Metro Vancouver Housing Starts - February 8, 2018

 

BC saw total housing starts fall 16 per cent to 41,648 units SAAR in December on a monthly basis. However, total starts in BC were up 59 per cent year-over-year.


Single detached starts were up 1 per cent on a monthly basis but increased 78 per cent compared to January 2017 while multiple starts were down 21 per cent month-over-month and were 54 per cent higher year-over-year.

Looking at census metropolitan areas (CMA) in BC: 

  • Total starts in the Vancouver CMA were higher across all home types, nearly doubling the pace of construction in January 2017. There were a total of 2,599 housing starts across the region compared to just 1,334 the same time last year.
  • In the Victoria CMA, housing starts slowed from the record setting pace of previous months, falling 52 per cent on a monthly basis. However, new home construction remains robust at a more than 3,000 unit annual rate in seasonally adjusted terms.
  • The Kelowna CMA saw an increase from 51 units last January to 87 total starts in January 2018. Much of the increase was the result of new rental unit projects.
  • Housing starts in the Abbotsford-Mission CMA rose 42 per cent on a monthly basis in January with balanced growth across multiple and single detached starts.  However, total housing starts were well behind the pace set in January of 2017.

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email: bogmundson@bcrea.bc.ca

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Courtesy RECBC - January 17, 2-18


The Bank of Canada opted to raise the target for its overnight interest rate this morning 25 basis points  to 1.25 per cent.  In the statement accompanying the decision, the Bank cited recent strong economic data and rising inflation as motivations for the rate increase.


The Bank expects growth in the Canadian economy to slow to 2.2 per cent in 2018 and 1.6 per cent in 2019 with consumption and new home construction contributing less to growth than in years past.  With the economy returning to full-capacity, inflation is forecast to remain at 2 per cent over the medium term. 


The Bank also flagged risk to its outlook from ongoing NAFTA negotiations and noted it would remain cautious in considering future interest rate adjustments.

With the Canadian unemployment rate hitting a 40-year low and inflation ticking higher in recent months, the Canadian economy would seem to be operating at full capacity.


That argues for a more hawkish approach to monetary policy in order to bring interest rates closer to what the Bank estimates would be neutral for the economy, that is, a level in which the economy is neither running too hot nor too cold.  While today's rate increase was widely anticipated, it did come earlier in the year than previously expected and likely signals further rate increases to come in 2018. 


Canadian mortgage rates have already moved higher in anticipation of Bank of Canada tightening, which means a much tighter borrowing environment in 2018, particularly given newly implemented mortgage qualifying rules for low-ratio buyers. 

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Vancouver, BC – January 12, 2017.

Courtesy of BCREA


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 housing demand in 2017 was underpinned by a strong economy, employment growth and rising wages," said Cameron Muir, BCREA Chief Economist. "Above trend migration, both international and interprovincial, also bolstered housing demand, while broader demographic fundamentals added fuel to condominium sales in urban centres and to all home types in retirement-oriented communities."


The BC housing market ended the year with a strong December. Home sales increased 4 per cent from November, on a seasonally adjusted basis. However, the year-end results were likely pushed higher by some homebuyers advancing their purchases to avoid tougher mortgage qualification rules in the new year.


In December, a total of 5,738 residential unit sales were recorded by the MLS® across the province, an increase of 21.5 per cent from the same period last year. Total sales dollar volume was $4.2 billion, up 36.3 per cent from December 2016. The average MLS® residential price in the province was $734,108, up 12.1 per cent from the same month last year.

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From the Conference Board of Canada Chief Economist Craig Alexander


View what decisions lie ahead for the Canadian economy in 2018

 

 

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The total value of permits issued in BC declined for a second consecutive month, falling 13.8 per cent on a monthly basis and 5 per cent year-over-year to $1.18 billion.  Residential permits fell almost 18 per cent on a monthly basis and were 22 per cent lower than this time last year. Non-residential permits declined about 6 per cent on a monthly basis but were 62 per cent higher year-over-year.

Construction intentions in November were higher in only one of BC's four census metropolitan areas (CMA):

  • Permits in the Abbotsford-Mission CMA  fell 16.6  per cent on a monthly basis to just over $30 million. Year-over-year, permit values were more than double the value of July 2016.
  • In the Victoria CMA, total construction intentions totaled just under $50 million, a 74 per cent decline from October and 18 per cent decline in permit values from one year ago.
  • In the Kelowna CMA, permits were 21.5 per cent higher a monthly basis and 24 per cent higher compared to November 2016 at $76.4 million.
  • The Vancouver CMA recorded permit activity valued at $708.3 million, a decline of 8.6 per cent on a monthly basis and an 18 per cent decrease year-over-year. The value of multi-family residential permits fell 29.5 per cent while single-detached permit values were essentially unchanged.
For more info please contact BCREA
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Please visit our Open House at 204 538 SMITHE ST in Vancouver.

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Please visit our Open House at 204 538 SMITHE ST in Vancouver.

Open House on Sunday, November 12, 2017 2:00PM - 4:00PM

HOT PRICE! ACT FAST for this chic New York style 2 level 2 bedroom townhouse. It's the only Downtown townhome under $1M. Beautifully updated and on quiet side of the building overlooking landscaped courtyard. Live the Urban Lifestyle at the edge of Downtown & Yaletown. Enjoy two outdoor patios. This designer style home features crown mouldings, stainless steel appliances, sliding glass doors to second bedroom, tasteful wall treatments, all new flooring and blinds, built-in electric fireplace, a unique floorplan & 2 huge insuite storage spaces, plus locker & parking. Nothing to do but move in! Boutique style Mode is a concrete building with only 8 floors and a pro-active strata. 100 transit & walkscore! Pets & rentals welcomed. Open house Saturday & Sunday, November 11th & 12th, 2-4 pm.

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Please visit our Open House at 1201 1277 NELSON ST in Vancouver.

Open House on Saturday, November 4, 2017 2:00PM - 4:00PM

Welcome home to 1277 Nelson, a sought after West End building at the top of the hill and offering views of English Bay, the mountains, and the neighbourhood from your floor-to-ceiling windows. Suite is in move in condition, has an open floor plan and boasts lovely hardwood floors. Features include insuite laundry, parking and storage locker, live-in caretaker, gym, visitor parking, and a great area at the back of the building. Well looked after building with pro-active strata. Sorry no pets and rentals restricted to a minimum of 6 months. Steps to Nelson Park, St Paul's Hospital, Robson Street, and English Bay.98 Walkscore. Priced to Sell! Open House: Sat, Nov 4th, 2:00-4:00 PM.

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Please visit our Open House at 204 538 SMITHE ST in Vancouver.

Open House on Saturday, October 28, 2017 2:00PM - 4:00PM

HOT PRICE! ACT FAST for this chic New York style 2 level 2 bedroom townhouse. It's the only Downtown townhome under $1M. Beautifully updated and on quiet side of the building overlooking landscaped courtyard. Live the Urban Lifestyle at the edge of Downtown & Yaletown. This designer style home features crown mouldings, stainless steel appliances, sliding glass doors to second bedroom, tasteful wall treatments, all new flooring and blinds, built-in electric fireplace, a unique floorplan & 2 huge insuite storage spaces, plus locker & parking. Nothing to do but move in! Boutique style Mode is a concrete building with only 8 floors and a pro-active strata. 100 transit & walkscore! Pets & rentals welcomed. Open Oct 28 & 29, 2-4 pm.

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Please visit our Open House at 204 538 SMITHE ST in Vancouver.

Open House on Sunday, October 29, 2017 2:00PM - 4:00PM

HOT PRICE! ACT FAST for this chic New York style 2 level 2 bedroom townhouse. It's the only Downtown townhome under $1M. Beautifully updated and on quiet side of the building overlooking landscaped courtyard. Live the Urban Lifestyle at the edge of Downtown & Yaletown. This designer style home features crown mouldings, stainless steel appliances, sliding glass doors to second bedroom, tasteful wall treatments, all new flooring and blinds, built-in electric fireplace, a unique floorplan & 2 huge insuite storage spaces, plus locker & parking. Nothing to do but move in! Boutique style Mode is a concrete building with only 8 floors and a pro-active strata. 100 transit & walkscore! Pets & rentals welcomed. Open Oct 28 & 29, 2-4 pm.

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Please visit our Open House at 1820 WOODLAND DR in Vancouver.

Open House on Saturday, October 21, 2017 1:30PM - 2:30PM

Sophisticated 2 year old quality built half duplex in a sought after location boasting a Walkscore of 95. Steps to the Drive and close to Commercial Skytrain, Olympic village neighborhood and Downtown Vancouver. Unique 3 levels, high ceilings, 4 bedrooms & den, 4 bathrooms plus garage and security system. Excellent layout features a spacious main floor with designer kitchen situated off the large dining/living room with the 3/4 inch solid maple wide plank flooring, top of the line stainless steel appliance including gas stove Master bedroom with vaulted ceilings, walk in closet and a balcony. Enjoy summers entertaining on the backyard patio with gas hookup for BBQ. 2 bedroom accommodation on lower level. Practically a house! Outstanding value! Open House: Sat, Oct 21st, 1:30-2:30 PM.

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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 rose nearly 5 per cent from August on a seasonally adjusted basis," said Cameron Muir, BCREA Chief Economist. "Total active listings on the market continue to trend at ten-year lows in most BC regions, limiting unit sales and pushing home prices higher. While the economic fundamentals support elevated housing demand, rising home prices are eroding affordability, particularly for first-time buyers."

 

Year-to-date, BC residential sales dollar volume was down 12.8 per cent to $57.6 billion, when compared with the same period in 2016.

Residential unit sales declined 13 per cent to 81,608 units, while the average MLS® residential price was down 0.2 per cent to $705,501.

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Please visit our Open House at 1820 WOODLAND DR in Vancouver.

Open House on Saturday, October 14, 2017 1:30PM - 2:30PM

Sophisticated 2 year old quality built half duplex in a sought after location boasting a Walkscore of 95. Steps to the Drive and close to Commercial Skytrain, Olympic village neighborhood and Downtown Vancouver. Unique 3 levels, high ceilings, 4 bedrooms & den, 4 bathrooms plus garage and security system. Excellent layout features a spacious main floor with designer kitchen situated off the large dining/living room with the 3/4 inch solid maple wide plank flooring, top of the line stainless steel appliance including gas stove Master bedroom with vaulted ceilings, walk in closet and a balcony. Enjoy summers entertaining on the backyard patio with gas hookup for BBQ. 2 bedroom accommodation on lower level. Practically a house! Outstanding value! Open House: Sat, Oct 14, 1:30-2:30 PM.

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Canadian Housing Starts - October 10, 2017 - BCREA


Canadian housing starts decreased by 4 per cent in September to 217,118 units at a seasonally adjusted annual rate (SAAR).  The six-month trend in Canadian housing starts also declined to 214,821 units SAAR.

New home construction in BC rose 6 per cent on a monthly basis to 37,470 units SAAR but was down 18 per cent on a year-over-year basis.  Single detached starts were flat compared to one year ago while multiple unit starts declined 24 per cent year-over-year.

Looking at census metropolitan areas (CMA) in BC: 

  • Total starts in the Vancouver CMA fell 13 per cent from August and were down about half compared to September 2016. Multiple unit starts were down 58 per cent from one year ago as record levels of units under construction weigh on new projects.
  • In the Victoria CMA market, housing starts continue to surge, rising 127 per cent year-over-year. Multiple unit starts continue to drive new home construction, with starts more than triple levels seen last September.
  • New home construction in the Kelowna CMA jumped more than 200 per cent year-over-year as close to 350 new multiple unit starts were recorded.
  • Housing starts in the Abbotsford-Mission CMA also more than doubled year-over-year due to strong growth in both single and multiple starts. 
Call Maggie 604-3288-0077
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Please visit our Open House at 1820 WOODLAND DR in Vancouver.

Open House on Saturday, September 30, 2017 1:30PM - 3:30PM

Sophisticated 2 year old quality built half duplex in a sought after location boasting a Walkscore of 95. Steps to the Drive and close to Commercial Skytrain, Olympic village neighborhood and Downtown Vancouver. Unique 3 levels, high ceilings, 4 bedrooms & den, 4 bathrooms plus garage and security system. Excellent layout features a spacious main floor with designer kitchen situated off the large dining/living room with the 3/4 inch solid maple wide plank flooring, top of the line stainless steel appliance including gas stove Master bedroom with vaulted ceilings, walk in closet and a balcony. Enjoy summers entertaining on the backyard patio with gas hookup for BBQ. 2 bedroom accommodation on lower level. Practically a house! Outstanding value! Open House: Sat, Sept 30th, 1:30-3:30 PM.

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Here's the latest forecast from BCREA. 5 year mortgage rates hit 3 year high.

Check out their latest graphs and predictions for 2018.


Have a real estate question? 

Call Maggie 604-328-0077 and put my local experience to work for you!

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Please visit our Open House at 1820 WOODLAND DR in Vancouver.

Open House on Saturday, September 23, 2017 1:30PM - 3:00PM

Sophisticated 2 year old quality built half duplex in a sought after location boasting a Walkscore of 95. Steps to the Drive and close to Commercial Skytrain, Olympic village neighborhood and Downtown Vancouver. Unique 3 levels, 4 bedrooms & den, 4 bathrooms plus garage and security system. Excellent layout features a spacious main floor with designer kitchen situated off the large dining/living room with the 3/4 inch solid maple wide plank flooring, top of the line stainless steel appliance including gas stove Master bedroom with vaulted ceilings, walk in closet and a balcony. Enjoy summers entertaining on the backyard patio with gas hookup for BBQ. 2 bedroom accommodation on lower level. Easy to show! Open house Sept 23rd, 1:30-3PM.

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Vancouver, BC – September 14, 2017. TheBritish Columbia Real Estate Association (BCREA) reports that a total of 9,162 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in August, an increase of 2.4 per cent from the same period last year. Total sales dollar volume was $6.2 billion, up 22 per cent from August 2016. The average MLS® residential price in the province was $678,186, a 19.1 per cent increase from August 2016.


“BC home sales in August remained unchanged from July, on a seasonally adjusted basis," said Cameron Muir, BCREA Chief Economist. "Strong economic conditions are underpinning demand. However, rising home prices combined with upward pressure on mortgage interest rates is expected to temper demand over the balance of the year."


Year-to-date, BC residential sales dollar volume was down 15.9 per cent to $51.8 billion, when compared with the same period in 2016. Residential unit sales declined 15.0 per cent to 73,267 units, while the average MLS® residential price was down 1.1 per cent to $706,839.

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Please visit our Open House at 1820 WOODLAND DR in Vancouver.

Open House on Saturday, September 16, 2017 1:30PM - 2:30PM

Sophisticated 2 year old quality built half duplex in a sought after location boasting a Walkscore of 95. Steps to the Drive and close to Commercial Skytrain, Olympic village neighborhood and Downtown Vancouver. Unique 3 levels, 4 bedrooms & den, 4 bathrooms plus garage and security system. Excellent layout features a spacious main floor with designer kitchen situated off the large dining/living room with the 3/4 inch solid maple wide plank flooring, top of the line stainless steel appliance including gas stove Master bedroom with vaulted ceilings, walk in closet and a balcony. Enjoy summers entertaining on the backyard patio with gas hookup for BBQ. 2 bedroom accommodation on lower level. Easy to show! Open house Sept 16TH, 1:30-2:30PM.

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Please visit our Open House at 1820 WOODLAND DR in Vancouver.

Open House on Saturday, September 9, 2017 1:30PM - 3:30PM

Sophisticated 2 year old quality built half duplex in a sought after location boasting a Walkscore of 95. Steps to the Drive and close to Commercial Skytrain, Olympic village neighborhood and Downtown Vancouver. Unique 3 levels, 4 bedrooms & den, 4 bathrooms plus garage and security system. Excellent layout features a spacious main floor with designer kitchen situated off the large dining/living room with the 3/4 inch solid maple wide plank flooring, top of the line stainless steel appliance including gas stove Master bedroom with vaulted ceilings, walk in closet and a balcony. Enjoy summers entertaining on the backyard patio with gas hookup for BBQ. 2 bedroom accommodation on lower level. Easy to show! Open house Sept 8; 5-6pm, Sept 9; 1:30- 3:30pm.

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