News: Vancouver Real Estate Market

In July 2020, the British Columbia Real Estate Association (BCREA) reported a total of 10,090 residential unit sales recorded by the Multiple Listing Service® (MLS®). This showed an increase of 26.6% from the same month last year. The average MLS® residential price in BC was $770,810, a 12.9% increase from $682,702 recorded the previous year. Total sales dollar volume in July was $7.8 billion, a 43% increase over 2019.

"The strong recovery in sales activity continued in July," said BCREA...

The British Columbia Real Estate Association (BCREA) has released its 2020 Second Quarter Forecast. According to the release, a 21% decline in Multiple Listing Service® (MLS®) residential sales to approximately 61,000 units this year, after recording 77,347 residential sales in 2019. MLS® residential sales are forecast to increase by 45.3% to 88,500 units in 2021.

"The bright outlook for 2020 home sales has been upended by the COVID-19 pandemic and resulting recession," said Brendon Ogmundson,...

The Contract of Purchase and Sale (CPS) is one of the key documents used in a real estate transaction. The attached video created by the British Columbia Real Estate Association (BCREA) will help you understand and answer some of the common questions, such as:

• When does the process begin and when is the Contract of Purchase and Sale used?
• What do the terms in the contract mean?
• What information is included in the Contract of Purchase and Sale?

If you want to know more about the CPS form, feel free...

According to the British Columbia Real Estate Association (BCREA), there was a total of 3,284 residential units recorded by the Multiple Listing Service® (MLS®) in April 2020. This is a decline of 50.8% from April 2019.

The average MLS® residential price in BC was $737,834, a 7.8% increase from $684,430 recorded the previous year. Total sales dollar volume in March was $2.4 billion, a 46.9% decrease over 2019.

"We expected to see a sharp drop in sales for April as we confronted the COVID-19...

In the past 40 years, the Canadian economy has had three recessions, each of them different in cause, depth, and duration. The 2020 COVID-19 recession is said to be deep, but will not last long when compared to past recessions. The one glaring similarity throughout these recessions is how the BC housing market has both endured and recovered successfully.

According to the current forecast, the Canadian economy is said to contract approximately by 4% in the first quarter of 2020, followed by a startling...

In March 2020, the British Columbia Real Estate Association (BCREA), reported a total of 6,717 residential unit sales recorded by the Multiple Listing Service® (MLS®). This is a 17.2% increase from March 2019. The average MLS® residential price in BC was $789,548, a 15.1% increase from $685,592 recorded the previous year. The total sales dollar volume showed an increase of 35%, to $5.3 billion over 2019.

"Provincial housing markets started the month very strong before the COVID-19 pandemic...

The Bank of Canada has lowered its overnight policy rate for the second time this month, taking the rate down a further 50 basis points to 0.25%. This is what the Bank considers as its effective lower bound and any further reduction in rates is not possible without potentially disrupting key short-term funding markets.

In addition, two new programs have been announced to ensure the continued smooth running of credit markets and to promote credit availability. First, the Commercial Paper Purchase Program...

The COVID-19 outbreak has caused a steep decline in interest rates, however, it is uncertain as to how severe the impact will be on economic activity. Considering the importance of tourism and our trade links with China, the magnitude of the impact is expected to be higher in BC. In addition, the Canadian economy also saw the collapse of oil prices and this makes the probability of a recession in Canada that much higher.

An unfortunate byproduct of recession is the loss of jobs and incomes, which...

In January 2020, a total of 4,426 residential units were recorded by the Multiple Listing Service® (MLS®), as reposted by the British Columbia Real Estate Association (BCREA). This was an increase of 23.7% when compared to 3,579 units sold in January 2019.

The total sales dollar volume was $3.2 billion in January, which is a 35% increase over 2019. The average MLS® residential price in BC was $725,370, a 9.1% increase from $664,633 recorded the previous year.

"Housing markets in BC are...

The Multiple Listing Service® (MLS®) recorded a total of 77,331 residential unit sales in 2019, a decrease of 1.5% from the 78,516 units sold in 2018 as reported by the British Columbia Real Estate Association (BCREA). Furthermore, the total sales dollar volume was $54.2 billion, a 3% decrease from 2018. The previous year saw an average annual MLS® residential price at $711,564, when compared to $700,460, a decrease of 1.6%.

According to the BCREA Cheif Economist Brendon Ogmundson, "Housing...

According to the British Columbia Real Estate Association (BCREA) report, there were 6,616 residential unit sales recorded by the Multiple Listing Service® (MLS®) in November. This showed an increase of 27.5% from the same month last year. The MLS® recorded an average residential price in the province at $746,939, an increase of 5.5% from November 2018. The total sales volume saw a 34.4% increase to reach $4.94 billion, compared to the same month last year.

"After several months of strong...

According to the British Columbia Real Estate Association (BCREA), residential unit sales totalled 7,666 as recorded by the Multiple Listing Service® (MLS®) in October. This is an increase of 19.3% from the same month last year. The average MLS® residential price in the province increased 5.1% from October 2018, at $724,045. Total sales were also up by 25.4% at $5.55 billion, from the same month last year.

"Most markets around the province are returning to a more typical level of sales...

According to the Multiple Listing Service® (MLS®)forecast, residential sales in the province are to decline 1.8% to about 77,100 units this year, compared to 78,505 residential sales in 2018. Residential sales on MLS® are forecast to increase 10.9% in 2020 and hit 85,500 units, just below the 10-year average for MLS® residential sales of 85,800 units.

"After a slow start to 2019, MLS® home sales in BC have embarked on a sustained upward trend since the spring," said Brendon Ogmundson,...

According to the British Columbia Real Estate Association (BCREA), sales in BC are forecast to rise next year.

Multiple Listing Service® (MLS®) residential sales in the province are expected to decline 9% to 71,400 units in 2019, after recording 78,346 residential sales in 2018. MLS® residential sales are forecast to increase 14% to 81,700 units in 2020.

"The shock to affordability from restrictive mortgage policies, especially the B20 stress test, will continue to limit housing demand...

Vancouver, BC – May 31, 2018. The British Columbia Real Estate Association (BCREA) released its 2018 Second Quarter Housing Forecast today.

Multiple Listing Service® (MLS® ) residential sales in the province are forecast to decline 9 per cent to 94,200 units this year, after posting 103,700 unit sales in 2017. MLS® residential sales are forecast to remain relatively unchanged in 2019, albeit down 0.2 per cent to 94,000 units. Housing demand is expected to remain above...

April 04, 2018 - The desire of some well-meaning British Columbians for government to drive down the price of homes through demand-side policy may sound practical at first blush. However, when you consider the broad and deep economic toll that a negative shock to home prices would exact on both homeowners and renters, it quickly becomes apparent that such an approach is at best, a mug’s game. BCREA Economics analysis* shows that even a relatively modest negative price shock will produce significant...

First Quarter, March 2018 - HOUSING FORECAST UPDATE

Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 8.6 per cent to 94,855 units this year, after recording 103,763 residential sales in 2017. MLS® residential sales are forecast to edge back a further 1 per cent to 94,025 units in 2019. Housing demand is expected to remain above the 10-year average of 84,800 units into 2020.Strong economic performance and favourable demographics...

Vancouver, BC – March 14, 2018. The British Columbia Real Estate Association (BCREA) reports that a total of 6,206 residential unit sales were recorded by the Multiple Listing Service® (MLS® ) across the province in February, a 5.7 per cent decrease from the same period last year. The average MLS® residential price in BC was $748,327, up 8.8 per cent from the previous year. Total sales dollar volume was $4.64 billion, a 2.6 per cent increase from February 2017.

"More stringent...

New taxes unlikely to stabilize housing market

Victoria, BC – February 20, 2018. The British Columbia Real Estate Association calls on government to introduce transitional rules for all transactions impacted by the new tax measures introduced in Budget 2018. The new tax measures come into effect on February 21, 2018. The Property Transfer Tax (PTT) increase to 5% for properties over $3 million, as well as the increase to 20% and expansion of the Foreign Buyer's Tax to other parts of the...

Vancouver, BC – January 12, 2018. The British Columbia Real Estate Association (BCREA) reports that a total of 103,763 residential unit sales were recorded by the Multiple Listing Service® (MLS® ) across the province in 2017, a decline of 7.5 per cent from a record 112,211 unit sales in 2016. The average MLS® residential price in BC was $709,579 in 2017, up 2.7 per cent from the previous year. Total sales dollar volume was $73.63 billion, down 5.1 per cent from 2016.

"Robust...

Vancouver, BC – December 12, 2017. The British Columbia Real Estate Association (BCREA) reports that a total of 7,731 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November, an increase of 20.4 per cent from the same period last year. Total sales dollar volume was $5.59 billion, up 39.1 per cent from November 2016.The average MLS® residential price in the province was $723,112, up 15.5 per cent from November 2016.

"November was the third ...

Vancouver, BC – November 28, 2017. The British Columbia Real Estate Association (BCREA) released its 2017 Fourth Quarter Housing Forecast today.

Multiple Listing Service® (MLS® ) residential sales in the province are forecast to decline 10.4 per cent to 91,700 units in 2018, after an expected 8.8 per cent decrease this year. A record 112,209 unit sales were recorded in 2016. The ten-year average for MLS® residential sales in BC is 84,700 units. Strong economic and demographic...

October 17, 2017 - The Office of the Superintendent of Financial Institutions (OSFI) announced new restrictions on uninsured mortgages today. Effective January 1, 2018, all home-buyers with a down-payment of more than 20 per cent will have to qualify at the higher of the posted 5-year qualifying rate and their contractual rate plus 200 basis points (2 per cent). This is in addition to policy announced in October of 2016 that required all insured borrowers qualify at the posted 5-year qualifying rate....

Vancouver, BC – October 12, 2017. The British Columbia Real Estate Association (BCREA) reports that a total of 8,340 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in September, an increase of 9.9 per cent from the same period last year.

Total sales dollar volume was $ 5.8 billion, up 30.2 per cent from September 2016. The average MLS® residential price in the province was $693,774, up 18.5 per cent from September 2016.

" BC home sales...

 Vancouver, BC – July 13, 2017. The British Columbia Real Estate Association (BCREA) reports that a total of 11,671 residential unit sales were recorded by the Multiple Listing Service® (MLS® ) in June, down 9.6 per cent from the same period last year. Total sales dollar volume was $8.47 billion, down 5.6 per cent from June 2016. The average MLS® residential price in the province was $725,778, a 4.4 per cent increase from the same period last year.

"Although home...

 Vancouver, BC–June 13, 2017. The British 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...

Vancouver, BC – February 22, 2017. On the heels of multiple government announcements in 2016 and early 2017, the British Columbia Real Estate Association (BCREA) welcomes the latest: an increase in the Property Transfer Tax exemption threshold for first-time buyers, announced in Budget 2017. The increase, to $500,000 from $475,000, takes effect today.

BCREA appreciates this government’s attention to the needs of first-time homebuyers. To keep pace with the dynamic real estate market...

Vancouver, BC – February 17, 2017.The British Columbia Real Estate Association (BCREA) released its 2017 First Quarter Housing Forecast Update today.

Multiple Listing Service® (MLS® ) residential sales in the province are forecast to decline 14.1 per cent to 96,345 units this year, after reaching a record 112,209 units in 2016. A moderation trend that began early in 2016, combined with tougher federal government mortgage qualification rules and the foreign buyer tax in Vancouver,...

Vancouver, BC – February 15, 2017. The British Columbia Real Estate Association (BCREA) reports that a total of 4,487 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in January, down 23 per cent from the same period last year. Total sales dollar volume was $2.79 billion, down 36.5 per cent from January 2016. The average MLS® residential price in the province was $621,093, a 17.5 per cent decrease from the same period last year.

“Housing...

Vancouver, BC – November 29, 2016. The British Columbia Real Estate Association (BCREA) released its 2016 Fourth Quarter Housing Forecast today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to climb 11 per cent to a record 113,800 units this year, eclipsing the previous record of 106,310 units in 2005. Less robust economic conditions combined with government policy constraints are expected to slow housing demand by more than 15 per cent...