Economic Trends
Housing demand is generally driven
by changes in employment levels,
demographic factors and mortgage
interest rates. In 2011, employment
in British Columbia increased less
than one per cent, but an underlying
shift to full-time employment was
a supporting factor to housing
demand. International migration
added to the provincial population,
while interprovincial migration partl ...
BCREA ECONOMICS NOW
Canadian Housing Starts - January 10, 2012
Canadian housing starts rose almost 8 per cent month over month in December, to a seasonally adjusted annual rate (SAAR) of 200,200 starts. New home construction in BC urban centres fell 20 per cent from November, at 21,000 starts (SAAR) and were down 26 per cent year over year in December. The year 2011 ended with housing starts ...
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US Housing Starts - November 17, 2011
US housing starts were flat in October at a 628K seasonally adjusted annual rate (SAAR) following a downwardly revised 630K (SAAR) units in September. Multi-family starts continue to drive the trend in new home construction. Averaged over the past three months, multi-family starts are at their highest level since December 2008. Single-family starts contin ...
Home Sales Climb Higher Outside Vancouver
Vancouver, BC – November 15, 2011. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential unit sales in the province rose 6.5 per cent to 5,865 units in October compared to the same month last year. The average MLS® residential price was up 2.6 per cent to $535,695 last month compared to Octobe ...
There is a distinct split between the single-family and multi-family
new home construction this year. While multi-family construction
is on pace for over 30 per cent growth, single-family units will
likely end the year down 20 per cent. Moreover, the elimination
of the HST in 2013 may further hinder activity in the HST sensitive
Vancouver new home market in 2012 if consumers delay their
purch ...
Home sales in Vancouver are expected to rebound this year
after declining 14 per cent to 31,144 units in 2010. Relatively
strong immigration continues to bolster the Vancouver housing
market while the overall economy and related job growth faces
headwinds from an anemic US economy. However, mortgage
interest rates are expected to remain low through 2012 keeping
affordability and purchasing po ...
Housing Forecast Points to Market Stability in 2012
BCREA 2011 Fourth Quarter Housing Forecast
Vancouver, BC – November 8, 2011.
BC Multiple Listing Service® (MLS®) residential sales are forecast to rise 3.2 per cent from 74,640 units in 2010 to 77,000 units this year, increasing a further 3.9 per cent to 80,000 units in 2012.
"Low mortgage interest rates are expected to persist through ...
