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Subject: BC Home Sales to Rise in 2011 - BCREA Housing Forecast Update: Third Quarter 2010
An interesting report release by the BCREA today predicts a rise in home sales in 2011. Though their forecast for this year shows a 7% decline compared to 2009, they expect to see a 5% rise in 2011. Stating a slowly falling number of listings heading into the second half of the year (which, while contrary to many media, is quite accurate), it looks like the current Buyer's market may be shorter-lived than originally thought and balance could be restored by early next year.
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For a PDF version of this news release, including data table, follow this link: For immediate release BC Home Sales to Rise in 2011 Vancouver, BC – July 30, 2010. The British Columbia Real Estate Association (BCREA) released its Housing Forecast Update for the third quarter of 2010 today.
“The volatility in consumer demand characteristic of the past 24 months is expected to give way to more gradual improvement through 2011,” said Cameron Muir, BCREA Chief Economist. “Housing demand has fallen back to earth from its break-neck pace at the end of 2009 and is expected to more closely match overall economic performance over the next 18 months.” “A larger inventory of homes for sale has created the most favourable conditions for home buyers in more than a year,” added Muir. “However, the buyers’ market is expected to be short-lived as total active listings peaked in May and are beginning to wane, with more balanced conditions set to emerge in the fall.” The average MLS® residential price is forecast to climb 6 per cent to $492,800 this year and remain relatively unchanged in 2011, albeit declining by 1 per cent to $489,500. |
BC Multiple Listing Service® (MLS®) residential sales are forecast to decline 7 per cent from 85,028 units in 2009 to 79,500 units this year, before increasing 5 per cent to 83,400 units in 2011.Vancouver West & Vancouver East Market Statistics June 08 - June 10
Home Buyers Facing Less Competion
Vancouver, BC – June 14, 2010. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province declined 4 per cent to 7,950 units in May compared to the same month last year. On a seasonally adjusted basis, MLS® residential unit sales in the province declined 11 per cent in May from April 2010. The average MLS® residential price climbed 7 per cent to $498,294 in May compared to the same month last year.
“A slower pace of home sales combined with an increase in the inventory of homes for sale has quelled upward pressure on home prices,” said Cameron Muir, BCREA Chief Economist. A total of 54,362 MLS® residential listings were recorded in May, up 26 per cent from January on a seasonally adjusted basis. “Moderating market conditions in Vancouver, the Fraser Valley and Victoria are reducing the number of multiple offers as a greater selection of homes for sale lessons competition amongst home buyers,” added Muir.
Year-to-date, BC residential sales dollar volume increased 50 per cent to $17.5 billion, compared to the same period last year. Residential unit sales rose 31 per cent to 34,619 year-to-date, while the average MLS® residential price climbed 14 per cent to $505,468 over the same period.
For the complete news release, including detailed statistics, follow this link:www.bcrea.bc.ca/news_room/2010-05.pdf.
May market offers buyers greater selection
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 3,156 in May 2010, a decline of 10.4 per cent compared to the 3,524 sales in May 2009; 5.1 per cent more than the 3,002 sales in May 2008; and 27.1 per cent less than the 4,331 sales in May 2007. May 2010 sales also represent a 10.1 per cent decline compared to last month’s sales.
Attached property sales in May 2010 totalled 546, a decline of 17.8 per cent compared to the 664 sales in May 2009 and a 1.6 per cent decline from the 555 attached properties sold in May 2008. The benchmark price of an attached unit increased 14.8 per cent between May 2009 and 2010 to $500,339.
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