The British Columbia Real Estate Association (BCREA) announced their January 2017 report on the BC Real Estate Market this morning.
Here are the BC Real Estate highlights -:
- Total of 4,487 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in January, down 23 % from the same period last year.
- Total sales dollar volume was $2.79 billion, down 36.5 % from January 2016.
- The average MLS® residential price in the province was $621,093, a 17.5 % decrease from the same period last year.
“Housing demand across the province returned to long-term average levels last month,” said Cameron Muir, BCREA Chief Economist. “However, regional variations persist, with Victoria posting above average performance and Vancouver falling below the average.” ‘’A marked decrease in the average MLS® residential price is largely the result of relatively more home sales occurring outside of the Lower Mainland,” added Muir.
- Home sales from Vancouver fell from 43 per cent of provincial transactions in January 2016 to 35 per cent last month.
- In addition, fewer detached home sales in Vancouver relative to multifamily units has skewed the average price statistic down in the province’s largest urban area.
- In contrast, the MLS® Residential Benchmark Price in the Real Estate Board of Greater Vancouver area has declined 3.7 per cent over the past six months, but is up 15.6 per cent from January 2016.
Comparing the Kelowna Real Estate Market to other BC Regions – January 2017
Looking at the Average Price, Chilliwack is certainly leading the way with a 38.3% rise in values compared to this time last year. Clearly Vancouver Buyers are heading out of the centre in the hopes of finding a more affordable home.
In Kelowna, average prices have risen from $383,115 to $439, 473, an increase of 14.7%. It should be borne in mind that this was before prices really started to take off last year, so we expect this % number to increase as the year goes on.
Kelowna and the Central Okanagan area are seeing some of the highest falls in inventory. There were 30.4% less listings available in Kelowna & the Central Okanagan this January compared to last year.
Looking at the sales to active listings, i.e. the rate at which properties are selling, the percentage had risen from 10.6% to 16.1%, which in basic terms meant that the market changed from a Buyers Market to a Balanced Market. In reality, it moved from a Balanced to a Sellers Market last spring.
Looking at the Dollar Volume Sales it is easy to see how the overall BC stats are showing such large decreases, due to the influence Greater Vancouver has on the numbers.
In Kelowna and Central Okanagan we did see a modest rise in the number of unit sales, but our feeling was that this was kept low through lack of inventory rather than lack of Buyers.
If you have a specific question or would like more information on the value of your Home or whether now is the time to buy in the Okanagan, why not give us a call or email today!
Trish and Tanis
Tel 250 863 8989
Source: BC Home Sales Return to Historic Average | BCREA