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Economical Trend
The composition of BC's population has
changed a lot. It's no longer mainly comprised of young men, as it was a
hundred years ago. The percentage of males and females living in BC has
been roughly equal since the 1960s. The population is also older: less
than 40% of British Columbians are currently under the age of thirty, and
one in four are fifty-five or older. British Columbia's cultural mosaic is
also shifting. In recent years, immigration, especially from Asia, has
been a major source of population growth, and the Vancouver area, along
with other parts of the province, is becoming more diverse. As the face of the province's population
and its cities has changed, so too has the provincial economy. A variety
of new types of goods and services are being made available to meet the
needs of an increasingly multicultural population. Technological and
cultural changes have also had a big effect, as have changes in the way
companies do business. BC's economy has been maturing into a
more diverse, less resource-dependent structure. We're no longer “hewers
of wood and drawers of water” for the rest of the country or indeed, for
the world. Primary goods production is giving way to a greater emphasis on
value-added manufacturing as well as other types of goods and services
production. Forestry, mining, fishing and
agriculture are still important, especially in communities where they are
big employers, but they are no longer the dominant force in BC's economy.
Since the mid-1990s, there have been fewer people working in these
industries than in other types of goods production. At present, only nine percent of BC
workers have jobs in resource harvesting and extracting industries such as
agriculture, fishing, forestry and mining. That's down from about 13% in
1990. Employment in other types of goods production has picked up in
recent years after declining during the 1990s, and accounts for about 12%
of all the jobs in the province January
04, 2012 METRO VANCOUVER - North Vancouver home
prices up. Lions Bay and Squamish prices down. Vancouver, West Vancouver way up. Whistler way
down. When Metro Vancouver and regional property owners
receive their 2012 assessment notices in the mail over the next few
days, they'll see a wide variation in values by region, city and
neighbourhood. The Sea to Sky region, for example, will see
assessments generally down, with Squamish homeowners' property
values dropping up to 10 per cent in some areas and rising five per
cent in others, according to BC Assessment. The valuation date was
July 1, 2011. In Whistler and Pemberton, some property owners
will see decreases in values up to 15 per cent. In comparison, North Vancouver home assessments
have risen five to 15 per cent, while West Vancouver property owners
will see significant increases in the 15-to-30-per-cent range. Vancouver's 192,000 property owners can also
expect big hikes. "Almost all homes in [the city of Vancouver] are
increasing in value compared to last year's assessment roll," said
area assessor Jason Grant in a statement. "Most single family
homeowners in Vancouver will see significant increases, in the 10
per cent to 25 per cent range. Strata condominium owners will also
see increases, but typically less than 10 per cent." Property owners in Richmond and Burnaby will also
see sharp increases in assessments. Paul Borgo, deputy assessor with the Vancouver
Sea to Sky region, said in an interview that while it's not unusual
to see wide variations in value by region, city or even
neighbourhood, "the city of Vancouver has been quite robust in 2011.
However, the west side outperformed the east side in single family
terms. And West Vancouver also has a very strong market." Rosario Setticasi, president of the Real Estate
Board of Greater Vancouver, agreed, citing Vancouver's west side,
West Vancouver and Richmond as markets that performed better than
others. "They're favoured areas for people to live in [and] there
was some influence from foreign investment." Setticasi also noted the assessments reflect
values on July 1. "We had a surge in the beginning of [2011], it
peaked in the summer, and came down a bit in the second half of the
year, which won't be reflected in the assessment." Robyn Adamache, senior market analyst for Metro
Vancouver, Canada Mortgage and Housing Corp., said she is not
surprised at the variation in assessment values given the
fundamentals of the region's real estate market in 2011. "There were
wide variations in growth in home prices in different
municipalities, so I would expect more variation than usual." Overall, Vancouver's assessment roll increased
from $222 billion last year to $254 billion this year, while West
Vancouver's assessment roll increased from $26.4 billion last year
to more than $30.2 billion this year. But Squamish's assessment roll declined from
$3.92 billion last year to $3.81 billion. An example of local market trends, according to
BC Assessment, is a single family home in Squamish's Garibaldi
Highlands neighbourhood which will see its assessment drop from
$531,000 to $497,000, while another home in Whistler's Alpine
Meadows neighbourhood will see its assessed value drop from $964,000
to $918,000. However, a home on a 50-foot lot on Vancouver's
west side will see its value rise from $1.19 million to $1.645
million, while another east Vancouver detached home on a 33-foot lot
will rise from $816,000 to $1.03 million. In West Vancouver's tony British Properties, an
example of the trend to higher prices is a home that will rise from
$1.53 million to $2.2 million. In the Fraser Valley, property owners will see
little change in values this year. "Most homes in the Fraser Valley have remained
stable in value compared to last year's assessment roll," said
deputy assessor John Green. On a percentage basis, the total change for all
residential property types was up 7.9 per cent in Surrey, 16.4 per
cent in Vancouver, 16.5 per cent in Richmond, 5.2 per cent in New
Westminster, 12.2 per cent in Burnaby, 6.9 per cent in Coquitlam,
5.1 per cent in North Vancouver city, 7.6 per cent in North
Vancouver district, 15.9 per cent in West Vancouver, but down 1.9
per cent in Squamish, five per cent in Lions Bay, 6.2 per cent in
Whistler and 3.2 per cent in Sechelt. Pat Kelly, owner of Whistler Real Estate Company,
said the resort municipality saw a drop in sales both before and
after the 2010 Olympics, although the market has picked up since
summer. "There was a volatile world economic situation
[and] people were looking for value for their money, things they
need as against things they want." He said that while activity picked up in late
2011, prices haven't reflected that because most activity is in the
under-$1 million market. He also noted that there has been a "noticeable"
drop in buyers from the U.S. Kelly, whose company is also involved in the
Squamish market, said Squamish prices have flatlined, partly because
there's no major employer in the town. "Squamish hasn't had the same appeal as other
suburban markets, and I don't know why. It's very good value for an
area within 40 minutes of downtown Vancouver." Assessments were generally stable or down in
other parts of the province, including Penticton and Kelowna, which
saw a drop of 2.7 per cent in the total value of all residential
properties. The total number of B.C. properties on the 2012
roll is 1,917,394, a 0.75-per-cent increase from 2011. The total value of real estate on the 2012 roll
is $1.1 trillion, a 6.42-per-cent increase from 2011. bmorton@vancouversun.com Click
here to find
your assessment on the B.C. Assessment website (On the homepage, go
to "Click here to start searching")
For the complete news release, including detailed
statistics, follow this link:
www.bcrea.bc.ca/docs/news-2011/2011-10.pdf.
For immediate release
Home Sales Climb Higher Outside Vancouver
Vancouver, BC – November 15, 2011. The British
Columbia Real Estate Association (BCREA) reports that Multiple
Listing Service® (MLS®) residential unit sales in the province rose
6.5 per cent to 5,865 units in October compared to the same month
last year. The average MLS® residential price was up 2.6 per cent to
$535,695 last month compared to October 2010.
"Total active residential listings in the province
declined by 3,360 units in October from September. However, active
listings were up 6.9 per cent from October 2011," added Muir.
"Market conditions remained slightly in favour of home buyers last
month." Year-to-date, BC residential sales dollar volume
increased 16.8 per cent to $38 billion, compared to the same period
last year. Residential unit sales increased 3.5 per cent to 66,922
units, while the average MLS® residential price rose 12.9 per cent
to $566,925 over the same period.
Housing Forecast Points to Market Stability in 2012
Vancouver, BC – November 8, 2011.The
British Columbia Real Estate Association (BCREA) released its 2011
Fourth Quarter Housing Forecast today.
“Low mortgage interest rates are expected to persist through 2012
keeping affordability on an even keel,” said Cameron Muir, BCREA
Chief Economist. “However, headwinds on the economic front will
constrain consumer demand over the next year to below the ten-year
average of 87,600 units.” A record 106,300 MLS® residential sales
were recorded in 2005.
“Moderate consumer demand combined with larger inventories of homes
for sale means BC housing markets will experience little upward
pressure on home prices through 2012,” added Muir. The average MLS®
residential price in the province is estimated to rise 11.8 per cent
to $564,600 this year, and is forecast to decline 2.5 per cent to
$550,500 in 2012. - 30 -
The full BCREA Housing Forecast is available at:
www.bcrea.bc.ca/docs/economics-forecasts-and-presentations/housingforecast.pdf.
November 2, 2011
With a sales-to-active property listings
ratio of 15 per cent, the Greater Vancouver
housing market continues to hover at the
lower end of a balanced market and has been
trending in that direction over the past
five months.
The Real Estate Board of Greater Vancouver
(REBGV) reports that residential property
sales of detached, attached and apartment
properties on the region’s Multiple Listing
Service® (MLS®) system reached 2,317 in
October, a 1 per cent decrease compared to
the 2,337 sales in October 2010 and a 3.2
per cent increase compared to the previous
month. Those sales rank as the second lowest
total for October over the last 10 years.
“Right now, prospective home buyers have a
good selection of properties to choose from
and more time to make decisions,” Rosario
Setticasi, REBGV president said. “Home
sellers should be mindful of local market
conditions to ensure they are pricing their
properties competitively.”
New listings for detached, attached and
apartment properties in Greater Vancouver
totalled 4,374 in October, which is on par
with the 10-year average. This represents an
18.3 per cent increase compared to October
2010, when 3,698 properties were listed for
sale on the MLS®, and a 23 per cent decrease
compared to the 5,680 new listings reported
in September 2011.
The total number of properties listed for
sale on the Greater Vancouver MLS® system
currently sits at 15,377, which is 9.3 per
cent higher than the 14,075 properties
listed for sale during the same period last
year. October was the first month that the
total number of property listings showed a
decrease this year.
The MLSLink® Housing Price Index (HPI)
benchmark price for all residential
properties in Greater Vancouver over the
last 12 months has increased 7.5 per cent to
$622,955 in October 2011 from $579,349 in
October 2010. However, since reaching a peak
in June of $630,921, the benchmark price for
all residential properties in the region has
declined 1.3 per cent.
Sales of detached properties in October
reached 974, which represents virtually no
change from the 976 detached sales recorded
in October 2010, and a 34.5 per cent
decrease from the 1,487 units sold in
October 2009. The benchmark price for
detached properties increased 11 per cent
from October 2010 to $884,778, but decreased
1.3 per cent compared to the previous month.
Sales of apartment properties reached 958 in
October, a 2.6 per cent decrease compared to
the 984 sales in October 2010, and a
decrease of 40.4 per cent compared to the
1,607 sales in October 2009. The benchmark
price of an apartment property increased 3.2
per cent from October 2010 to $402,702, but
decreased 0.7 per cent compared to the
previous month.
Attached property sales in October totalled
382, a 1.3 per cent increase compared to the
377 sales in October 2010, and a 37.4 per
cent decrease from the 610 attached
properties sold in October 2009. The
benchmark price of an attached unit
increased 6.5 per cent between October 2010
and 2011 to $519,455, and increased half a
per cent compared to the previous month.
Home Sales Edge Higher in September
Vancouver, BC – September 14, 2011. The
British Columbia Real Estate Association (BCREA)
reports that Multiple Listing Service® (MLS®) residential unit sales
in the province rose 8.8 per cent to 5995 units in September
compared to the same month last year. The average MLS® residential
price increased 6 per cent to $523,568 last month compared to
September 2010.
"Despite a modest gain in unit sales, total active
residential listings in the province remained elevated in
September,” added Muir. A total of 55,616 homes were listed on the
MLS® in the province at the end of September. Year-to-date, BC residential sales dollar volume
increased 17.5 per cent to $34.8 billion, compared to the same
period last year. Residential unit sales increased 3.2 per cent to
61,127 units, while the average MLS® residential price rose 13.9 per
cent to $569,922 over the same period.
New Housing Price Index - October 13, 2010
The New Housing
Price Index (NHPI) for Canada increased 0.1 per cent in August
following a 0.1 per cent decline in July. New home prices in Canada
exhibited more stability than many analyst expectations given the
implementation of the HST in July to Ontario and BC. Compared to
August 2009, the NHPI was up 2.9 per cent across the country.
The NHPI also
increased 0.1 per cent in Vancouver during August compared to July.
Year-over-year in August the NHPI in Vancouver climbed 4.4 per
cent. Meanwhile, in Victoria, contractors reported no change in
their selling prices between July and August. Year-over-year, the
NHPI in Victoria declined by 0.4 per cent.
Statistics Canada's NHPI is calculated for Vancouver and Victoria
only in British Columbia. The survey of home builders used to derive
the index counts market selling prices less any value added taxes,
such as the HST.
October 4, 2010
September home sales in Greater Vancouver
were consistent with activity experienced in
the preceding two months across most
categories.
The Real Estate Board of Greater Vancouver
(REBGV) reports that the number of
residential property sales in Greater
Vancouver totalled 2,220 in September 2010.
This represents a 0.8 per cent increase
compared to August 2010 and 37.6 per cent
decline from the 3,559 sales in September
2009.
In comparison, last month’s residential
sales represent a 40.1 per cent increase
over the 1,585 residential sales in
September 2008, a 20 per cent decline
compared to September 2007’s 2,776 sales,
and an 11.9 per cent decline compared to
September 2006’s 2,519 sales.
“We’ve seen fewer properties coming on to
the market over the last three months. This
trend, combined with the continued
attraction of low interest rates, is likely
having the effect of less downward pressure
on home prices,” Jake Moldowan, REBGV
president said.
Since spring, housing prices in the region
have trended slightly downward, with a
decrease of 2.7 per cent compared to the
all-time high reached in April when the
MLSLink® Housing Price Index (HPI)
residential benchmark price was $593,419.
The overall benchmark price for all
residential properties in Greater Vancouver
over the last 12 months has increased 5.5
per cent to $577,174 in September 2010 from
$547,092 in September 2009. The current
price remains consistent with last month,
rising just 0.1 per cent between August and
September 2010.
Total active property listings posted on the
Multiple Listing Service® (MLS®) in Greater
Vancouver currently sit at 15,401, basically
unchanged compared to last month and a 22
per cent increase from September 2009. Over
the last three months, active listings in
the region have declined12.3 per cent.
New residential property listings posted in
September declined 17.6 per cent to 4,731
compared to September 2009 when 5,746 new
units were listed.
“We saw signs of more stability in our
marketplace last month than we have seen
since spring based on a variety of
indicators that we look at each month,”
Moldowan said. “At 56 days, it took, on
average, three days less to sell a home in
our region compared to August. This is the
first month-over-month decline we’ve seen in
this category since April.”
Sales of detached properties in September
2010 reached 866, a decrease of 39.1 per
cent from the 1,423 detached sales recorded
in September 2009, and a 58.6 per cent
increase from the 546 units sold in
September 2008. The benchmark price for
detached properties increased 6.7 per cent
from September 2009 to $790,992.
Sales of apartment properties reached 971 in
September 2010, a decline of 34.7 per cent
compared to the 1,489 sales in September
2009, and an increase of 27.1 per cent
compared to the 764 sales in September
2008.The benchmark price of an apartment
property increased 3.7 per cent from
September 2009 to $388,373.
Attached property sales in September 2010
totalled 383, a decline of 40.1 per cent
compared to the 647 sales in September 2009,
and a 39.3 per cent increase from the 275
attached properties sold in September 2008.
The benchmark price of an attached unit
increased 5.2 per cent between September
2009 and 2010 to $490,385.
The number of properties listed for sale in Greater Vancouver
continued to rise in May, while the number of sales showed a
year-over-year decrease.
The Real Estate Board of Greater Vancouver (REBGV) reports that
residential property sales in Greater Vancouver totalled 3,156 in
May 2010, a decline of 10.4 per cent compared to the 3,524 sales in
May 2009; 5.1 per cent more than the 3,002 sales in May 2008; and
27.1 per cent less than the 4,331 sales in May 2007. May 2010 sales
also represent a 10.1 per cent decline compared to last month’s
sales.
In terms of number of property listings, last month marked the third
consecutive month during which more than 7,000 homes were listed for
sale on the Multiple Listing Service (MLS®) in Greater Vancouver.
New listings for detached, attached and apartment properties
totalled 7,014 in May 2010, a 48.2 per cent increase compared to May
2009 when 4,733 new units were listed, and an 8.3 per cent decline
compared to April 2010 when 7,648 properties were added to the MLS®.
At 17,492, the total number of property listings on the MLS®
increased 10 per cent in May compared to last month, and is up 28.2
per cent compared to this time last year.
“Prospective home buyers in today’s market have a broad selection to
choose from in every property type. REALTORS® are telling us they’re
working with buyers who are not feeling as rushed to make a decision
as they did late last year and earlier in the year,” Jake Moldowan,
REBGV president said.
Over the last 12 months, the overall MLSLink® Housing Price Index
(HPI) benchmark price for all residential properties in Greater
Vancouver increased 16.7 per cent to $590,662 from $506,201 in May
2009.
“It’s important for those looking to buy or sell a home to remember
that real estate is local and wise real estate decisions are made by
those who understand current market conditions at the neighbourhood
level,” Moldowan said.
Sales of detached properties in May 2010 reached 1,256, a decrease
of 10.4 per cent from the 1,402 detached sales recorded in May 2009
and a 4.4 per cent increase from the 1,203 units sold in May 2008.
The benchmark price for detached properties increased 19.1 per cent
from May 2009 to $810,175.
Sales of apartment properties reached 1,354 in May 2010, a decline
of 7.1 per cent compared to the 1,458 sales in May 2009 and an
increase of 8.8 per cent compared to the 1,244 sales in May 2008.The
benchmark price of an apartment property increased 13.9 per cent
from May 2009 to $398,783.
Attached property sales in May 2010 totalled 546, a decline of 17.8
per cent compared to the 664 sales in May 2009 and a 1.6 per cent
decline from the 555 attached properties sold in May 2008. The
benchmark price of an attached unit increased 14.8 per cent between
May 2009 and 2010 to $500,339. Source: Real Estate Board of
For the complete news release, including
detailed statistics, follow this link:
www.bcrea.bc.ca/news_room/2010-02.pdf.
For immediate release February Home Sales Strong Despite
Olympic Fever
Vancouver, BC – March 11, 2010. The
British Columbia Real Estate Association (BCREA)
reports that Multiple Listing Service® (MLS®) residential sales
in the province climbed 63 per cent to 5,955 units in February
compared to the same month last year. On a seasonally adjusted
basis, MLS® residential unit sales in the province declined 13
per cent compared to January 2010.
The BC residential sales dollar volume
increased 91 per cent to $2.96 billion in February compared to
the same period last year. The average MLS® residential price
climbed 17 per cent to $497,807 over the same period. "Low mortgage
interest rates are continuing to underpin consumer demand and
fuel first-time homebuyer activity,” added Muir. “Improving
economic conditions are expected to bolster consumer confidence
over the coming months.” -30-
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Things
have changed a lot since the early days of European settlement. With 13%
of the Canadian population, BC is Canada's third biggest province, after
Ontario and Quebec. It produces about 12% of the country's total GDP.
Vancouver's population has passed the two million mark, making it one of
only three metropolitan areas in the country with a population in excess
of one million (although Calgary and Edmonton are fast approaching that
mark). The city is an important financial and industrial centre, and with
its location on the west coast of the country, it's also a transportation
hub.
"BC
home sales rose three per cent in October compared to September on a
seasonally adjusted basis," said Cameron Muir, BCREA Chief
Economist. "While consumer demand in Vancouver edged lower last
month on a year-overyear basis, strong increases were recorded in
the Fraser Valley, Kamloops, Kootenay, the North and on Vancouver
Island."
"MLS®
home sales edged up 3 per cent in September compared to August on a
seasonally adjusted basis,” said Cameron Muir, BCREA Chief
Economist. “Housing demand last month was bolstered by persistent
low mortgage interest rates and a surge in employment."
“Home
sales continued to moderate in February after the record pace of
the fourth quarter.” said Cameron Muir, BCREA Chief Economist.
“However, February’s performance was better than expected
considering many households were preoccupied with Olympic gold."
