Video Webcasts                                   BC Home Sales Above 100,000 for Third Consecutive Year

Vancouver, BC – January 12, 2018. 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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For more information, please contact: 

Cameron Muir  
Chief Economist  
Direct: 604.742.2780  
Mobile: 778.229.1884  
Email: cmuir@bcrea.bc.ca  

The British Columbia Real Estate Association (BCREA) is the professional association for about 22,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province's 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.

For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada's real estate boards to ensure maximum exposure of properties listed for sale.

To subscribe to receive BCREA publications such as this one, or to update your email address or current subscriptions, click here.

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Next years forecast for BC Real Estate ...read below

 


For immediate release
Housing Market Facing Headwinds Despite Strong Economy 
BCREA 2017 Fourth Quarter Housing Forecast

Vancouver, BC – November 28, 2017. The British Columbia Real Estate Association (BCREA) released its 2017 Fourth Quarter Housing Forecast today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 10.4 per cent to 91,700 units in 2018, after an expected 8.8 per cent decrease this year. A record 112,209 unit sales were recorded in 2016. The ten-year average for MLS® residential sales in BC is 84,700 units. Strong economic and demographic fundamentals are supporting elevated housing demand. However, a number of factors are expected to temper home sales in the province next year.

“Housing demand across the province will face increasing headwinds in 2018," said Cameron Muir, BCREA Chief Economist."A rising interest rate environment combined with more stringent mortgage stress tests will reduce household purchasing power and erode housing affordability." The 5-year qualifying rate is forecast to rise 20 basis points to 5.15 per cent by Q4 2018, and the new qualification rules for conventional mortgages will erode purchasing power by up to 20 per cent. "Given the rapid rise in home prices over the past few years, the effect of these factors will likely be magnified."

The supply of homes for sale is now trending at or near decade lows in most BC regions. The imbalance between supply and demand has been largely responsible for rapidly rising home prices. The combination of weakening consumer demand and a surge in new home completions next year is expected to induce more balanced market conditions, producing less upward pressure on home prices. The average MLS® residential price in the province is forecast to increase 3.1 per cent to $712,300 this year, and a further 4.6 per cent to $745,300 in 2018.


Call Jack “ Jazz” Jazlowiecki Realtor. 
250 744 0150 Licensed in 1987
Buying, Selling, Renting, referrals are always welcome and appreciated! 
jack@jackjaz.com TheJackTeam.com

Kahl Realty & Property Management 250 391 8484



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Jack Jazz
 

I've been to Woodwynn Farms have taken the tour I see the success they're having we all need to stand up and support Richard Leblanc's vision it's the only one I've seen that makes sense 
how politicians can slap eviction orders just before Christmas citing safety concerns when the only other option is to live on the streets it's insanity.

 
 

Folks, it's time to write and call Central Saanich politicians. At the peak of the opioid crisis, with DOZENS of people dying on the Island EVERY MONTH,, with ...

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Central Saanich has posted “no occupancy” notices on some of the buildings and recreational vehicles at Woodwynn Farms addiction treatment centre, a move that operator Richard Leblanc says could effectively put the site’s six residents on the street.

He said the notices will not be complied with, and the outcome could be a legal battle with Central Saanich.

 
article continues below
 

The program has been operating for 8 1Ú2 years.

 

“We can farm our farm — that hasn’t changed,” said Leblanc, who oversees Woodwynn Farms as executive director of the Creating Homefulness Society.

“The problem is that we’re a treatment centre for people at the same time, and we’re trying help people and have them live here off the streets.”

Residents have been living in the recreational vehicles, Leblanc said, adding that a proposal to build temporary housing for up to 40 farm workers was turned down by the Agricultural Land Commission.

The housing would have been on just one per cent of the land, he said.

Leblanc said the timing of the municipal notices couldn’t be much worse.

“It’s cold, it’s rainy and it’s Christmas,” he said. “It’s horrible all the way around.”

Central Saanich Mayor Ryan Windsor said the notices were handed out because of safety concerns, citing a recent fire in an RV. “Apparently no one was in it at the time, but it burned down.”

Windsor said the notices, posted on the RVs, washroom structures, greenhouse and accessory buildings, take effect immediately.

Municipal officials visited the farm after the RV fire and noted safety issues. Leblanc said the notices for the accessory buildings were the result of the officials’ concerns about permits. One notice indicates that buildings, plumbing and waste-disposal permits were not approved under the building bylaw.

Dan Fortin, 51, said the RV where he stays has become his home in the past two years and he has nowhere else to go.

He said he is now feeling guilty for sleeping in his own bed.

Farm resident Kylie Janzen, 35, said she has been working hard to get back to having a life with her daughter, and that Woodwynn Farms is able to change people’s lives.

“It’s good for me here,” said Janzen, who has been at the farm for about 14 months.

Having to leave would be “pretty devastating,” she said. “I still have lots to work on. It doesn’t happen overnight.”

Central Saanich and the farm have been at odds before. The municipality placed a no-occupancy order on a barn in 2013 and filed a notice of civil claim in 2014 to try to shut the farm operation down.

jwbell@timescolonist.com

Central Saanich has posted “no occupancy” notices on some of the buildings and recreational vehicles at Woodwynn Farms addiction treatment centre, a move that operator Richard Leblanc says could . . .
TIMESCOLONIST.COM
 
 
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Vancouver, BC – December 12, 2017. The British Columbia Real Estate Association (BCREA) reports that a total of 7,731 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November, an increase of 20.4 per cent from the same period last year. Total sales dollar volume was $5.59 billion, up 39.1 per cent from November 2016. The average MLS® residential price in the province was $723,112, up 15.5 per cent from November 2016.

“November was the third consecutive month that BC home sales were above 9,000 units, on a seasonally adjusted basis,” said Cameron Muir, BCREA Chief Economist. “Elevated consumer demand is being supported by strong employment growth, rising wages and favourable demographics.”

BC employment increased 3.8 per cent over the last 12 months, totaling over 90,000 jobs. Over the same period, average hourly wages in the province climbed 5.7 per cent to $26.82. Against this backdrop, a large cohort of millennials is entering their household-forming life stage. In addition, some buyers are likely completing purchases now in advance of tighter conventional mortgage qualifications, scheduled for the new year.

Year to date, BC residential sales dollar volume was down 6.8 per cent to $69.4 billion, when compared with the same period in 2016. Residential unit sales declined 8.8 per cent to 98,024 units, while the average MLS® residential price increased 2.2 per cent to $708,150.

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