TheBritish Columbia Real Estate Association (BCREA) reports that a record 12,906 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in June, up 14.3 per cent from the same month last year.Total sales dollar volume was $8.97 billion in June, up 25.7 per cent compared to the previous year.


The average MLS® residential price in the province was up 10 per cent year-over-year, to $694,925.

“Robust housing demand in the Lower Mainland, Vancouver Island and the Okanagan drove sales growth in June,” said Brendon Ogmundson, BCREA Economist. “At the same time, the inventory of homes for sale continues to slide lower, creating very tight market conditions around the province.“


“The supply of resale homes is remarkably low across BC, but particularly so in Victoria and the Fraser Valley,” added Ogmundson. The sales-to-active listings ratio has eclipsed 60 per cent in both Victoria and the Fraser Valley, corresponding to less than two months of supply given current demand.

Year-to-date, BC residential sales dollar volume increased 53.2 per cent to $49.9 billion, when compared with the same period in 2015. Residential unit sales climbed by 30.6 per cent to 67,361 units, while the average MLS® residential price was up 17.3 per cent to $741,150.

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The Bank of Canada announced this morning that it is holding its target for the overnight interest rate at 0.5 per cent. The Bank noted that inflation is on track to return to its target of 2 per cent by 2017, though heightened global uncertainty presents a risk to that forecast.


Economic growth in Canada appears to be slowing as expected in the second quarter.  Our tracking estimate of second quarter real GDP growth is currently at -0.5 per cent following a strong start to the year.

Most of the slowdown is due to disruptions caused by the Alberta wildfires which points to a strong rebound as oil production comes back on-line and the reconstruction effort begins


Our forecast remains that the Bank will be sidelined for the remainder of 2016 and through most if not all of 2017.




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Housing starts in BC continued on a near record setting pace, up close to 40 per cent to 47,984 units SAAR.

On a year-over-year basis, new home construction was up 36 per cent,  driven higher by growth in apartments and other multi-family units, which were up 49 per cent on a year-over-year basis while single-detached starts were 3 per cent higher in June.  T

hrough the first half of the year, BC housing starts are up 42 per cent compared to 2015. 

Looking at census metropolitan areas (CMA) in BC, total starts in the Vancouver CMA were up 38 per cent year-over-year in June as a result of a 50 per cent increase in multiple unit starts.

Single-detached starts in the Vancouver CMA were down 4 per cent. 

July 11, 2016

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Total building permit acitvity in May was 2.2% higher than April and was the third consecutive month of over $1.1 billion in permits.

On a year over year basis permits were 20.3% higher than the previous year, led by a 22.6% increase in non-residential permits.

In fact, non-residential permits dropped slightly in May but remained 19.5% higher than the previous year.

In Vancouver's Central Metrolpolian Area (CMA) building permits rose 9% on a monthly basis and were up 23% year over year.

Abbotsford-Mission jumped a whopping 40% on a monthly basis but were 4.9% lower year over year

In Victoria CMA permit activity dropped 23% on a monthly basis but increased 26% compared to May 2015.

 

July 7, 2016

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.