british columbia real estate

April 2023 BCREA – Canadian Inflation

Canadian Inflation (April 2023) – May 16, 2023 Canadian prices, as measured by the Consumer Price Index (CPI), rose 4.4 per cent on a year-over-year basis in April, a slight increase from the 4.3 per cent rate in March. Month over month, CPI rose 0.7 per cent, in large part due to higher gasoline prices, which jumped 6.3 per cent from last month. Shelter costs were up 4.9 per cent year over year, driven by much higher mortgage interest costs (up 28.5 per cent from last year) along with higher rents (up 6.1 per cent from April 2022). The homeowner’s replacement cost,…

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March 2023 BCREA – Unprecedented Pace of Construction Needed to Offset the Impact of Record Immigration to BC

 Housing demand impact of record-high immigration is five times as large as the Foreign Buyers Ban: report Vancouver, BC– March 28, 2023. To fully offset a deterioration in housing affordability, new home completions in BC need to increase 25 per cent above their historical average level for the next five years to a record level of about 43,000 completions per year, a new report has revealed. According to the latest Market Intelligence report from the BC Real Estate Association (BCREA), two significant federal government policies – the Foreign Buyers Ban and record-high immigration targets – will shape housing demand in BC over the next…

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December 2022 British Columbia Real Estate Association Statistics

https://youtu.be/6frw1TEsnQQ  Home Sales Decline in 2022 After a Record 2021 Vancouver, BC – January 12, 2023. The British Columbia Real Estate Association (BCREA) reports that 80,874 residential unit sales were recorded by the Multiple Listing Service® (MLS® ) in 2022, a 35.2 per cent decline from a record 124,788 units sold in 2021. The annual average MLS® residential price in BC was $996,878, a 7.5 per cent increase from $927,513 recorded the previous year. Total sales dollar volume was $80.6 billion, a 30.3 per cent decline from 2021. "2022 could not match last year's record pace," said Brendon Ogmundson,…

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November 2022 British Columbia Real Estate Association Statistics

 Housing Market Activity Remains Slow in November Vancouver, BC – December 13, 2022. The British Columbia Real Estate Association (BCREA) reports that a total of 4,512 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November 2022, a decrease of 50.8 per cent from November 2021 and about 30 per cent below a historical average November. The average MLS® residential price in BC was $906,785 an 8.6 per cent decrease from $992,245 recorded in November 2021. Total sales dollar volume was $4.1 billion, a 55 per cent decline from the same time last year. “A lot has changed…

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Canadian Economic Growth (Real GDP Q3’2022)

Canadian Monthly Economic Growth (Q3'2022) Canadian real GDP rose 0.1 per cent in September, up for the eighth consecutive month. Goods-producing sectors rose 0.3 per cent while services-producing industries were essentially flat. Canadian real GDP is now roughly 2.8 per cent above its pre-pandemic, February 2020 level. Preliminary estimates suggest that output in the Canadian economy was unchanged in October. Growth in the third quarter of 2022 registered 2.9 per cent at an annualized rate from the prior quarter, rising for the fifth consecutive quarter. Businesses continued to expand their inventories, while retail and wholesale trade sectors recorded higher stocks…

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October 2022 British Columbia Real Estate Association Statistics

 BC Home Sales Remain Slow While Active Listings Plateau Vancouver, BC – November 14, 2022. The British Columbia Real Estate Association (BCREA) reports that a total of 5,242 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October 2022, a decrease of 45.5 per cent from October 2021. The average MLS® residential price in BC was $932,979, a 3.1 per cent decrease from $963,011 recorded in October 2021. Total sales dollar volume was $4.9 billion, a 47.2 per cent decline from the same time last year. “Sales activity remains slow across the province and inventories appear to be plateauing,”…

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June 2022 British Columbia Real Estate Association Statistics

 High Mortgage Rates Keeping Potential Buyers Sidelined Vancouver, BC – July 12, 2022. The British Columbia Real Estate Association (BCREA) reports that a total of 7,136 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in June 2022, a decrease of 35.7 per cent from June 2021. The average MLS® residential price in BC was $951,105, a 4.6 per cent increase from $909,657 recorded in June 2021. Total sales dollar volume was $6.8 billion, a 32.8 per cent decline from the same time last year. “While a still growing economy and robust population growth point to strong demand, it is…

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March 2022 British Columbia Real Estate Association Statistics

 Strong First Quarter for BC Housing Markets, But Rising Rates Loom Large  Vancouver, BC – April 12, 2022. The British Columbia Real Estate Association (BCREA) reports that a total of 11,463 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in March 2022, a decrease of 24.1 per cent from a record March 2021. The average MLS® residential price in BC was $1.096 million, a 15.7 per cent increase from $946,813 recorded in March 2021. Total sales dollar volume was $12.6 billion, a 12.1 per cent decline from the same time last year. “Home sales in the province continue…

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February 2022 British Columbia Real Estate Association Statistics

 Sales Activity Remains Strong Heading Into Spring Vancouver, BC – March 14, 2022. The British Columbia Real Estate Association (BCREA) reports that a total of 8,902 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in February 2022, a decrease of 18.8 per cent from February 2021. The average MLS® residential price in BC was $1.109 million, a 24.9 per cent increase from $887,866 recorded in February 2021. Total sales dollar volume was $9.9 billion, a 1.5 per cent increase from the same time last year. “While sales are not keeping pace with the unprecedented level of activity we…

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November 2021 British Columbia Real Estate Association Statistics

https://youtu.be/59bodMw32SE  November Home Sales Lead to New Annual Record in BC Vancouver, BC – December 15, 2021. The British Columbia Real Estate Association (BCREA) reports that a total of 9,159 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November 2021, a decrease of 3.4 per cent from November 2020. The average MLS® residential price in BC was $993,922, a 22.1 per cent increase from $814,310 recorded in November 2020. Total sales dollar volume was $9.1 billion, a 17.9 per cent increase from the same time last year. “Provincial MLS® home sales reached a new annual…

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September 2021 British Columbia Real Estate Association Statistics

 Record-Low Supply Keeps Market Conditions Tight in September Vancouver, BC – October 12, 2021. The British Columbia Real Estate Association (BCREA) reports that a total of 9,164 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in September 2021, a decrease of 19.9 per cent from September 2020. The average MLS® residential price in BC was $913,471, a 14 per cent increase from $801,241 recorded in September 2020. Total sales dollar volume was $8.4 billion, an 8.6 per cent decline from last year. “Home sales have settled at levels that are slightly above long-term average,” said BCREA…

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BC Property Transfer Tax (PTT) and Vancouver Real Estate

 *** Looking for a PTT Calculator? Check out the BC Property Transfer Tax Calculator! *** I get questions all the time about BC's Property Transfer Tax and how it applies to Vancouver real estate. Here's a simple explanation. BC Property Transfer Tax - What is it? Property Transfer Tax (PTT) is a British Columbia tax on the sale or transfer of ownership of any residential real estate property in the province. Why does British Columbia have a Property Transfer Tax? British Columbia's Property Transfer Tax was introduced in the 1980's as part of a failed attempt to slow real…

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