Real estate association offers optimistic forecast, saying buyers are gradually “adjusting” to mortgage stress test

Home sales in B.C. are likely to rise slightly this year, and more in 2020, according to a forecast released February 25 by the B.C. Real Estate Association (BCREA).

The association said it expects residential sales in the province to rise two per cent to 80,000 units this year. This follows a slow 2018 in which 78,345 homes traded hands on B.C.’s MLS®, which was 24.9 per cent lower than in 2017.

BCREA also predicted home sales to increase a further 6.9 per cent to 85,500 units in 2020. This would be a very normal level of activity, as the 10-year average for home sales in the province is 85,800 units.

The association said that

Turns out 2017 might be the year when B.C. home buyers will finally get a break. But don’t bother throwing a party, yet.

Price drop is due to a lack of supply 

The Canadian Real Estate Association (CREA) predicts prices will drop by about 7.8% in 2017 in B.C., primarily due to a lack of supply of higher-priced single family homes in the Lower Mainland and Vancouver areas.

CREA’s Chief Economist, Gregory Klump, likens this forecasted price decline as the equivalent of removing the basketball team from a Grade 8 class. “Throw in the basketball team and the average height shoots up. The same applies to markets with higher-end homes.” He continues by saying that, “The forecasted drop in B.C. home prices largely reflects an anticipated decline in

There are quite a number of variables to consider when purchasing a residential income property.

You’ll likely want to eventually engage with a real estate agent, but prior to doing so it is important to conduct as much research as possible. Remember to approach the purchase with an unbiased attitude and evaluate your options based on factual information.
 
Here’s a look at some of the top variables to consider when evaluating potential properties.
 
1. Economic outlook. Locations that are seeing employment growth will typically have more people moving to the area – this should also increase the potential renter pool. Conversely, locations that don’t offer as much employment opportunity or have/will see large employers leaving town, will often

Whether you are the buyer or the seller of real estate, it is important that you obtain a lawyer to represent your interests. There are many potential legal pitfalls for the unwary when buying real estate. The agreements for purchase and sale and other related documents are complex. To most people the purchase of a home is the largest investment of their life, and the agreement for purchase and sale is the most important legal contract they will ever sign, next to a will of course!

Don't forget to check our local business directory for lawyers - CLICK HERE

There are a number of ways to select the right lawyer for your needs:

Ask friends who have purchased real estate which lawyer they hired, whether they were satisfied, and why or why not.

Home prices in British Columbia are growing rapidly, and more and more having kids is seen by many as a luxury.

Home prices in British Columbia are growing rapidly—particularly in Vancouver, where the average price is almost double that of the national average—and more and more, having kids is seen by many as a luxury rather than a given.

Almost two-thirds of families in this province—65%—say the cost of home ownership has had an impact on their ability to start or expand their families, according to the results of a RateSupermarket.ca poll.

The majority of families across Canada feel the same way, but the national average is nine percentage points lower at 56%.

“While it’s no surprise that kids are hard on the wallet…it is disheartening

The B.C. government expects to finish the fiscal year next March with a $265 million surplus, thanks to surging property transfer tax revenues and a lower Canadian dollar that helps everything from tourism to the movie and TV industry.

Government revenues have declined due to lower natural gas, metals and other natural resources, Finance Minister Mike de Jong said Tuesday in his second quarter financial update. But with a continued hot real estate market in southwestern B.C. and housing starts running above average, property purchase tax revenue is $150 million ahead of the February budget forecast.

Retail sales are running 7.2 per cent ahead of last year for the period of April to August, with vehicle and parts sales up 9.5 per cent and food and

Analysts at BNP Paribas say the Bank of Canada will be forced into another interest rate cut - a negative move for the value of the CAD

Underlying U.S. dollar strength and weaker oil prices below $45 kept Canada’s commodity influenced currency near the three-week lows hit Friday.

Near-term, the loonie will take a fundamental cue in Friday monthly growth data, forecast to show the economy grew a third straight month in August, albeit barely with forecasts of 0.1 percent.

The soft growth data has not been enough to convince the Bank of Canada that rates should remain where they are.

Indeed the steady rates profile - arguably a positive for the CAD at this stage - come despite the BoC revising down growth projections for 2016 and 2017 while

High demand coupled with a lack of inventory. Sound familiar? That combination is not just the domain of the residential housing market, but also the multi-residential property market in Vancouver, as investors, big and small look to get a piece of the action.

According to Avison Young’s Fall 2015 BC Multi-Family Investment Report, demand for multi-residential properties in Metro Vancouver and throughout the province remained exceedingly strong in the first half of 2015. Private buyers – both local and foreign – and, to a lesser extent, institutional investors and REITs, were increasingly willing to accept record pricing and highly compressed capitalization rates as the cost of entry to British Columbia’s coveted multi-family real estate market.

Rising

Whats the difference between Assessed, Appraised and Market values???

Usually, market value is determined by what a buyer is willing to pay for a home, and what the seller is willing to accept. The recent agreed upon sale price of a home is usually the best determinant of a property's market value. However, there are circumstances where the price paid for a home is not the true market value. For example, there may be a special relationship between the parties which resulted in a much lower value being paid. Also, a buyer may have been willing to pay a premium for a property for some reason, and so it sold for much more than it would otherwise be worth.

There are several things to consider when determining the pricing of your home for sale. The most

Want to know which of he Kamloops communities had the most selling action in the 3rd quarter of 2015?

To see what for is for sale currently in the number 1 sub division of Brocklehurst CLICK HERE or to see all of Kamloops CLICK HERE

To see the full list of all Kamloops properties sold in the 3rd Quarter of 2015 CLICK HERE

To sign up for this information to be emailed to you CLICK HERE

© Kamloops and District Real Estate Association