Keeping you updated about what's happening in Real Estate and in the Fraser Valley!

Daily Market Update

Winnipeg housing market cools off in early 2015
Although unit sales were running ahead of last year's pace after the first two months of 2015, it was only by  one per cent -- 1,260 versus 1,245 for the same period in 2014, Winnipeg Realtors Association (WRA) figures show. According to the Winnipeg Free Press, the increase in the dollar volume of sales was even less -- up a mere 0.6 per cent to $324 million from $322 million. That's a far cry from what's going on in overheated markets such as Vancouver and Toronto, where February home sales were up 21 per cent and 11.3 per cent respectively from a year earlier. Or in Calgary, where they were down a chilling 34.2 per cent. WRA president Dave MacKenzie said it's not unusual to see an uptick in listings as spring approaches."It's just that right now we're seeing more than in years past," he said, when a prolonged shortage of listings led to price wars and some homes selling for tens of thousands of dollars more than the original asking price.

Okanagan homes sales strong in February
After a disappointing start to 2015, the Okanagan Mainline Real Estate Board is reporting a 34 per cent improvement in home sales in February compared with the same month in 2014. “After a more than usual slowdown in January, Okanagan-Shuswap home sales rallied along with consumer confidence during February despite weaker economic conditions in Alberta,” Real Estate Board president Darcy Griffiths said. “While not at the record pace seen at the close of 2014, the year has started off at a much stronger level than we saw during the first six months last year. ” The Shuswap region led the way in February with single family residential sales improving 71 per cent compared to 2014. In the Central Okanagan, single family residential sales were up 68 per cent, while the North Okanagan saw an 18 per cent increase over 2014.

Sales growth expected in Toronto, Vancouver
The high-end of the Canadian housing market is shaping up to be a tale of two cities -- Toronto and Vancouver, that is. The latest forecast from Sotheby's International Realty highlights those two locales as the drivers of sales growth this spring. The Greater Toronto Area is expected to see the strongest pickup in sales nationally, particularly for single-family homes worth more than $1 million. Purchases of all types of luxury homes have already started this year on a high note, jumping 38 percent from the same time last year to 997 units. The GTA sold 7,527 luxury homes in all of 2014. Sotheby's credits historically low lending rates, along with a strong economic outlook for Ontario, improving consumer confidence and a shortage of inventory for the increase. It's a similar story for Vancouver, where a strong economic forecast for British Columbia and an anticipated surge in migration into the city are expected to sustain sales momentum. Sotheby's sees sales of both detached single-family and attached homes building in the coming months. Overall luxury home sales rose two per cent to 3,134 units in 2014. Sales of condominiums worth more than $1 million are expected to hold steady in both the Toronto and Vancouver areas. But one major city is expected to be left behind during the busiest selling season -- Calgary. Read the full story here

http://www.repmag.ca/news/daily-market-update-188969.aspx

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This is fantastic news for all of you who have had real estate on your mind but aren't sure when to pull the trigger. These are all signs of a healthy market and set aside the fact we have had a fabulous last 4 years here at the Bowman Group, and our numbers keep getting stronger and our database is growing along with them, now could be the best time to give us a call and chat about numbers and market value!

 

For a PDF version of this news release, including data table, follow this link:
www.bcrea.bc.ca/docs/news-2015/2015-02-11forecast.pdf.

For immediate release

BC Home Sales Forecast to Rise Through 2016
BCREA 2015 First Quarter Housing Forecast Update

Vancouver, BC – February 11, 2015. The British Columbia Real Estate Association (BCREA) released its 2015 First Quarter Housing Forecast Update today.
"Stronger economic conditions both at home and abroad combined with favourable interest rates and population growth are expected to bolster housing demand over the next two years,” said Cameron Muir, BCREA Chief Economist. “After a year in which housing demand ratcheted higher across the province, the retrenchment of oil prices is expected to attenuate housing demand in some regions while bolstering it in others."
Multiple Listing Service® (MLS®) residential sales in British Columbia are forecast to rise 2.4 per cent to 86,050 units this year and a further 3.9 per cent to 89,400 units in 2016. The ten-year average is 82,100 unit sales. A record 106,300 MLS® residential sales were recorded in 2005.  
The average MLS® residential sales price is forecast to rise 4.5 per cent to $594,000 this year, with most of the upward pressure being exhibited on the South Coast. Elevated consumer demand is expected to be partially offset by resale inventories and additions to the housing stock in 2016. As a result, the average MLS® residential sales price is forecast to increase by 2.4 per cent to $608,500 next year.

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To view the full BCREA Housing Forecast Update, click here

 

 

Know what your home is worth!

 

FOR YOUR COMPLIMENTARY home evaluation 

Contact Krista Dhaliwal, Team Associate at the Bowman Group

Landmark Realty Corp, 

2790 Allwood St, Abbotsford

604-855-0800

travisbowmangroup@shaw.ca

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Keeping you updated about what's happening in Real Estate and in the Fraser Valley!