Archives for February 2013

BC Home Sales Remain Subdued but Stable

BC Home Sales Remain Subdued but Stable Vancouver, BC – February 18, 2013. The British Columbia Real Estate Association (BCREA) reports that a total of 3,410 residential sales were recorded by the Multiple Listing Service® (MLS®) in BC during January, up 1.8 per cent from December on a seasonally adjusted (SA) basis, but down 13.6 per cent compared to January 2012. Similarly, total sales volume increased 3.8 per cent SA, but declined 16 per cent from the same month last year. The average MLS® residential price in the province was $514,134, up 3.2 percent from December, however, down 2.7 per cent from a year ago. "Despite a modest uptick in consumer demand last month, home sales have remained relatively stable at a noticeably lower level since last August,” said Cameron Muir, BCREA Chief Economist. “Continuing low mortgage interest rates combined with an easing back of home prices in some areas is expected to trend home sales higher during the spring and summer months." “The … [Read more...]

Canadian Housing Starts and Labour Force Survey

Canadian Housing Starts and Labour Force Survey - February 8, 2013 Housing Starts Canadian housing starts registered 160,577 units at a seasonally adjusted annual rate (SAAR) in January, down from nearly 200,000 (SAAR) in December. Year-over-year, housing starts were 24 per cent lower in January. New home construction in BC urban centres rose nearly 8 per cent month-over-month in January to a seasonally adjusted annual rate of 21,856 units. However, on a year-over-year basis, total starts were 19 per cent lower than January 2012. Single-detached starts were 8 per cent higher over last year, while multiples fell 27 per cent compared to January 2012. Looking at census metropolitan areas (CMA) in BC, Vancouver CMA starts fell 20 per cent year-over-year in January. Single-detached starts were 19 per cent higher than last year, while multiples were almost 30 per cent lower. New home construction in the Abbotsford CMA was up 25 per cent compared to January 2012. Housing starts in … [Read more...]