Rockies West Realty, Invermere BC Real Estate

Housing Market Conditions Improve on the South Coast

Rockies West Realty — Wed, 15 May 2013 18:55:00 GMT

Vancouver, BC – May 15, 2013. The British Columbia Real Estate Association (BCREA) reports that a total of 6,904 residential sales were recorded by the Multiple Listing Service® (MLS®) in BC during April, up 1.9 per cent from March on a seasonally adjusted basis, but down 2.2 per cent compared to April 2012. Total sales dollar volume declined 3 per cent to $3.65 billion. The average MLS® residential price in the province was $528,507, down 0.8 per cent from a year ago.

"BC home sales trended higher again in April, with seasonally adjusted unit sales now 8 per cent higher since the beginning of the year," said Cameron Muir, BCREA Chief Economist. "Market conditions were at or near balanced conditions in Victoria, Vancouver, the Fraser Valley and the North last month, leading to a firming up of home prices." The MLS® Home Price Index edged up 0.7 per cent over the past month in the Lower Mainland, and 1.5 per cent over the past three months.

Year-to-date, BC residential sales dollar volume was down 16.6 per cent to $10.8 billion, compared to the same period last year. Residential unit sales dipped 13.9 per cent to 20,476 units, while the average MLS® residential price was down 3.1 per cent at $529,785.

For the Kootenay statistics, read the complete report (pdf)

Transition Year Expected for BC Housing Market

Rockies West Realty — Wed, 15 May 2013 18:39:00 GMT

BCREA 2013 Second Quarter Housing Forecast

Vancouver, BC – May 9, 2013. The British Columbia Real Estate Association (BCREA) released its 2013 Second Quarter Housing Forecast today.

BC Multiple Listing Service® (MLS®) residential sales are forecast to edge up 1.9 per cent to 68,900 units this year, before increasing a further 6.5 per cent to 73,400 units in 2014. The five-year average is 74,600 unit sales, while the ten-year average is 86,800 unit sales. A record 106,300 MLS® residential sales were recorded in 2005.

“Stricter mortgage credit regulation combined with slower economic growth has kept BC home sales at a cyclical low over the past three quarters,” said Cameron Muir, BCREA Chief Economist. “However, a faster growing economy is expected during the second half of the year and through 2014 which will support a growth trend in provincial housing demand.”

“The BC average home price forecast is revised upward for 2013, from a decline of 1 per cent to remaining unchanged, as a result of stronger than expected market conditions in Vancouver,” added Muir. The average MLS® residential price in BC is forecast at $515,800 this year, before rising 1.7 per cent to $524,500 in 2014.

Read the complete report (pdf)

March 2013 Real Estate Statistics for the Columbia Valley

Rockies West Realty — Sat, 20 Apr 2013 19:49:00 GMT

are now available at http://statistics.rockieswest.com

BC Home Sales Tick Higher in March

Rockies West Realty — Mon, 15 Apr 2013 15:48:00 GMT

Vancouver, BC – April 15, 2013. The British Columbia Real Estate Association (BCREA) reports that a total of 104residential sales were recorded by the Multiple Listing Service® (MLS®) in the Kootenay area during March, down 27.3 per cent compared to March 2012. Total sales dollar volume was down 26.5 per cent to $27.5 million. The average MLS® residential price in the area was $264,344, up 1 per cent from a year ago.

“BC home sales in March posted the largest seasonally adjusted month-to-month increase since January 2011,” said Cameron Muir, BCREA Chief Economist. “However, homes sale per capita continue to remain near a cyclical low, suggesting that pent-up demand may be beginning to grow in the housing market.”

Year-to-date, the Kootenay area residential sales dollar volume declined 12.4 per cent to $71.5 million, compared to the same period last year. Residential unit sales dipped 15.2 per cent to 268 units, while the average MLS® residential price was up 3.2 per cent at $266,910.

Read the complete report (pdf)

Home Sales Continue at Modest Pace: Pent-Up Demand Growing

Rockies West Realty — Thu, 14 Mar 2013 21:02:00 GMT

Vancouver, BC - March 14, 2013. The British Columbia Real Estate Association (BCREA) reports that a total of 82 residential sales were recorded by the Multiple Listing Service® (MLS®) in the Kootenay Area during February, down 15.5 per cent compared to February 2012. Total sales dollar volume was down 10.3 per cent to $22.1 million. The average MLS® residential price in the Kootenay Area was $270,031, up 6.2 per cent from a year ago.

"BC home sales continued at a modest pace in February," said Cameron Muir, BCREA Chief Economist. "Despite improved affordability, many potential buyers and sellers remain in a holding pattern. With pent up demand now becoming latent in the market, it's not a matter of if, but when home sales rise above their current pace."

"An unusual spike in the average MLS® residential price in February 2012 is largely responsible for the year-over-year percentage change," added Muir. "Most BC markets have experienced relatively stable price levels during the first two months of the year."

Year-to-date, Kootenay Area residential sales dollar volume declined 0.5 per cent to $44 million, compared to the same period last year. Residential unit sales dipped 5.2 per cent to 164 units, while the average MLS® residential price was up 4.9 per cent at $268,534.

Read the complete report (pdf)

BC Home Sales Remain Subdued but Stable

Rockies West Realty — Fri, 22 Feb 2013 19:59:00 GMT

Vancouver, BC – February 18, 2013. The British Columbia Real Estate Association (BCREA) reports that a total of 82 residential sales were recorded by the Multiple Listing Service® (MLS®) in the Kootenay area during January, up 7.9 per cent compared to January 2012. Similarly, total sales volume increased 11.7 per cent from the same month last year. The average MLS® residential price in the Kootenay area was $267,037, up 3.5 percent from a year ago.

"Despite a modest uptick in consumer demand last month, home sales have remained relatively stable at a noticeably lower level since last August,” said Cameron Muir, BCREA Chief Economist. “Continuing low mortgage interest rates combined with an easing back of home prices in some areas is expected to trend home sales higher during the spring and summer months."

“The ratio of home sales to new listings is indicative of a balanced market at 42 per cent,” added Muir. “However, there remains a backlog of existing home listings to either sell or be pulled off the market before supply and demand can be considered in check.” (note: Kootenay area has a 28 month supply of listings where a balanced market would be 7^+/- months)

Dramatic swings in average price statistics caused by a surge and subsequent pullback in luxury home sales appear to be near an end. The year-over-year change in provincial average prices now more closely reflects the home price indices in Vancouver and the Fraser Valley.

Read the complete report (pdf)

Bank of Canada Signals Rates Likely On Hold Until 2014

Rockies West Realty — Mon, 18 Feb 2013 20:57:00 GMT

Published January 23, 2013 by Canadian Real Estate Association

The Bank of Canada announced on January 23rd, 2013 that it is keeping its key policy interest rate at 1 per cent, where it has been held for more than two years. In providing guidance on where interest rates are heading, the Bank said interest rate hikes are “less imminent than previously anticipated.”

The Bank acknowledged that Canadian economic growth slowed more abruptly in the second half of 2012 than it had previously anticipated. It also recognized a marked deceleration in the growth of household debt, moderation in the housing sector, and softer than expected inflation.

The Bank now expects inflation to return to its 2 per cent target sometime in the second half of 2014. That represents a significant weakening in the Bank’s outlook for inflation; in October, the Bank expected inflation to return to target by the end of 2013. Consumer Price Inflation rose by 0.8 per cent in November 2012.

The Bank said it still expects the Canadian economy to gain strength this year, but it lowered its forecast for economic growth to just 2 per cent in 2013. By contrast, its growth forecast for 2014 was raised to 2.7 per cent versus its previous forecast reading of 2.4 per cent contained in its previous Monetary Policy Report (MPR) published in October 2012.

The bottom line is that economic growth is expected to remain modest but positive, consistent with low inflation and low interest rates. At the same time, growth in household debt burdens, which the Bank has repeatedly flagged as a major risk in this low interest rate environment, is showing positive signs of topping out as housing market activity continues to stabilize at a more sustainable levels. Combined with extremely well anchored expectations for inflation, that means the Bank is in no hurry to raise interest rates anytime soon, with the first such move in that direction unlikely to be for at least another year.

As of January 23rd, 2012, the advertised five-year lending rate stood at 5.24 per cent. It has been unchanged at this level since the beginning of June 2012.

January 2013 Real Estate Statistics for the Columbia Valley

Rockies West Realty — Mon, 18 Feb 2013 20:53:00 GMT

are now available at http://statistics.rockieswest.com

BC Home Sales to Trend Higher in 2013/2014

Rockies West Realty — Wed, 30 Jan 2013 19:09:00 GMT

Vancouver, BC - January 30, 2013.The British Columbia Real Estate Association (BCREA) released its 2013 First Quarter Housing Forecast Update today.

BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 5.6 per cent to 71,450 units this year, before increasing a further 6.1 per cent to 75,830 units in 2014. The five-year average is 74,600 unit sales, while the ten-year average is 86,800 unit sales. A record 106,300 MLS® residential sales were recorded in 2005.

"2013 is shaping up to be a transition year in the BC housing market," said Cameron Muir, BCREA Chief Economist. "The groundwork has already begun for stronger housing demand as a significant number of part-time jobs in BC were converted into full-time employment last year."

"Residential values are expected to be on a more solid footing in 2013 as lower prices, both actual and inflation adjusted, have improved affordability. Many potential buyers that stayed on the sidelines in 2012 will likely enter the marketplace over the next year as the relatively strong financial condition of BC households precludes any deflationary spiral."

The average MLS® residential price in BC is forecast to edge down nearly 1 per cent to $510,400 this year and remain relatively unchanged in 2014, albeit up 0.6 per cent to $513,500.

Read the complete report (pdf)

December and 2012 Real Estate Statistics for the Columbia Valley

Rockies West Realty — Mon, 14 Jan 2013 20:17:00 GMT

are now available at http://statistics.rockieswest.com

BC Home Sales Decline in 2012

Rockies West Realty — Mon, 14 Jan 2013 20:17:00 GMT

Vancouver, BC -January 14, 2013. The British Columbia Real Estate Association (BCREA) reports that a total of 2,009 residential sales were recorded by the Multiple Listing Service® (MLS®) in the Kootenay area during 2012, an increase of 2.9 per cent compared to 2011. Total sales dollar volume increased 5 per cent to $551.6 million over the same period. The annual average MLS® residential price in the area was $274,578 in 2012, up 2.1 per cent from 2011.

"A notable pullback in consumer demand in Vancouver and the Fraser Valley during 2012 was more than enough to offset increases in home sales in the Okanagan, Kootenays and BC Northern regions," said Cameron Muir, BCREA Chief Economist.

"At least half of the 8 per cent decline in the BC average home price was the result of fewer luxury homes selling in Vancouver and fewer overall Vancouver home sales relative to the rest of the province in 2012."

In December, the Kootenay area residential sales dollar volume was down 19.8 per cent to $23.6 Million, compared to December 2011. Residential unit sales declined 24.8 per cent to 91 units, while the average MLS® residential price was up 6.6 per cent to $259,821 over the same period.

Read the complete report (pdf)

Unoccupied Condo Development Destroyed by Fire

Rockies West Realty — Sat, 22 Dec 2012 22:09:00 GMT

Fairmont Hot Springs, Dec-22-2012

Members of the Fairmont and Windermere Fire Departments responded to a large structure fire this morning in the Fairmont area.

Approximately 10 firefighters responded to the scene. “When we arrived, we found 3 of the 5 Columbia Eagle condos completely engulfed in flames and all 5 are a total loss,” explains Windermere Fairmont Fire Chief, Jim Miller. “The condos, which were located adjacent to Highway 93/95, have been left partially constructed for several years. There were no occupants in any of the units and there were no injuries as a result of the blaze.”

While the exact cause of the blaze has not been determined, the fire is being considered suspicious and fire officials are currently looking for witnesses . “We have talked to the person who called in the fire; however, we are hoping to talk to anyone who may have seen people or activity in or around the condo units in the hours leading up to the fire this morning,” says Chief Miller. Anyone with any information is asked to contact Chief Miller at the Windermere Fire Hall at 250-342-6214.

“The crew did a great job containing the fire and preventing it from spreading,” adds Miller. Firefighters are expected to remain on the scene throughout the rest of the day mopping up and dealing with hot spots.

CREA Updates Resale Housing Forecast (Dec 2012)

Rockies West Realty — Mon, 17 Dec 2012 20:01:00 GMT

OTTAWA –December 17, 2012 – The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity via the Multiple Listing Service^® (MLS^®) Systems of Canadian real estate Boards and Associations in 2012 and 2013.

When CREA’s resale housing forecast was published in September, activity showed the first signs of slowing in the wake of new mortgage lending regulations. Demand has remained at lower levels, and this trend is expected to persist through the end of the year. Lower than projected third quarter sales have downgraded the prospects for activity this year in almost every province.

National resale housing activity is now projected to reach 456,300 units in 2012. This represents a 0.5 per cent decline from 458,412 sales in 2011, and stands 0.9 per cent below the 10-year average (2002 – 2011).

Read the complete forecast - http://creanews.ca/2012/12/17/crea-updates-resale-housing-forecast-6/

November Real Estate Statistics for the Columbia Valley

Rockies West Realty — Sun, 16 Dec 2012 22:54:00 GMT

are now available at http://statistics.rockieswest.com

BC Housing Market Update

Rockies West Realty — Sun, 16 Dec 2012 21:45:00 GMT

Click on image to watch BCREA Chief Economist Cameron Muir discuss the November 2012 statistics:

Rockies West Realty, Invermere BC Real Estate

Housing Market Conditions Improve on the South Coast

Transition Year Expected for BC Housing Market

March 2013 Real Estate Statistics for the Columbia Valley

BC Home Sales Tick Higher in March

Home Sales Continue at Modest Pace: Pent-Up Demand Growing

BC Home Sales Remain Subdued but Stable

Bank of Canada Signals Rates Likely On Hold Until 2014

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January 2013 Real Estate Statistics for the Columbia Valley

BC Home Sales to Trend Higher in 2013/2014

December and 2012 Real Estate Statistics for the Columbia Valley

BC Home Sales Decline in 2012

Unoccupied Condo Development Destroyed by Fire

CREA Updates Resale Housing Forecast (Dec 2012)

November Real Estate Statistics for the Columbia Valley

BC Housing Market Update