{"id":14457,"date":"2019-12-27T10:10:00","date_gmt":"2019-12-27T18:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=14457"},"modified":"2019-12-20T12:17:02","modified_gmt":"2019-12-20T20:17:02","slug":"bc-housing-market-firming-as-home-sales-prices-rise","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/12\/bc-housing-market-firming-as-home-sales-prices-rise\/","title":{"rendered":"BC Housing Market “Firming” as Home Sales & Prices Rise"},"content":{"rendered":"

After a flurry of unexpectedly strong early-fall activity, the housing market across BC is \u201cfirming,\u201d according to a report released December 12 by the BC Real Estate Association (BCREA).<\/p>\n

There were 6,616 residential unit sales recorded around the province in November, which is 27.5% higher than in November 2018.<\/p>\n

\u201cAfter several months of strong gains, home sales are now firming around long-run averages,\u201d said Brendon Ogmundson, BCREA chief economist. \u201cWe expect 2020 will be a much more typical year for markets compared to the volatility of recent years.\u201d<\/p>\n

As sales rose, active residential listings in the province were 6.6% lower than November 2018 at 31,310 units, and down for a seventh consecutive month on a seasonally adjusted basis, said the BCREA. The sales-to-active listings ratio across all home types held firm at 21%, which is still considered currently a balanced market. When the ratio is more than 20% for several consecutive months, it can be considered a seller\u2019s market.
\n\"\"<\/a>
\nSource : BCREA Economics<\/p>\n

The graph above shows the relatively short period of time in which the market softened, with listings higher than sales, before the trend lines crossed back in September this year.<\/p>\n

Average price increases also continued to gain strength, with an average sale price in November of $746,939, up 5.5% compared with one year previously. This put November\u2019s total sales dollar volume up 34.4% over the same month last year.<\/p>\n

As ever, the market varies considerably by region, with most areas seeing annual sale price increases but the hardest-hit areas still lagging, including Greater Vancouver.
\n\"\"<\/a>
\nSource : BCREA Economics<\/p>\n

The November sales report follows BCREA\u2019s December 11 mortgage forecast, which said that the Bank of Canada prime rate is likely to stay flat through to the end of the year and all through 2020. The average five-year fixed rate is expected to increase incrementally in Q1 and Q2 next year, then stay level at a still-low 2.95% through the remainder of 2020.<\/p>\n

BC Housing Market “Firming” as Home Sales & Prices Rise<\/a> by Joannah Connolly | Glacier Media Real Estate | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"

After a flurry of unexpectedly strong early-fall activity, the housing market across BC is \u201cfirming,\u201d according to a report released December 12 by the BC Real Estate Association (BCREA). 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