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Market Update
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BC Home Sales to Surpass 100,000—BCREA
Fall Housing Forecast
BC Multiple Listing Service® (MLS®) home sales are forecast to
break the 100,000 unit mark for only the second time in history.
BCREA forecasts that BC MLS® residential sales will hit 101,000
units this year, up 4 per cent from 2006. The highest number of MLS®
sales in the province was recorded in 2005, when a total of 106,310
homes were sold. The ten-year average is just under 78,000 units.
“Exceptionally strong consumer demand over the summer months
has changed the outlook for this year from declining home sales to
the second highest on record,” said Cameron Muir, Chief Economist.
“While eroding affordability is squeezing some potential buyers out
of the market, the housing stock is increasingly diverse, providing
a mix of home types that appeal to a wide consumer market.”
BC home prices are also on the rise. The average MLS®
residential price is forecast to climb 12 per cent to $437,000 this
year. “While home prices continue to face upward pressure, the rate
of growth is expected to moderate,” added Muir. The BC average MLS®
price increased 18 per cent last year, and is forecast to rise at a
more modest 8 per cent in 2008.
BC housing starts are forecast to decline 7 per cent to 33,900
units in this year and a further 4 per cent to 33,000 units in 2008.
While single detached housing starts are trending down, multiple
housing starts are holding firm at 21,000 units this year. Multiple
housing starts now comprise 62 per cent of all new residential
construction activity in the province.
The BCREA Housing Forecast is a semi-annual publication
produced in the spring and fall of each year. The report contains
forecasts and analysis of the BC economy and housing markets,
including detailed forecasts by home type of the province’s 12 real
estate board areas. |
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ACTIVE LISTINGS |
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Res. |
Mobiles |
Strata |
Lots |
|
1058 |
171 |
782 |
309 |
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SUMMARY OF
RESIDENTIAL SALES |
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Price Range |
2007 |
2006 |
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0 - |
$200,000 |
8 |
26 |
|
$200,001 |
$240,000 |
12 |
39 |
| $240,001 |
$280,000 |
52 |
166 |
|
$280,001 |
$320,000 |
126 |
323 |
| $320,001 |
$360,000 |
322 |
382 |
|
$360,001 |
$400,000 |
338 |
370 |
| $400,001 |
$440,000 |
372 |
225 |
|
$440,001 |
$480,000 |
272 |
150 |
| $480,001 |
$520,000 |
204 |
109 |
|
$520,001 |
$560,000 |
141 |
77 |
| $560,001 |
$600,000 |
138 |
63 |
| $600,001 |
$999,999 |
331 |
132 |
| $1. Million |
Over |
79 |
50 |
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A FEW MORE REAL
ESTATE STATS! |
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Average house price : |
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$512,649 |
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Median house price : |
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$475,000 |
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Number of houses listed last |
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month: |
414 |
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Number of lakeshore homes sold |
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last month: |
5 |
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Average mobile home price: |
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$107,206 |
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Dollar value of sales in Sept 2007: |
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$201,286,032 |
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Dollar value of sales in Sept 2006: |
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$161,445,488 |
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SALES BY TYPE
Year to Date |
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2007 |
2006 |
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Acreage |
34 |
49 |
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Acreage with Home |
97 |
82 |
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Acreage - Waterfront |
1 |
3 |
|
Business |
20 |
23 |
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Townhouse |
605 |
463 |
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Condo |
1029 |
796 |
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Lots - Waterfront |
6 |
11 |
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Lots |
250 |
337 |
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Duplex |
163 |
138 |
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Farms |
15 |
14 |
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IC & I |
41 |
49 |
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IC & I Land |
18 |
15 |
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Leases |
82 |
60 |
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Multi-Family |
6 |
9 |
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Mobile Homes |
230 |
292 |
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Residential |
2355 |
2067 |
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Residential-Waterfront |
48 |
45 |
| Recreational |
50 |
22 |
| Timeshares |
5 |
0 |
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| Multi Plex |
13 |
5 |
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IF YOU ARE THINKING OF
BUYING
OR SELLING, PLEASE GIVE US A CALL!
|
|
www.royallepagetv.ca
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