Winnie Wu
2444 Beacon Ave V8L 1X6 Sidney, BC, Canada

BC Housing Market Continues Record Pace in October Vancouver, BC November 12, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 11,051 residential unit sales were recorded by the Multiple Listing Service (MLS) in October 2020, an increase of 43.8 per cent from October 2019. The average MLS residential price in BC set a record of $812,960, a 12.5 per cent increase from $722,333 recorded the previous year. Total sales dollar volume in Augu...st was $8.98 billion, a 61.8 per cent increase over 2019. The provincial housing market sustained its blistering pace of activity in October, said BCREA Chief Economist Brendon Ogmundson. While pent-up demand may be starting to fade, record low interest rates and a recovering job market are supporting strong sales. A pandemic-driven shift in buyers’ preference for extra space is pushing average prices to record highs as larger value transactions account for a higher share of sales, added Ogmundson. Prices are also being pushed higher by a lack of inventory. Total provincial active listings continue to trend lower and were close to 14 per cent lower in October 2020 compared to 2019. Year-to-date, BC residential sales dollar volume was up 29.7 per cent to $58.7 billion, compared with the same period in 2019. Residential unit sales were up 16.3 per cent to 76,140 units, while the average MLS residential price was up 11.5 per cent to $771,085.

Record September for BC Housing Markets Vancouver, BC October 14, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 11,368 residential unit sales were recorded by the Multiple Listing Service (MLS) in September 2020, an increase of 63.3 per cent from September 2019. The average MLS residential price in BC set a monthly record of $803,210, a 15.3 per cent increase from $696,647 recorded the previous year. Total sales dollar volume in Augus...t was $9.1 billion, an 88.3 per cent increase over 2019. 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. Average prices are skewing higher as demand for space during the pandemic drives sales of single-detached homes, added Ogmundson. Total provincial active listings are still down about 12 per cent year-over-year, with some markets even more under-supplied as the pandemic continues to keep listings low. Year-to-date, BC residential sales dollar volume was up 25.1 per cent to $49.7 billion, compared with the same period in 2019. Residential unit sales were up 12.5 per cent to 65,023 units, while the average MLS residential price was up 11.2 per cent to $764,298.

Bank of Canada Interest Rate Announcement - September 9, 2020 The Bank of Canada held its overnight rate at 0.25 per cent this morning, a level it considers its effective lower bound. The Bank is also continuing its quantitative easing (QE) program, with large scale asset purchases of at least $5 billion per week in Government of Canada bonds. In the statement accompanying the decision, the Bank noted that the Canadian economy is evolving broadly in line with expectations, w...ith a strong re-opening phase to be followed by slower, uneven growth and heavily reliant on policy support. Inflation remains close to zero, with downward pressure from energy prices and travel services, and is expected to remain below the Bank's 2 per cent target for some time. The Bank re-emphasized its commitment to keep its policy rate at its effective lower bound of 0.25 per cent until slack is absorbed in the economy and inflation stabilizes around its 2 per cent target. Its QE program will continue until a recovery is well underway. Given the Bank's' current projections, that means rates could be on hold until 2022. A recovery in the housing market is well underway with sales in BC surpassing their pre-COVID-19 level. With the Bank committing to holding its policy rate at 25 basis points until slack in the economy is absorbed, and continuing its quantitative easing program of asset purchases, Canadian mortgage rates should remain at current historical lows for quite some time, providing a significant boost to the BC housing market.

Strong Recovery Continues for BC Housing Markets Vancouver, BC August 13, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 10,090 residential unit sales were recorded by the Multiple Listing Service (MLS) in July 2020, an increase of 26.6 per cent from July 2019. The average MLS residential price in BC was $770,810, a 12.9 per cent increase from $682,702 recorded the previous year. Total sales dollar volume in July was $7.8 billion, a 43... per cent increase over 2019. The strong recovery in sales activity continued in July, said BCREA Chief Economist Brendon Ogmundson. Increased demand for more living space combined with an undersupplied market is producing significant upward pressure on home prices, particularly in the market for single-family homes. Active listings remain down significantly year-over-year, creating upward pressure on prices, though increased demand for single-family homes has somewhat skewed average prices in some markets. Year-to-date, BC residential sales dollar volume was up 8.4 per cent to $32.5 billion, compared with the same period in 2019. Residential unit sales were down 1.4 per cent to 43,718 units, while the average MLS residential price was up 10 per cent to $754,842.

Victoria real estate market continues to adapt in the changing times (Source from VREB) A total of 979 properties sold in the Victoria Real Estate Board region this July, 38.7 per cent more than the 706 properties sold in July 2019 and 21.2 per cent more than the previous month of June 2020. Sales of condominiums were up 11.2 per cent from July 2019 with 239 units sold. Sales of single family homes were up 61.1 per cent from July 2019 with 559 sold. "If we look at the numbers... alone, June and July were unseasonably busy months and the number of sales this month areon the higher end of our market for a typical July," says Victoria Real Estate Board President Sandi-Jo Ayers. "But we are not in a typical season. We cannot derive an ongoing trend nor forecast by looking at activity because we know the market is subjected to unusual factors amidst a health crisis. Our spring market was delayed because of the pandemic. It is likely that our spring demand moved into summer now that folks are moving around our community more freely. Time will tell if these factors are resulting in a very compressed cycle of activity or if this trend will persist in the fall." There were 2,653 active listings for sale on the Victoria Real Estate Board Multiple Listing Service at the end of July 2020, 10 percent fewer properties than the total available at the end of July 2019 and a 1.7 per cent decrease from the 2,698 active listings for sale at the end of June 2020. "A big factor in our market right now is that we continue to see this very long term, very low supply of inventory which puts pressure on our market and prices," adds Ayers. "Though we had a good number of new listings come to market this month, many of those listings were snapped up by buyers. Our average active listings for July over the past ten years is 3,767 but our current local inventory is more than a thousand properties less than that. Right now we have a lot of demand for single family homes - without the numbers to meet demand - prospective buyers are often entering into multiple offer, competitive situations or are unable to find appropriate properties. It's a challenging market to navigate, but your REALTOR is standing by to help should you wish to discuss a strategy to buy or sell a home in our current market." The Multiple Listing Service Home Price Index benchmark value for a single family home in the Victoria Core in July 2019 was $861,100. The benchmark value for the same home in July 2020 increased by 5.7 per cent to $910,400, 1.6 per cent more than June's value of $896,200. The MLS HPI benchmark value for a condominium in the Victoria Core area in July 2019 was $520,900, while the benchmark value for the same condominium in July 2020 increased by 1.7 per cent to $529,900, 0.8 per cent more than the June value of $525,600.

BC Housing Markets Bounce Back in June Vancouver, BC July 14, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 8,166 residential unit sales were recorded by the Multiple Listing Service (MLS) in June 2020, an increase of 16.9 per cent from June 2019. The average MLS residential price in BC was $748,155, a 9.1 per cent increase from $685,968 recorded the previous year. Total sales dollar volume in June was $6.1 billion, a 27.5 per cent in...crease over 2019. Sales around the province surged back to pre-COVID-19 levels in June, said BCREA Chief Economist Brendon Ogmundson. While there are some temporary factors that may have pushed demand forward, we are cautiously optimistic that market activity will remain firm. Although listings activity has normalized along with sales, active listings are still down close to 20 per cent year-over-year and, as a result, many markets are seeing upward pressure on prices. Year-to-date, BC residential sales dollar volume was up 0.6 per cent to $24.7 billion, compared with the same period in 2019. Residential unit sales were down 8 per cent to 32,875 units, while the average MLS residential price was up 9.4 per cent to $751,722.

Welcome to my open house on Saturday, July 11 @1pm to 3pm.

Housing Market Activity Shows Signs of Recovery in May Vancouver, BC June 15, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 4,518 residential unit sales were recorded by the Multiple Listing Service (MLS) in May 2020, a decline of 45.2 per cent from May 2019. The average MLS residential price in BC was $728,898, a 3.2 per cent increase from $706,394 recorded the previous year. Total sales dollar volume in May was $3.3 billion, a 43.5 ...per cent decrease over 2019. There were encouraging signs of recovery in May, said BCREA Chief Economist Brendon Ogmundson. While activity is still far below normal, both sales and listings are up significantly from April’s lows. New listings activity started to normalize around the first week of May, reversing a slide in total active listings. However, active listings are still down close to 24 per cent year-over-year and are more than 10,000 listings below where they would normally be in the spring months. Year-to-date, BC residential sales dollar volume was down 6 per cent to $18.6 billion, compared with the same period in 2019. Residential unit sales were down 14.2 per cent to 24,695 units, while the average MLS residential price was up 9.6 per cent to $753,155.

BC Homes Sales to Post Strong Recovery in 2021 BCREA 2020 Second Quarter Housing Forecast Vancouver, BC June 10, 2020. The British Columbia Real Estate Association (BCREA) released its 2020 Second Quarter Housing Forecast today. ... Multiple Listing Service (MLS) residential sales in the province are forecast to decline 21 per cent to approximately 61,000 units this year, after recording 77,347 residential sales in 2019. MLS residential sales are forecast to increase 45.3 per cent 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, BCREA Chief Economist. However, as the economy re-opens and measures to mitigate the spread of COVID-19 are gradually eased, we expect home sales will start to rebound, aided by record-low mortgage rates and pent-up demand. The impact of the current pandemic and associated recession on prices is largely determined by the reaction of supply. Given the unusual nature of COVID-19, the supply of listings for sale has declined for at least the first few months of the pandemic. A muted rise in for-sale inventory may translate to home prices remaining relatively firm in 2020. We are forecasting the provincial MLS average price to finish the year up 1.8 per cent and to increase a further 5.6 per cent in 2021.

Housing Market Slows, but Resilient in Response to Pandemic Vancouver, BC May 13, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 3,284 residential unit sales were recorded by the Multiple Listing Service (MLS) in April 2020, a decline of 50.8 per cent from April 2019. The average MLS residential price in BC was $737,834, a 7.8 per cent increase from $684,430 recorded the previous year. Total sales dollar volume in March was $2.4 billio...n, a 46.9 per cent decrease over 2019. "We expected to see a sharp drop in sales for April as we confronted the COVID-19 pandemic, said BCREA Chief Economist Brendon Ogmundson. However, buyers and sellers are adapting to a new normal, and activity should pick up as the economy gradually re-opens. While home sales were down by more than half compared to this time last year, the supply of homes for sale, which normally rises through the spring, was down close to 10 per cent on a seasonally adjusted basis and down 23.7 per cent year-over-year. That slide in total active listings means that prices remained firm despite the sharp fall in sales. Year-to-date, BC residential sales dollar volume was up 9.6 per cent to $15.3 billion, compared with the same period in 2019. Residential unit sales were down 1.7 per cent to 20,164 units, while the average MLS residential price was up 11.6 per cent to $758,614.

Victoria Spring market far from the usual as real estate continues to react to pandemic (From VREB) A total of 287 properties sold in the Victoria Real Estate Board region this April, 58.8 per cent fewer than the 696 properties sold in April 2019 and 52.8 per cent fewer than the previous month of March 2020. Sales of condominiums were down 64 per cent from April 2019 with 73 units sold. Sales of single family homes were down 55.8 per cent from April 2019 with 163 sold. "We co...ntinue to see the impact of the COVID-19 pandemic on the local real estate market," says Victoria Real Estate Board President Sandi-Jo Ayers. "Sales numbers are much lower than what we expected to see this spring and new listings are slow to come to market as owners wait to see what our community's trajectory is over the course of this pandemic. As a result, the available inventory of properties for sale remains lower than in April last year. Like so many other industries, much of the real estate market is watching, waiting and adapting." There were 2,305 active listings for sale on the Victoria Real Estate Board Multiple Listing Service at the end of April 2020, 16.2 percent fewer properties than the total available at the end of April 2019 but a 2.4 per cent increase from the 2,252 active listings for sale at the end of March 2020. "Real estate services and REALTORS were declared an essential service by our province in March in order to protect consumers who need to make real estate transactions during this time," adds Ayers. "This responsibility has opened opportunities for our profession to adapt our way of doing business to ensure our community's health is protected. Technology has allowed us to move much of our work online. Now you can participate in an open house from the comfort of your couch and manage your contracts and negotiations securely online. Of course, the vast majority of transactions still require an in-person showing at some point and so local Realtors are ensuring they are adhering to the advice of the Provincial Health Officer. We know that we are in complex times, but also that some people need to buy and sell. Our message has been and will be moving forward - if you need us, we are here." The Multiple Listing Service Home Price Index benchmark value for a single family home in the Victoria Core in April 2019 was $843,500. The benchmark value for the same home in April 2020 increased by 4.6 per cent to $882,700, 0.6 per cent more than March's value of $877,700. The MLS HPI benchmark value for a condominium in the Victoria Core area in April 2019 was $512,700 while the benchmark value for the same condominium in April 2020 increased by 3.5 per cent to $530,700, 0.2 per cent less than the March value of $531,900.

Bank of Canada Interest Rate Announcement - April 15, 2020 The Bank of Canada maintained its overnight policy rate at 0.25 per cent this morning, a level it considers to be its effective lower bound. The Bank also announced additional new measures to support the Canadian financial system. In its statement, the bank noted that efforts necessary to contain the spread of COVID-19 have caused a sudden and deep contraction in economic activity and employment worldwide. The bank j...udges the current outlook to be too uncertain to provide a complete forecast, though it expects real GDP growth to decline 1-3 per cent in the first quarter of 2020 and a further 15-30 per cent (annualized) drop in the second quarter. To offset any potential dysfunction in financial markets and to keep credit channels operating smoothly, the Bank will continue its purchase of Government of Canada as well as provincial government, and even investment grade corporate bonds in the secondary market. These measures, along with those implemented by the Federal Government, will help to ease pressure on Canadian borrowers at all levels, from large corporations, to small businesses to households.

Pandemic Halts Sales Activity in March Vancouver, BC April 15, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 6,717 residential unit sales were recorded by the Multiple Listing Service (MLS) in March 2020, an increase of 17.2 per cent from March 2019. The average MLS residential price in BC was $789,548, a 15.1 per cent increase from $685,892 recorded the previous year. Total sales dollar volume in March was $5.3 billion, a 35 per cent... increase over 2019. Provincial housing markets started the month very strong before the COVID-19 pandemic put a halt to activity, said BCREA Chief Economist Brendon Ogmundson. Activity will slow considerably in April as households and the real estate sector implement measures necessary to mitigate the spread of this virus. While we don’t know when this unprecedented period will end, markets will be boosted by pent-up demand and historically low interest rates when it does, added Ogmundson. The ultimate strength of the recovery will depend on how long the economy remains effectively shut down, as well as the efficacy of federal and provincial measures to bridge households through the financial difficulties brought on by the pandemic. Year-to-date, BC residential sales dollar volume was up 37.1 per cent to $12.9 billion, compared with the same period in 2019. Residential unit sales increased 21.7 per cent to 16,866 units, while the average MLS residential price was up 12.6 per cent to $763,031.

Bank of Canada Interest Rate Announcement - March 27, 2020 For the second time this month, the Bank of Canada has lowered its overnight policy rate before its regularly scheduled announcement date, taking the overnight rate down a further 50 basis points to 0.25 per cent. That level is what the Bank considers its effective lower bound, meaning it can not reduce rates further without potentially disrupting key short-term funding markets. The Bank also announced two new progra...ms to ensure the continued smooth functioning of credit markets and to promote credit availability. The first, the Commercial Paper Purchase Program, is targeted at alleviating strains in the short-term funding market and the second entails the Bank purchasing Government of Canada bonds in the secondary market. The latter program is a type of what is generally called "quantitative easing" though the Bank's program is targeted at all maturities, rather than longer term yields as in traditional quantitative easing. All of these actions represent a serious and significant amount of firepower aimed at keeping the Canadian financial system and credit markets functioning during this extraordinary time. If successful, we should see currently elevated risk spreads on mortgage products start to decline, reversing recent increases in Canadian mortgage rates. See more

Bank of Canada Interest Rate Announcement - March 13, 2020 (Source: BCREA) Today, in an emergency inter-meeting policy action, the Bank of Canada again lowered its overnight rate by 50 basis points to 0.75 per cent. This follows the previous cut to 1.25 per cent on March 4, 2020. This move is in response to the spread of COVID-19, which according to the Bank is "having serious consequences for Canadian families, and for Canada's economy". In its statement, the Bank noted that lower interest rates will help to support confidence in households by lowering borrowing costs for new purchases and for those renewing their mortgages. Additionally, lower prices for oil will weigh heavily on the economy. We expect this rate cut to be followed by an additional reduction of the Bank's overnight rate at its April 2020 meeting.

BC Home Sales Trend Higher in February Vancouver, BC March 12, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 5,741 residential unit sales were recorded by the Multiple Listing Service (MLS) in February 2020, an increase of 26.3 per cent from February 2019. The average MLS residential price in BC was $758,863, a 12 per cent increase from $677,681 recorded the previous year. Total sales dollar volume in February was $4.4 billion, a 41.4... per cent increase over 2019. Housing markets in BC continued to trend near long-term average levels in February, said BCREA Chief Economist Brendon Ogmundson. Recent declines in mortgage rates and favourable changes to mortgage qualifying rules may provide a boost to home sales heading into the spring, although there is significant economic uncertainty lingering over the outlook. Total MLS residential active listings fell 8.4 per cent to 28,303 units compared to the same month last year. The ratio of sales to active residential listings increased 20.3 per cent from 14.7 per cent last February. Year-to-date, BC residential sales dollar volume was up 38.4 per cent to $7.6 billion, compared with the same period in 2019. Residential unit sales increased 24.8 per cent to 10,135 units, while the average MLS residential price was up 10.9 per cent to $745,501.

Bank of Canada Interest Rate Announcement - March 4, 2020 The Bank of Canada lowered its overnight rate by 50 basis points this morning to 1.25 per cent. This move is part of a coordinated action by global central banks to guard against the negative consequences of the Coronavirus outbreak. In its statement, the Bank noted that although the Canadian economy is operating near potential and inflation is at its 2 per cent target, the Coronavirus is a material and negative sho...ck to the Canadian and global outlook. Economic growth in Canada slowed sharply to end 2019 and supply chain disruptions due to both Coronavirus and interrupted rail service are expected to slow growth further in the first quarter of this year. Canadian bond yields have declined significantly with 5-year bond yields falling below 1% for the first time since 2017. Both variable and 5-year fixed qualifying mortgage rates will likely follow bond yields lower, though elevated risk spreads may delay banks and other lenders in lowering mortgage rates in the immediate term.

BC Housing Markets Off to a Strong Start in 2020 Vancouver, BC February 13, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 4,426 residential unit sales were recorded by the Multiple Listing Service (MLS) in January 2020, an increase of 23.7 per cent from the 3,579 units sold in January 2019. The average MLS residential price in BC was $725,370, a 9.1 per cent increase from $664,633 recorded the previous year. Total sales dollar volume ...in January was $3.2 billion, a 35 per cent increase over 2019. Housing markets in BC are off to a strong start in 2020, said BCREA Chief Economist Brendon Ogmundson. We expect a much more typical year of home sales in 2020 as markets recover from the policy-induced slowdown of the past two years. Total MLS residential active listings fell 12.6 per cent to 25,790 units compared to the same month last year. The ratio of sales to active residential listings increased to 17.2 per cent from just 12.1 per cent last January. While many markets are showing strong signs of recovery, the struggling forestry sector is having a clear impact on housing demand, particularly in the North and parts of Vancouver Island, added Ogmundson.

VREB - Victoria Real Estate Market wraps up a relatively flat year for home sales A total of 402 properties sold in the Victoria Real Estate Board region this December, 7.2 per cent more than the 375 properties sold in December 2018 and a 30.3 per cent decrease from November 2019. Sales of condominiums were up 17.5 per cent from December 2018 with 121 units sold. Sales of single family homes increased 13.8 per cent from December 2018 with 198 sold. A grand total of 7,255 pro...Continue reading

Home Sales Firming Across the Province Vancouver, BC December 12, 2019. The British Columbia Real Estate Association (BCREA) reports that a total of 6,616 residential unit sales were recorded by the Multiple Listing Service (MLS) in November, an increase of 27.5 per cent from the same month last year. The average MLS residential price in the province was $746,939, an increase of 5.5 per cent from November 2018. Total sales dollar volume was $4.94 billion, a 34.4 per cent... increase from the same month last year. "After several months of strong gains, home sales are now firming around long-run averages," said BCREA Chief Economist Brendon Ogmundson. "We expect 2020 will be a much more typical year for markets compared to the volatility of recent years." MLS residential active listings in the province were down 6.6 per cent from November 2018 to 31,310 units, and down for a seventh straight month on a seasonally adjusted basis. Overall market conditions remain balanced with a sales-to-active listings ratio of 21 per cent. Year-to-date, BC residential sales dollar volume was down 6 per cent to $50.23 billion, compared with the same period in 2018. Residential unit sales were 3.9 per cent lower at 72,106 units, while the average MLS residential price was down 2.2 per cent year-to date at $696,574.

Bank of Canada Interest Rate Announcement - October 30, 2019 The Bank of Canada held its overnight rate at 1.75 per cent this morning. In the statement accompanying the decision, the Bank noted that ongoing trade conflicts have weakened the global economic outlook, which is expected to drag Canadian economic growth below its potential in the second half of this year. The bank is further projecting that growth will register under 2 per cent over the next two years. Inflation ...is expected to trend at the Bank's target of 2 per cent. With the expectation that the US Federal Reserve will be lowering its own policy rate later today, the third rate cut this year, there may be extra pressure for the Bank to begin loosening monetary policy at its next meeting. As reflected by the Bank's statement, while current trade conflicts will test the resilience of the Canadian economy, the Bank does not as yet foresee the need for lower interest rates. However, the Bank stands ready to act if the impact of trade conflicts spreads beyond trade and investment and begin to slow consumer spending or housing activity. Thus far, the Bank appears to judge those risks as contained, which likely mean no change in interest rates this year.

Market Momentum Continues into the Fall Vancouver, BC October 15, 2019. The British Columbia Real Estate Association (BCREA) reports that a total of 6,938 residential unit sales were recorded by the Multiple Listing Service (MLS) in September, an increase of 24 per cent from the same month last year. The average MLS residential price in the province was $697,943, an increase of 2.1 per cent from September 2018. Total sales dollar volume was $4.84 billion, a 26.5 per cent... increase from the same month last year. Markets across BC built on momentum from the summer, said BCREA Chief Economist Brendon Ogmundson. While the year-over-year increase in provincial sales was quite strong, home sales in most areas are simply returning to historically average levels. MLS residential active listings in the province were up 4 per cent from September 2018 to 39,117 units and were essentially flat compared to August on a seasonally adjusted basis. Overall market conditions remained in a balanced range with a sales-to-active listings ratio of about 18 per cent. Year-to-date, BC residential sales dollar volume was down 12.4 per cent to $39.7 billion, compared with the same period in 2018. Residential unit sales were 8.9 per cent lower at 57,773 units, while the average MLS residential price was down 3.9 per cent year-to-date at $687,530.

Housing Demand Continues to Recover in August Vancouver, BC September 12, 2019. The British Columbia Real Estate Association (BCREA) reports that a total of 7,093 residential unit sales were recorded by the Multiple Listing Service (MLS) in August, an increase of 4.9 per cent from the same month last year. The average MLS residential price in the province was $685,575, an increase of 2.6 per cent from August 2018. Total sales dollar volume was $4.86 billion, a 7.6 per ce...nt increase from the same month last year. BC home sales continue to recover from a policy-driven downturn, said BCREA Deputy Chief Economist Brendon Ogmundson. Home sales have been rising through the spring and summer, but still remain well below pre-B20 stress test levels." MLS residential active listings in the province were up 10 per cent from August 2018 to 40,098 units and were essentially flat compared to July on a seasonally adjusted basis. Overall market conditions remained in a balanced range with a sales-to-active listings ratio of about 18 per cent. Year-to-date, BC residential sales dollar volume was down 16 per cent to $34.9 billion, compared with the same period in 2018. Residential unit sales were 12.2 per cent lower at 50,806 units, while the average MLS residential price was down 4.4 per cent year-to-date at $686,303.

Housing Demand Improves in July Vancouver, BC August 13, 2019. The British Columbia Real Estate Association (BCREA) reports that a total of 7,930 residential unit sales were recorded by the Multiple Listing Service (MLS) in July, an increase of 12.4 per cent from the same month last year. The average MLS residential price in the province was $684,497, a decline of 1.6 per cent from July 2018. Total sales dollar volume was $5.43 billion, a 10.5 per cent increase from the ...same month last year. BC home sales climbed higher for the first time in 18 months on a year-over-year basis in July, said BCREA Chief Economist Cameron Muir. Housing demand has also trended higher since March, rising 21 per cent on a seasonally adjusted basis. Households appear to be adjusting to the tighter credit environment as the shock of the B20 stress test dissipates. MLS residential active listings in the province trended lower in July, down 3 per cent from June and 6 per cent from April on a seasonally adjusted basis. Active listings were up 12.4 per cent to 41,621 units on a year-over year basis, while overall market conditions remained unchanged from 12 months ago with the sales-to-active listings ratio at 19.1 per cent. Year-to-date, BC residential sales dollar volume was down 18.9 per cent to $30 billion, compared with the same period in 2018. Residential unit sales decreased 14.4 per cent to 43,612 units, while the average MLS residential price was down 5.3 per cent to $687,413.

BC Home Sales Trend Lower in June Vancouver, BC July 15, 2019. The British Columbia Real Estate Association (BCREA) reports that a total of 6,960 residential unit sales were recorded by the Multiple Listing Service (MLS) in June, a decline of 11.8 per cent from the same month last year. The average MLS residential price in the province was $687,584, a decline of 4 per cent from June 2018. Total sales dollar volume was $4.8 billion, a 15.3 per cent decline from the same m...onth last year. BC home sales moderated lower in June after a stronger showing in May, said BCREA Deputy Chief Economist Brendon Ogmundson. While mortgage rates offered by lenders have moved below 3 per cent, a static qualifying rate has limited the impact of the lower cost of borrowing. Total MLS residential active listings were up 18.6 per cent to 42,625 units compared to the same month last year and were essentially flat on a seasonally adjusted basis compared to May. Year-to-date, BC residential sales dollar volume was down 23.4 per cent to $24.5 billion, compared with the same period in 2018. Residential unit sales decreased 18.7 per cent to 35,679 units, while the average MLS residential price was down 5.8 per cent to $688,080.. See more

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BC Home Sales on the Rise in May Vancouver, BC June 14, 2019. The British Columbia Real Estate Association (BCREA) reports that a total of 8,221 residential unit sales were recorded by the Multiple Listing Service (MLS) in May, a decline of 7 per cent from the same month last year. The average MLS residential price in the province was $707,829, a decline of 4.3 per cent from May 2018. Total sales dollar volume was $5.8 billion, an 11 per cent decline from the same month ...last year. BC home sales increased 9 per cent in May compared to April, on a seasonally adjusted basis, said BCREA Chief Economist Cameron Muir. However, consumers continue to struggle with the negative shock to affordability that stringent mortgage lending policies have created. Total MLS residential active listings were up 23.2 per cent to 41,519 units compared to the same month last year. However, total active listings were down 2 per cent from April, on a seasonally adjusted basis, the first monthly decline since the B20 Stress test was introduced in January 2018. Year-to-date, BC residential sales dollar volume was down 25.1 per cent to $19.8 billion, compared with the same period in 2018. Residential unit sales decreased 20.2 per cent to 28,711 units, while the average MLS residential price was down 6.2 per cent to $688,339. See more

A late spring bloom for Victoria real estate market (Source: VREB) A total of 848 properties sold in the Victoria Real Estate Board region this May, 12.3 per cent more than the 755 properties sold in May 2018 and a 21.8 per cent increase from April 2019. Sales of condominiums were up 3 per cent from May 2018 with 244 units sold and were up from April 2019 by 20.2 per cent. Sales of single family homes were up 9.6 per cent from May 2018 with 445 sold.... "We are seeing lower activity than we have experienced in recent years for spring home sales," says Victoria Real Estate Board President Cheryl Woolley. "Of course, this is not surprising given consumers are impacted by the B20 mortgage stress test, as well as ongoing lower inventory levels. Despite this, we have seen an increase in May for sales over last year. Prices remain strong in the lower price ranges, with little change in our benchmark prices when compared to last year." There were 3,019 active listings for sale on the Victoria Real Estate Board Multiple Listing Service at the end of May 2019, an increase of 9.7 per cent compared to the month of April and a 26.1 per cent increase from the 2,394 active listings for sale at the end of May 2018. The Multiple Listing Service Home Price Index benchmark value for a single family home in the Victoria Core in May 2018 was $886,200. The benchmark value for the same home in May 2019 decreased by 2.9 per cent to $860,800, higher than April's value of $843,500. The MLS HPI benchmark value for a condominium in the Victoria Core area in May 2018 was $506,100, while the benchmark value for the same condominium in May 2019 increased by 2.6 per cent to $519,300, higher than April's value of $512,700. "May sales have ranged from a high of 1,289 in 2016 to a low of 441 in 1990, which is the year our detailed records began," adds President Woolley. "This month with 848 sales we are very close to the ten year average for overall sales in May, which is 813 properties. We are off from the ten year average in May for active listings, which is 3,838, with 3,019 active listings last month. The lowest number we've tracked is from 2017, when May of that year saw 1,896 active listings. Though we're not at an all-time low in terms of active listings, anything new and desirable coming into the market that is appropriately priced can sell quickly and we still see multiple offers in these situations. According to established sales to listing ratios, we are in a more balanced market than in previous years, but it is a complicated market to navigate. If you're considering buying or selling, it's a good time to connect with your local REALTOR to discuss the market and your best approach."

Bank of Canada Interest Rate Announcement - May 29, 2019 (Source: BCREA) The Bank of Canada left its target for the overnight rate unchanged at 1.75 per cent this morning. In the statement accompanying the decision, the Bank noted that the slowdown over the past two quarters was temporary and growth should pick up beginning in the second quarter of 2019. On inflation, the Bank expects that both total CPI and core inflation will remain near its 2 per cent target in coming mont...hs. Overall, the Bank judges its current level of monetary accommodation as appropriate. Slow growth in the first half of 2019, the result of reductions in Alberta oil production, global trade uncertainty and the continued impacts of the B20 stress test, has likely pushed out any possibility of further tightening by the Bank of Canada into next year at the earliest. In fact, if financial markets are to be believed, the Bank may have missed its chance to return its policy rate to its preferred or "neutral" level and the next move may even be a rate cut. Canadian mortgage rates have responded strongly to revised market expectations for Canadian monetary policy, with 5-year mortgage rates falling back to 2017 levels. Those lower rates are already providing a boost to sales in May and should continue to do so through the summer.

Affordability Continues to Weigh on Housing Demand Vancouver, BC May 14, 2019. The British Columbia Real Estate Association (BCREA) reports that a total of 6,652 residential unit sales were recorded by the Multiple Listing Service (MLS) in April, a decline of 18.9 per cent from the same month last year. The average MLS residential price in the province was $685,304, a decline of 6.2 per cent from April 2018. Total sales dollar volume was $4.6 billion, a 23.9 per cent dec...line from the same month last year. BC home sales were essentially unchanged from March on a seasonally adjusted basis, said BCREA Chief Economist Cameron Muir. Prospective home buyers continue to grapple with the decline in their purchasing power caused by federal government changes to mortgage policy. Total MLS residential active listings increased 33.6 per cent to 38,672 units compared to the same month last year. The ratio of sales to active residential listings declined from 28.4 per cent to 17.2 per cent over the same period. Year-to-date, BC residential sales dollar volume was down 29.8 per cent to $13.9 billion, compared with the same period in 2018. Residential unit sales decreased 24.5 per cent to 20,479 units, while the average MLS residential price was down 7 per cent to $680,671. See more

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Stress Test Creating Pent-up Demand Vancouver, BC April 15, 2019. The British Columbia Real Estate Association (BCREA) reports that a total of 5,707 residential unit sales were recorded by the Multiple Listing Service (MLS) in March, a decline of 23 per cent from the same month last year. The average MLS residential price in the province was $687,720, a decline of 5.4 per cent from March 2018. Total sales dollar volume was $3.9 billion, a 27.1 per cent decline from the s...ame month last year. BC home sales continue to be adversely impacted by federal mortgage policy, said BCREA Chief Economist Cameron Muir. The erosion of affordability caused by the B20 stress test has created near recession level housing demand despite the province boasting the lowest unemployment rates in a decade. The sharp erosion of affordability caused by the B20 stress test is now creating pent-up demand, as many would-be home buyers are forced to wait on the sidelines, added Muir. Unfortunately, new home construction is slowing as well, which will likely lead to another housing supply crunch down the road. Total MLS residential active listings increased 36.2 per cent to 34,295 units compared to the same month last year. The ratio of sales to active residential listings declined from 29.4 per cent to 16.6 per cent over the same period. (BCREA) See more

Victoria real estate market still adjusting to federal government changes (VREB) A total of 640 properties sold in the Victoria Real Estate Board region this March, 7 per cent fewer than the 688 properties sold in March 2018 but a 52 per cent increase from February 2019. Sales of condominiums were down 7.1 per cent from March 2018 with 196 units sold but were up from February 2019 by 51.9 per cent. Sales of single family homes were down 4.5 per cent from March 2018 with 322 s...old. "We continue to see a somewhat static local real estate market through March," says Victoria Real Estate Board President Cheryl Woolley. "Like in February, REALTORS have been busy showing properties and discussing strategy with buyers and sellers, while the sales numbers themselves continue to be relatively flat when compared with last year. These market conditions are not a surprise. Consumers continue to adjust to the B20 mortgage qualification rules and the long-term, low inventory of homes. The good news is we have seen a month-over-month increase of active listings on the market - though we remain well under the ten-year average of 3,403." There were 2,435 active listings for sale on the Victoria Real Estate Board Multiple Listing Service at the end of March 2019, an increase of 14.3 per cent compared to the month of February and a 37.9 per cent increase from the 1,766 active listings for sale at the end of March 2018. The Multiple Listing Service Home Price Index benchmark value for a single family home in the Victoria Core in March 2018 was $867,900. The benchmark value for the same home in March 2019 decreased by 2.8 per cent to $843,600, lower than February's value of $845,900. The MLS HPI benchmark value for a condominium in the Victoria Core area in March 2018 was $501,500, while the benchmark value for the same condominium in March 2019 increased by 1.0 per cent to $506,500, slightly higher than February's value of $502,800. "The mortgage stress test continues to put further pressure on lower-priced properties by reducing the borrowing power of many prospective buyers and pushing a lot of buyers into an already compressed price bracket with limited inventory," adds President Woolley. "This means that even though sales are slower than the peak in 2016, many buyers can expect to encounter multiple offer situations as competition increases at lower price points. The federal government recently announced a CMHC shared-equity mortgage program, which aims to reduce first time home buyer payments. However, this program applies only to properties $480,000 or less, and will put even more pressure on lower priced homes and condominiums. These current market dynamics make it increasingly important for our region to continue to find ways to create more affordable housing options to avoid price pressure on the lower-priced properties."

BCREA Pleased With Housing Focus in Federal Budget 2019 Vancouver, BC March 20, 2019. The British Columbia Real Estate Association (BCREA) is pleased with the measures announced in Budget 2019 that will help address housing affordability in British Columbia. REALTORS in BC recognize that home ownership is a difficult goal to achieve for many British Columbians, and the policies announced in this budget provide meaningful assistance with this complex challenge. BCREA suppor...Continue reading

Housing Market Adjusts to Mortgage Stress Test BCREA 2019 First Quarter Housing Forecast Update Vancouver, BC February 25, 2019. The British Columbia Real Estate Association (BCREA) released its 2019 First Quarter Housing Forecast Update today.... Multiple Listing Service (MLS) residential sales in the province are forecast to increase 2 per cent to 80,000 units this year, after recording 78,345 residential sales in 2018. MLS residential sales are forecast to increase a further 6.9 per cent to 85,500 units in 2020. The 10-year average for MLS residential sales in the province is 85,800 units. The negative shock to affordability and purchasing power created by the B20 stress test on mortgage borrowers is expected to continue constraining housing demand in the province this year, said Cameron Muir, BCREA Chief Economist. Favourable demographics along with continuing strong performance of the BC economy is expected to underpin housing demand over the next two years. The policy-induced demand shock has contributed to an increase of the inventory of homes for sale in most regions of the province. As a result, market conditions are expected to provide little upward pressure on home prices this year, with the average annual residential price forecast to remain essentially unchanged, albeit up 0.5 per cent to $716,100. Modest improvement in consumer demand is expected to unfold over the next two years as householdHousing Market Adjusts to Mortgage Stress Test.

Policy-Induced Housing Slowdown Continues into 2019 Vancouver, BC February 15, 2019. The British Columbia Real Estate Association (BCREA) reports that a total of 3,546 residential unit sales were recorded by the Multiple Listing Service (MLS) in January, a decline of 33.2 per cent from the same month last year. The average MLS residential price in the province was $665,590, a decline of 7.7 per cent from January 2018. Total sales dollar volume was $2.36 billion, a 38.4 p...er cent decline from the same month last year. BC households continue to grapple with the policy induced affordability shock created last year by the federal government, said Cameron Muir, BCREA Chief Economist. The resulting pullback in consumer demand is largely responsible for January’s lacklustre performance. Total MLS residential active listings increased 41.2 per cent to 29,522 units compared to the same month last year. The ratio of sales to active residential listings declined from 25.4 per cent to 12 per cent over the same period. Many BC regions are now exhibiting buyer’s market conditions, added Muir. However, BC Northern, the Kootenay, Okanagan Mainline and the Vancouver Island markets continue to reflect balance between supply and demand. (Source: BCREA) See more

BC Home Sales Decline 25% in 2018 Vancouver, BC January 15, 2019. The British Columbia Real Estate Association (BCREA) reports that a total of 78,345 residential unit sales were recorded by the Multiple Listing Service (MLS) in 2018, a decline of 24.5 per cent from the 103,758 units sold in 2017. The annual average MLS residential price in BC was $712,508, an increase of 0.4 per cent from $709,601 recorded the previous year. Total sales dollar volume was $55.8 billion, a... 24.2 per cent decline from 2017. BC home sales fell below the 10-year average of 84,800 units in 2018, said Cameron Muir, BCREA Chief Economist. The sharp decline in affordability caused by the B20 mortgage stress test is largely to blame for decline in consumer demand last year. A total of 3,497 MLS residential unit sales were recorded across the province in December, down 39.1 per cent from December 2017. The average MLS residential price in BC was $695,647, a decline of 5.2 per cent from December 2017. Total sales dollar volume was $2.4 billion, a 42.3 per cent decline during the same period. Total active residential listings were up 33.3 per cent to 27,615 units in December, the highest December inventory since 2014 when 33,995 active residential listings were recorded. See more

Victoria Real Estate Market responds as expected to the changing market conditions of 2018 (Source from VREB) A total of 375 properties sold in the Victoria Real Estate Board region this December, 18.8 per cent fewer than the 462 properties sold in December 2017 and a 24.7 per cent decrease from November 2018. Sales of condominiums were down 24.3 per cent from 2017 in December with 103 units sold. Sales of single family homes were down 26.6 per cent from December 2017 with 17...Continue reading

BC Home Sales Continue at Slower Pace Vancouver, BC December 14, 2018. The British Columbia Real Estate Association (BCREA) reports that a total of 5,179 residential unit sales were recorded by the Multiple Listing Service (MLS) across the province in November, down 33.1 per cent from the same month last year. The average MLS residential price in BC was $718,903, a decline of 1.9 per cent from November 2017. Total sales dollar volume was $3.7 billion, a 34.3 per cent dec...line from November 2017. BC households continue to struggle with the sharp decline in purchasing power caused by the B20 mortgage stress test, said Cameron Muir, BCREA Chief Economist. Most BC regions are now exhibiting relative balance between supply and demand. Total active residential listings were up nearly 31 per cent to 33,500 units in November, compared to the same month last year. However, it should be noted that this compares to 2017, when active listings for the month of November were at their lowest level in more than 15 years. Year-to-date, BC residential sales dollar volume was down 23.1 per cent to $53.4 billion, compared with the same period in 2017. Residential unit sales declined 23.6 per cent to 74,847 units, while the average MLS residential price was up 0.7 per cent to $713,302. See more

Balanced Conditions Prevail in BC Housing Market Vancouver, BC November 14, 2018. The British Columbia Real Estate Association (BCREA) reports that a total of 6,405 residential unit sales were recorded by the Multiple Listing Service (MLS) across the province in October, down 26.2 per cent from the same month last year. The average MLS residential price in BC was $690,161, a decline of 4.1 per cent from October 2017. Total sales dollar volume was $4.2 billion, a 29.3 per... cent decline from October 2017. The BC housing market continued to grapple with tougher mortgage qualifications in October, said Cameron Muir, BCREA Chief Economist. However, more moderate consumer demand has led to a much-needed increase in the supply of homes for sale. Total active residential listings were up nearly 30 per cent to 36,195 units in October, compared to the same month last year. While the BC housing market exhibited balanced conditions overall in October, market conditions do vary between regions and by product type. Year-to-date, BC residential sales dollar volume was down 22.1 per cent to $49.7 billion, compared with the same period in 2017. Residential unit sales decreased 22.8 per cent to 69,664 units, while the average MLS residential price was up 1 per cent to $713,662. See more