real Estate Association (BCREA) released its 2017 Second Quarter Housing Forecast today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 10 per cent to 101,000 units this year, after reaching a record 112,209 units in 2016. Housing demand gained strength this spring, as some of the effects of federal and provincial policy efforts to tamp it down dissipate. In addition, strong market fundamentals continue to underpin an elevated level of home sales. The ten-year average for MLS residential sales in the province is 84,700 units.

 

“The province is in its fourth year of above-trend economic growth," said Cameron Muir, BCREA Chief Economist. "Strong employment growth, consumer confidence and an influx of inter-provincial migrants are important drivers of the housing market this year." In addition, with the millennial generation now entering their household forming years, the condominium market in major urban centres is experiencing pressure on supply.

The average MLS® residential price in the province is forecast to decline 1.1 per cent to $683,500 this year, and increase 5.2 per cent to $719,100 in 2018. The decline in the provincial average price is largely due to rising demand for more affordable condominiums and a larger proportion of home sales occurring outside the Metro Vancouver region.

 

The prices are a reflection in the supply of homes for sale, that supply is at a 20-year low in the province, with sellers' market conditions prevelant across most BC regions and home types.


This coming October I  will be celebrating 27 years in real estate with even more years in construction practises. Looking for a new home or investment property? I will get the home or property you really want. My clients have called me innovative, insightful, diligent and direct. All of my clients enjoy my knowledge base, an advantage they won’t get from anyone else in the industry. I treat my clients like family, so they are well informed and comfortable moving forward, and are assured complete confidence tthat hey have made the right decision in their investment.

 

I'm never too busy for any of your referrals.

 

Your Realtor for Life

Brian

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US Federal Reserve Interest Rate Decision - June 14, 2017

The US Federal Reserve's Open Market Committee (the Fed) raised its target overnight rate this morning, the third such increase in the past six months. This morning's increase brings its the federal funds rate into a range of 1 to 1.25 per cent.

The Fed's statement accompanying the decision noted a continuation of a strong US labour market conditions despite a recent slowing of job growth. Household spending has picked up and the Fed expects the economy to expand at a moderate pace. While inflation remains below the Fed's 2 per cent target, it is expected to stabilize at 2 per cent over the medium term.

The Fed once again stated that it expects the US economy to evolve in a way that necessitates further but gradual increases to its overnight rate, which means there will likely be at least one more rate increase this year. A tightening cycle in the United States, combined with a shift in bias toward tightening at the Bank of Canada could put some upward pressure on Canadian interest rates in coming months, reversing the downtrend observed recently.

We will have to see how the Bank of Canada responds to this hike in the US. Canada usually follows because our economies are so linked, time will tell.
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I have sold a property at 1427 160A ST in Surrey.
This wonderful three bedroom rancher is located on quiet cul-de-sac on a large (8122 s.f.) west facing lot. This home has a white kitchen and beautiful bamboo floors. There is a large family room with French doors (or use as a dining room) opening to a large deck. Perfect home for a young family or as an investment property until you are ready to build your dream home. Great location within walking distance to South Meridian Elementary, close to shops, the bus or even walk to the beach!
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I have sold a property at 13040 14A AVE in Surrey.
5-bdrm / 4-ensuite, 3200-SF luxury Raymond Bontor-designed residence located on one of Ocean Park's most coveted streets close to shops, transit, Camp Kwomais park and steps to beach. Highlights include 2 gas fireplaces, custom wine room and bar, Brazilian cherry floors on main and new carpet upstairs. Spacious great room features gas fireplace and a generous custom island as well as top-end appliances including a built-in Ariston espresso / cappuccino maker. Large master bdrm boasts vaulted ceilings, walk-in closet and ensuite with dual sinks, soaker tub and shower. Private, park-like yard includes 2 private patio areas, a garden shed and large custom built storage shed to store seasonal furniture, bikes and more.
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I have listed a new property at 2339 10TH AVE W in Vancouver.
A modern Italian designed 2 bedroom home right on Connaught park. Home comes with a fully loaded kitchen: Euromobil Kitchen cabinets, Wolf Range, Liebherr fridge and separate freezer, built-in oven and floor to ceiling pantry. Radiant heated Italian tiles throughout the main level. High walk score- Stone throw to St. John's & Kits school, Steve Nash Gym, London Drugs, IGA and the list goes on. Bright, wide layout offers a generous space for a family with kids. Separate drive way. Fourplex non conforming strata offers the privacy of single home ownership with soundproof floors to very technical wall insulation. There is no monthly strata fee. Remaining warranty. All windows have blinds. *Pixilink measured 896 sqft. For your private viewing call.
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I have listed a new property at 1969 CREELMAN AVE in Vancouver.
Motivated seller! A rare chance to own in prestigious Kits Point. A lovely quiet, tree-lined residential street only 1 1/2 blocks from Kits Beach yet free from noise & traffic. Currently an investment property with 3 separate suites, 1 per floor, offering revenue potential of $6,000/mo or more. The 33' x 120' RT9 zoned (duplex) lot also presents an excellent building opportunity (house may be demolished). The current home features solid oak floors, coved ceilings, gas fireplace, decks, enclosed landscaped backyard & 2 car carport. The location is a dream: nestled near the water & spectacular views, 1 block from transit, shops & neighbourhood restaurants & downtown a short walk away. For a private viewing call.
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I have listed a new property at 3514 8TH AVE W in Vancouver.
Extremely well kept 1958 home, on a nice level street, graced with Kitsilano's lovely character homes. Zoning is RT-7, so you could build your dream duplex, or potentially update and add another level on to the existing solid house. Main floor has 2 bedrooms, a generous living room, dining room and spacious kitchen opening onto a covered 14' x 14' deck for you to enjoy the nice sunny afternoons. Single carport in the back and nice yard for the kids or for your gardening pleasures. One block from amenities and buses and close to the best schools, Kits beach and parks. Floor below is 7.1' high and very well equipped mortgage helper with 2 bedrooms, nice and bright and with shared laundry.
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I have listed a new property at 2172 8TH AVE W in Vancouver.
Imagine the excitement of making that phone call…”Honey, I’ve found the perfect home for us, where the kids can have their own bedroom, and walk to school.” This 3-bedroom, 2-bathroom plus large den townhome is a rare find indeed. Enjoy a premier address without paying the premium price of a detached Westside home. Skip the yard work and enjoy numerous parks and recreational facilities within a few minutes’ walk of your new home. This Kitsilano townhome has 3 bedrooms upstairs, including a master with ensuite bathroom and a private balcony for you to enjoy your morning coffee. The spacious den can be used as an office, kids’ play area, rec room, or guest room - the possibilities are endless. 10-foot ceilings and floor to ceiling windows, wide-plank hardwood floors, quartz countertops and stainless appliances will make you feel even more at home. Don’t forget your private single-car garage, plus additional underground parking space. Rental and pet-friendly in a fantastic location. Once you see it you will know
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Vancouver, BC – June 13, 2017. TheBritish Columbia Real Estate Association (BCREA) reports that a total of 12,402 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in May, down 7.9 per cent from the same period last year. Total sales dollar volume was $9.33 billion, down 4.0 per cent from May 2017.

 

The average MLS® residential price in the province was $752,536, a 4.2 per cent increase from the same period last year.

“Market conditions have tightened considerably this spring as an upturn in consumer demand has not been accompanied by a rise in homes listed for sale," said Cameron Muir, BCREA Chief Economist. "The supply of homes for sale in the province has fallen 50 per cent over the past five years."

"The entire southern portion of the province is experiencing a shortage of housing supply, which makes continuing upward pressure on home prices inevitable, at least in the near term," added Muir. Total active listings in the province were down 11.1 per cent to 28,404 units from May 2016. The ratio of home sales to active listings was well over 20 per cent in nine of the province's 11 real estate boards, and over 50 per cent in Vancouver, the Fraser Valley, Chilliwack and Victoria.

 

Year-to-date, BC residential sales dollar volume was down 25.2 per cent to $30.6 billion, when compared with the same period in 2016. Residential unit sales declined 20.1 per cent to 43,158 units, while the average MLS® residential price was down 5.7 per cent to $709,541.

 

This coming October I  will be celebrating 27 years in real estate with even more years in construction practises. Looking for a new home or investment property? I will get the home or property you really want. My clients call me innovative, insightful, diligent and direct. All of my clients enjoy my competitive knowledge base an advantage they won’t get from anyone else in the industry. I treat my clients like family, so they are comfortable moving forward, and have complete confidence they have made the right decision in their investment.

 

I'm never too busy for any of your referrals.

 

Your Realtor for Life

Brian

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VANCOUVER, BC – June 2, 2017 – Home buyer activity returned to near record levels across
the Metro Vancouver* housing market in May.

 

Residential property sales in the region totalled 4,364 in May 2017, a decrease of 8.5 per cent
from the 4,769 sales in May 2016, an all-time record, and an increase of 22.8 per cent compared
to April 2017 when 3,553 homes sold.
Last month’s sales were 23.7 per cent above the 10-year May sales average and is the thirdhighest
selling May on record.

 

"Demand for condominiums and townhomes is driving today’s activity," Jill Oudil, Real Estate
Board of Greater Vancouver (REBGV) president said. “First-time buyers and people looking to
downsize from their single-family homes are both competing for these two types of housing.”
New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,044
in May 2017. This represents a 3.9 per cent decrease compared to the 6,289 units listed in May
2016 and a 23.2 per cent increase compared to April 2017 when 4,907 homes were listed.
The month-over-month increase in new listings was led by detached homes at 27.1 per cent,
followed by apartments at 22.7 per cent and townhomes at 14.1 per cent.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver
is 8,168, a 5.7 per cent increase compared to May 2016 (7,726) and a 4.5 per cent increase
compared to April 2017 (7,813).

 

"Home buyers are beginning to have more selection to choose from in the detached market,
but the number of condominiums for sale continues to decline," Oudil said.
The sales-to-active listings ratio across all residential categories is 53.4 per cent. By property
type, the ratio is 31 per cent for detached homes, 76.1 per cent for townhomes, and 94.6 per cent
for condominiums.

 

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below
the 12 per cent mark for a sustained period, while home prices often experience upward pressure
when it surpasses 20 per cent over several months.
“While sales are inching closer to the record-breaking pace of 2016, the market itself looks
different. Sales last year were driven by demand for single-family homes. This year, it's clear
that townhomes and condominiums are leading the way,” said Oudil. “It’s important to work
with your local REALTOR® to understand the different factors affecting the market today.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $967,500. This represents an 8.8 per cent increase over May 2016 and a
2.8 per cent increase compared to April 2017.

 

Sales of detached properties in May 2017 reached 1,548, a decrease of 17 per cent from the
1,865 detached sales recorded in May 2016. The benchmark price for a detached property is
$1,561,000. This represents a 3.1 per cent increase over May 2016 and a 2.9 per cent increase
compared to April 2017.

 

Sales of apartment properties reached 2,025 in May 2017, a decrease of 5.8 per cent compared to
the 2,150 sales in May 2016.The benchmark price for an apartment property is $571,300. This
represents a 17.8 per cent increase over May 2016 and a 3.1 per cent increase compared to April
2017.

 

Attached property sales in May 2017 totalled 791, an increase of 4.9 per cent compared to the
754 sales in May 2016. The benchmark price for an attached property is $715,400. This
represents a 13.1 per cent increase over May 2016 and a 1.9 per cent increase compared to April
2017.

 

For more information on what is happening in your area or a market valuation of your property within 24 hours visit www.brianwhite.ca.

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