Provincial Housing Market Showing Signs of Recovery Heading into Spring…“While activity across provincial housing markets remains well below normal,” said BCREA Chief Economist Brendon Ogmundson. “There are encouraging signs that the market is balancing out. Home sales rose month-over-month in most markets, and prices appear to be firming up in the face of low supply.”
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BCREA VIDEO: Home Buyer Rescission Period, What Consumers Need to Know
With the Home Buyer Rescission Period (HBRP) coming into effect on January 3, 2023, BCREA has created a video for REALTORS® to share with their clients to help them understand buyer’s rights during the HBRP.
Continue reading →BCREA – Housing Market Activity Remains Slow in November
The British Columbia Real Estate Association (BCREA) reports that a total of 4,512 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November 2022, a decrease of 50.8 per cent from November 2021 and about 30 per cent below a historical average November. The average MLS® residential price in BC was $906,785 an 8.6 per cent decrease from $992,245 recorded in November 2021. Total sales dollar volume was $4.1 billion, a 55 per cent decline from the same time last year.
Continue reading →BCREA – Helping Homeowners and Buyers Navigate New Federal Tax Changes
The federal government is introducing new tax changes that may impact homeowners and potential homebuyers beginning January 1, 2023. Here’s what you need to know.
Continue reading →BCREA Economics – Canadian Inflation (October 2022) – November 16, 2022
Canadian prices, as measured by the Consumer Price Index (CPI), rose 6.9 per cent on a year-over-year basis in October, a rate of change equal to the prior month. After falling for the prior three months, a rise in gasoline prices in October kept the CPI steady year-over-year.
Continue reading →BCREA Economics – Bank of Canada Interest Rate Announcement – October 26, 2022
The Bank of Canada raised its overnight policy rate by 50 basis points, bringing it to 3.75 per cent, its highest level since 2008. In the statement accompanying the decision, the Bank noted that the Canadian economy continues to operate in excess demand and tight labour markets and as a result inflation remains elevated.
Continue reading →Election Housing Promises Destined to Fail Without Detailed Plans to Increase Supply
The British Columbia Real Estate Association (BCREA) is encouraged by the focus on housing affordability as a key priority in each of the major party’s platforms in the lead-up to September’s federal election. However, while parties pledge to build more homes and make purchasing easier, without detailed plans to quickly turn those promises into action that will increase supply, campaign promises will lead to municipal bottlenecks, failed policy and disappointed homebuyers.
Continue reading →BCREA: Record September for BC Housing Markets
“The provincial housing market had a record-setting September,” said BCREA Chief Economist Brendon Ogmundson. “Both total sales and average prices were the highest ever for the month of September as pent-up demand from the spring pushes into the fall.”
Continue reading →BCREA Economics Quarterly Mortgage Rate Forecast
The average Canadian 5-year fixed rate has fallen to under 2 per cent, the result of a rapid and overwhelming policy response from the Bank of Canada to the COVID-19 pandemic.
Continue reading →Why BC’s Housing Market Remains Strong Despite COVID-19
“Pandemic economics are proving to be very unusual. Many of the trends we are seeing are without precedent and significant uncertainty remains, but we are cautiously optimistic that this housing recovery will continue,” notes Ogmundson.
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