October Housing Report: BCREA

BCREA: Home Sales Continue on Upward Trend in September

Vancouver, BC – October 15, 2014. The British Columbia Real Estate Association (BCREA) reports that a total of 7,636 residential sales were recorded by the Multiple Listing Service® (MLS®) in September, up 17.5 per cent from September 2013. Total sales dollar volume was $4.4 billion, an increase of 25.8 per cent compared to a year ago. The average MLS® residential price in the province rose to $574,641, up 7.1 per cent from the same month last year.

“Consumer demand remains robust in most BC regions,” said Cameron Muir, BCREA Chief Economist. “More homes traded hands last month in BC than any September since 2009, while the Okanagan had its most robust September in nine years.”

“Population growth, low interest rates and strengthening economic conditions continue to be supportive of housing demand,” added Muir.

Year-to-date, BC residential sales dollar volume was up 23.2 per cent to $37 billion, compared to the same period last year. Residential unit sales were up 16 per cent to 65,353 units, while the average MLS® residential price was up 6.2 per cent at $565,655.

For full press release including detailed board statistics, click here.

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Happy Thanksgiving!

WHL & RE/MAX: Home Team Contest!

For Immediate Release- Wednesday, September 24, 2014

Calgary, AB- RE/MAX of Western Canada, in association with the Western Hockey League, is once again offering fans a chance to win tickets to see exciting, live WHL action this season. RE/MAX wants to send your group of 10— be it a sports team, community or church group or just you and a bunch of friends—to enjoy some great local major junior hockey action in the RE/MAX Home Team Contest Winners Section! 

Enter often as group tickets will be given away to 14 different games in each WHL Canadian market* throughout the course the regular season. Don’t miss the opportunity for you and your group to see the hockey stars of tomorrow hit the ice today. 

To enter visit remax.ca, or visit WHL.ca and click on the RE/MAX Home Team Contest button for your chance to be sitting in the RE/MAX Home Team Contest Winners Section, compliments of your local RE/MAX agents.    

RE/MAX. The Official Real Estate Agents of the WHL.  Outstanding Agents. Outstanding Results.®

* Please note group tickets of 10 are not available in Medicine Hat. For a chance to win 4 tickets to each Tigers home game, visit http://www.facebook.com/whltigers

Check out the promotional video here and the schedule of games here!

Reasons why the Bank of Canada will keep interest rates low

"The overnight rate has not moved in four years. It’s likely that it will remain where it is for some time yet. Why?

Inflation is on target -- Inflation recently increased and is tracking close to the Bank’s 2 per cent target. However, the Bank believes the increase reflects temporary factors and cited evidence in support of this in its policy rate announcement. As a result, it does not see interest rate hikes as being necessary to rein it in. Instead, the Bank thinks inflation will keep itself in check as temporary factors dissipate.

Uncertainty remains high -- While the U.S. economic recovery appears to be back on track after a dismal first quarter, European economic growth has faltered due in part to its trade sanctions with Russia. This means low interest rates are still needed to support Canadian economic growth while questions marks loom about the outlooks for global economic growth, demand for Canadian exports, and Canadian economic growth..."  Read more

HT CREA

Welcome back to school, BC kids!

Yesterday was the first day back at school for kids in BC, and this bright first grader has high aspirations!  Look for her in a few years Above the Crowd.

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Millennials & Real Estate

Based on a report released by The Demand Institute, Millennials and Their Homes: Still Seeking the American Dream:

• In the next five years, 8.3 million new millennial (Gen Y) households will form. It is predicted that millennials will spend $1.6 trillion on home purchases and $600 billion on rent.
• The generation is optimistic: 79% expect their financial situation to improve and 74% expect to move within the next five years.
• Gen Y wants to own. Similar to other survey findings, 75% believe home ownership is an important long-term goal and 73% believe ownership is an excellent investment. 24% already own their home and an additional 60% plan to buy a home in the future.
• Looking forward: when they move, they will want more space and they will move to the suburbs to start families.
• 88% own a car, and they are open to moving locations where grocery stores, restaurants, and retail is within a short drive vs walking distance.
• 44% do think it would be difficult to qualify for a mortgage, and 69% would consider lease-to-own approaches to home buying.
• The data is based on a survey of more than 1,000 millennial households (ages 18 to 29).
• Check out http://demandinstitute.org/sites/default/files/blog-uploads/millennials-and-their-homes-final.pdf to view the entire report.

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