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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
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-
F
BC
Home Sales Moderate in January
Vancouver, BC – February 11, 2010. The
British Columbia Real Estate Association (BCREA) reports
that Multiple Listing Service® (MLS®) residential sales in the province
climbed 118 per cent to 4,619 units in January compared to the same
month last year. On a seasonally adjusted basis, MLS® residential sales
in the province declined 16 per cent last month compared to December
2009.
The BC residential sales dollar volume increased 160
per cent to $2.27 billion in January compared to the same period last
year. The average MLS® residential price climbed 19 per cent to $491,571
over the same period. "Upward pressure on
home prices, particularly in Victoria, Vancouver and the Fraser Valley,
is beginning to slow as fewer home sales and a larger inventory reduce
the chance of multiple offers,” added Muir.
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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.
“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."
“Home
sales in the province eased in January as a result of waning pent-up
demand and eroded affordability,” said Cameron Muir, BCREA Chief
Economist. “While low mortgage interest rates will continue to entice
many home buyers through the spring market, consumer demand is expected
to moderate from its frenetic year-end pace."