Posted by admin on March 14, 2011 | Comments Off
For immediate release
Vancouver, BC – March 14, 2011. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 5 per cent in February from January 2011, on a seasonally adjusted basis. Compared to February of 2010, MLS® residential unit sales increased 8 per cent to 6,410 units. The average MLS® residential price rose 18 per cent to $587,571 in February compared to the same month last year.
“The surge in consumer demand in Metro Vancouver continues to propel the provincial statistics higher,” said Cameron Muir, BCREA Chief Economist. “Elevated sales activity in Vancouver’s pricier communities has pushed average home prices higher than market conditions would suggest.” Compared to February 2010, the average MLS® residential price in Vancouver has climbed more than 19 per cent, whereas the Benchmark or typical home price has increased a more modest 4 per cent.
Year-to-date, BC residential sales dollar volume increased 15 per cent $6.03 billion, compared to the same period last year. Residential unit sales remained relatively unchanged, albeit down by 0.3 per cent to 10,547 units. The average MLS® residential price climbed 15.6 per cent to $572,121 over the same period.
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For more information, please contact:
BCREA represents 11 member real estate boards and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education (cpe).
To demonstrate the profession’s commitment to improving Quality of Life in BC communities, BCREA supports policies that encourage economic vitality, provide housing opportunities, respect the environment and build communities with good schools and safe neighbourhoods.
For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada’s real estate boards to ensure maximum exposure of properties listed for sale.
Posted by admin on March 11, 2011 | Comments Off
In today’s marketplace, Canadian consumers are constantly being inundated with advertising claims from a number of real estate brands, many of which sound very similar from one company to the next. The consumer is left wondering whether there really is a difference between real estate companies.
While each brand tries to create a unique sales proposition, Coldwell Banker developed Ultimate Service®. It all starts with listening. Every customer and every transaction is different. Only by listening to the customer and truly understanding their individual needs, can you deliver a value proposition that will meet those needs.
There are three distinct steps to the Ultimate Service marketing process:
First, we listen to the customer, to understand their needs and goals.
Second, together with the customer, we develop a customized service plan to meet their needs and then commit to that service plan, in writing. We offer a signed pledge to customer satisfaction in the form of our Buyer and Seller service guarantees.
Finally, we give our customers an opportunity to evaluate our service in the form of customer satisfaction surveys.These satisfaction surveys benefit the consumer in two ways. First, it provides valuable feedback which allows us to continually evaluate and refine our service offering. Only by constantly improving can you ensure that your service stays ahead of your customers’ expectations.
But there’s another way that our survey benefits the consumer – it offers them a proven track record of our performance. In fact, Coldwell Banker Canada has just earned a 98% overall satisfaction rating from Canadian Home Buyers and Sellers. And what’s more, we’ve now done it for 14 years in a row!
This satisfaction rating is unique in the real estate industry. Why? Because it’s based on what real, live customers had to say about the service experience delivered by their Coldwell Banker professional. This 98% satisfaction rating was tabulated by an independent third party company, and is based on the responses of over 55,000 Canadian home buyers and sellers. No other company in real estate can make that claim.
When you choose Coldwell Banker, you don’t have to take our word for it that we provide outstanding service – just ask our customers!
Posted by kelownahousehunter on March 4, 2011 | No Comments
This sounds like a simple question, particularly when the media reports on it in terms of statistics.
The truth is that a lot of sales in the Okanagan are recreational sales to second home owners who intend to use their properties either for the occasional visit to the region or to rent out. These could clearly be defined as a recreational property… or is it a investment property… or is it a single family home? That is the dilemma that REALTORS(®) face every day when they enter the data into the MLS(®) system.
As an Agent in Canada, we have a number of obligations to a selling client and one of those is to accurately market the property in the correct category to gain market exposure for the client. The dilemma is, what is the best category?
The media is very quick to report on fluctuating recreational property sales and yet the only data they can access for their reports is MLS data, in fact it is the only accurate data of the resale market in Canada.
A quick scan of listings in the Okanagan would indicate that in fact most recreational real estate is not listed as recreational real estate at all. This situation has developed because as REALTORS(®) we attempt to categorize properties so that the search parameters make sense. But if you were to look at buying a condo at The Cove on the Westside, would you search for an apartment condo or recreational property? The answer is an apartment condo and so Realtors list (correctly I might add) the property as an apartment condo. If you were to buy a single family cottage at La Casa on the Westside, would you search for recreational property or a single family home, the correct answer is a single family home which is where these properties are listed yet it is very easy to argue that most of these sales are “recreational” purchases.
Even more confusing might be a multi-million dollar lakefront home. It may be listed as a single family home but is sold to a wealthy family who intend to use it one month in the year…. should it then be reported as a recreational property?
What this leads to is confusing media reports because the fluctuations in the Recreational category do not relate to the actual buying activity in the recreational market place. While the category may be helpful to some, it is certainly confusing to many and my advice is to talk to your local REALTOR(®) when you want to find out how market segments are performing because the data does not always tell the full story… it may not be perfect but it is the best we have at the moment.
The REALTOR(®) will use the data as a platform for discussion but will supplement that with more refined custom searches that will more accurately reflect the correct answer to your question.
About the author…
Mark Jennings-Bates has been actively been involved in the resort development industry and real estate investment industry since the early 1990′s in Canmore, Alberta and the Okanagan. He was the publisher of the Canadian Rockies Resort Forecast which provided insight into trends in the resort development industry in the late 1990′s.
He now sits on the Board of Directors of several companies and operates a resort development consulting company, BLC Group North America Ltd. with business partner Andy Harris as well as working as a Real Estate Representative with Coldwell Banker Horizon Realty in Kelowna.
Mark’s goal with these articles is to provide insight into some of the development opportunities in the Okanagan and juxtapose it with other resort development activities in North America and around the globe. From time to time he will publish articles designed to assist you in evaluating investment opportunities in resort oriented real estate programs?
Mark is a realtor with Coldwell Banker Horizon Realty in Kelowna and can be contacted at 860-7500.
Posted by admin on February 28, 2011 | Comments Off
For immediate release
BC Commercial Real Estate Market to Strengthen
Vancouver, BC – February 28, 2011. The BC commercial real estate market should continue to strengthen through 2011, according to the new Commercial Leading Indicator (CLI) index developed by the British Columbia Real Estate Association (BCREA). The BCREA CLI rose 2.3 per cent in the fourth quarter of 2010 to an index level of 110.5, marking seven straight quarters of improvement.
The CLI peaked at a level of 115.9 in the second quarter of 2007 before the onset of the financial crisis pushed it to a low of 100.1 in the first half of 2009. In 2010, the index posted a more material recovery, albeit from a relatively weak level, and is still 5.3 per cent below its peak.
“Economic indicators that tend to lead activity in the commercial real estate market have posted strong growth over several consecutive quarters,” said Brendon Ogmundson, BCREA Economist. “Based on these macro-level indicators, we would anticipate 2011 to be a strong year for the commercial sector.”
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The full BCREA Commercial Leading Indicator index is available at: www.bcrea.bc.ca/economics/2011-02CLI.pdf.
For more information, please contact:
BCREA represents 11 member real estate boards and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education (cpe).
To demonstrate the profession’s commitment to improving Quality of Life in BC communities, BCREA supports policies that encourage economic vitality, provide housing opportunities, respect the environment and build communities with good schools and safe neighbourhoods.
Posted by admin on February 23, 2011 | Comments Off
For immediate release
Home Sales to Climb Eight Per Cent in 2011
BCREA Housing Forecast Update – First Quarter 2011
Vancouver, BC – February 23, 2011. The British Columbia Real Estate Association (BCREA) released its Housing Forecast for the first quarter of 2011 today.
BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 8 per cent from 74,640 units in 2010 to 80,900 units this year, and increase another 4 per cent to 83,950 units in 2012.
“British Columbia housing markets are returning to normalcy after two years of volatility,” said Cameron Muir, BCREA Chief Economist. “Employment and population growth will fuel consumer demand over the next two years. However, higher mortgage interest rates and tighter credit conditions for low equity home buyers will limit home sales to below the ten-year average of 87,600 units.”
“Total active residential listings in the province declined 14 per cent since last spring. However, the inventory of homes for sale is expected to edge higher as the number of new listings to the market advances during the first two quarters of 2011,” added Muir. “Regional market differences continue in the province, with Vancouver trending into a seller’s market, while the Okanagan, Kootenay and Kamloops markets trend from a buyer’s market toward balanced conditions.”
The average MLS® residential price is forecast to increase 2 per cent to $517,000 this year and remain relatively unchanged in 2012, albeit declining by 0.4 per cent to $515,400.
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The full BCREA Housing Forecast Update is available at: www.bcrea.bc.ca/economics/HousingForecast.pdf.
For more information, please contact:
BCREA represents 11 member real estate boards and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education (cpe).
To demonstrate the profession’s commitment to improving Quality of Life in BC communities, BCREA supports policies that encourage economic vitality, provide housing opportunities, respect the environment and build communities with good schools and safe neighbourhoods.
For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada’s real estate boards to ensure maximum exposure of properties listed for sale.
Posted by admin on January 13, 2011 | Comments Off
For immediate release
Record Home Prices for 2010
Vancouver, BC – January 13, 2011. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province declined 12 per cent to 74,640 units in 2010. The annual average MLS® residential price rose 8.5 per cent to a record $505,178 in 2010.
“Tighter credit conditions and expended pent-up demand curbed home sales during the first half of 2010,” said Cameron Muir, BCREA Chief Economist. “However, low mortgage interest rates and improved economic conditions buoyed home sales in the latter half of the year.” MLS® residential unit sales declined 40 per cent January through July before climbing 43 per cent by the end of the year, on a seasonally adjusted basis.
“The inventory of homes for sale peaked at 53,375 units in May before declining 14 per cent to 46,000 units by December,” added Muir. “The combination of fewer active listings and increased consumer demand has improved market conditions in many areas.”
MLS® residential sales declined 25 per cent to 4,258 units in December from a near record level of 5,703 units in December 2009. After a 15 per cent increase in unit sales between October and November, a further 1 per cent increase was recorded in December on a seasonally adjusted basis. The average MLS® residential sales price was a record $523,990 in December, up 6 per cent from December 2009.
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For more information, please contact:
BCREA represents 12 member real estate boards and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education (cpe).
To demonstrate the profession’s commitment to improving Quality of Life in BC communities, BCREA supports policies that encourage economic vitality, provide housing opportunities, respect the environment and build communities with good schools and safe neighbourhoods.
For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada’s real estate boards to ensure maximum exposure of properties listed for sale.
Posted by admin on December 14, 2010 | Comments Off
For immediate release
Housing Market Recovers from Summer Doldrums
Vancouver, BC – December 14, 2010. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 20 per cent in November from October 2010, on a seasonally adjusted basis. Compared to November of last year, MLS® residential unit sales were down 21 per cent to 5,647 units. The average MLS® residential price rose 9 per cent to $523,394 in November compared to the same month last year.
“Improved economic conditions and low mortgage interest rates have contributed to a 46 per cent increase in home sales since July,” said Cameron Muir, BCREA Chief Economist. Employment in BC eclipsed the July 2008 record by 2,600 jobs last month, while the unemployment rate dipped to 6.9 per cent, the lowest recorded since January 2009.
“The inventory of homes for sale has trended lower since last spring, improving market conditions in many areas of the province,” added Muir. Vancouver and Victoria climbed back into balanced market conditions in last month.
Year-to-date, BC residential sales dollar volume declined 4 per cent $35.5 billion, compared to the same period last year. Residential unit sales declined 11 per cent to 70,382 year-to-date, while the average MLS® residential price climbed 9 per cent to $504,042 over the same period.
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For more information, please contact:
BCREA represents 12 member real estate boards and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education (cpe).
To demonstrate the profession’s commitment to improving Quality of Life in BC communities, BCREA supports policies that encourage economic vitality, provide housing opportunities, respect the environment and build communities with good schools and safe neighbourhoods.
For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada’s real estate boards to ensure maximum exposure of properties listed for sale.
Posted by admin on November 15, 2010 | Comments Off
For immediate release
BC Home Sales Trend Higher
Vancouver, BC – November 15, 2010. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province declined 36 per cent to 5,507 units in October compared to the same month last year. On a seasonally adjusted basis, MLS® residential unit sales in the province increased 2 per cent in October from September 2010. The average MLS® residential price climbed 6 per cent to $521,859 in October compared to the same month last year.
“BC home sales have posted moderate gains since the summer months,” said Cameron Muir, BCREA Chief Economist. “Consumer demand was bolstered by double-dip in mortgage interest rates and the associated increase in purchasing power.”
“Total active residential listings in the province have declined 18 per cent since June,” added Muir. “However, the housing market remains tilted in favour of homebuyers.”
Year-to-date, BC residential sales dollar volume declined 2 per cent $32.5 billion, compared to the same period last year. Residential unit sales declined 10 per cent to 64,735 year-to-date, while the average MLS® residential price climbed 9 per cent to $502,353 over the same period.
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For more information, please contact:
BCREA represents 12 member real estate boards and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education (cpe).
To demonstrate the profession’s commitment to improving Quality of Life in BC communities, BCREA supports policies that encourage economic vitality, provide housing opportunities, respect the environment and build communities with good schools and safe neighbourhoods.
For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada’s real estate boards to ensure maximum exposure of properties listed for sale.
Posted by admin on November 10, 2010 | Comments Off
For immediate release
Moderate Rise in Home Sales Forecast
BCREA Fall Housing Forecast 2010
Vancouver, BC – November 10, 2010. The British Columbia Real Estate Association (BCREA) released its Fall Housing Forecast 2010 today.
BC Multiple Listing Service® (MLS®) residential sales are forecast to decline 12 per cent from 85,028 units in 2009 to 74,950 units this year, before increasing 6 per cent to 79,700 units in 2011.
“Consumers are responding to a double-dip in mortgage interest rates,” said Cameron Muir, BCREA Chief Economist. “While housing demand waned in the province through the spring and summer, the added purchasing power from low borrowing costs combined with gradual improvement in the BC economy has trended home sales higher in recent months.”
“A moderate increase in BC home sales is expected next year coinciding with employment and population growth,” added Muir. “However, the 79,700 unit sales that are forecast for 2011 are well below the ten-year average of 85,500 units.” A record 106,300 MLS® residential sales were recorded in 2005.
The average MLS® residential price is forecast to climb 7 per cent to $498,500 this year and remain relatively unchanged in 2011, albeit declining by 1 per cent to $495,600.
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The full BCREA Housing Forecast Update is available at: www.bcrea.bc.ca/economics/HousingForecast.pdf.
For more information, please contact:
BCREA represents 12 member real estate boards and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education (cpe).
To demonstrate the profession’s commitment to improving Quality of Life in BC communities, BCREA supports policies that encourage economic vitality, provide housing opportunities, respect the environment and build communities with good schools and safe neighbourhoods.
For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada’s real estate boards to ensure maximum exposure of properties listed for sale.
Posted by admin on October 13, 2010 | Comments Off
For immediate release
Market Conditions Beginning to Improve
Vancouver, BC – October 13, 2010. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province declined 36 per cent to 5,511 units in September compared to the same month last year. On a seasonally adjusted basis, MLS® residential unit sales in the province increased 2 per cent in September from August 2010. The average MLS® residential price climbed 4 per cent to $493,846 in September compared to the same month last year.
“BC home sales increased for the second consecutive month in September,” said Cameron Muir, BCREA Chief Economist. “However, consumer demand is still noticeably lower than last fall’s frenetic pace.”
“Market conditions have improved, with the months of supply declining from 11.1 in June to 8.9 in September,” added Muir. A balanced market typically exhibits five to seven months of supply.
“The current downward pressure on mortgage rates is expected to bolster housing demand this fall as consumers take advantage of a second opportunity to secure near record low interest rates,” noted Muir.
Year-to-date, BC residential sales dollar volume increased 2 per cent to $29.6 billion, compared to the same period last year. Residential unit sales declined 7 per cent to 59,228 year-to-date, while the average MLS® residential price climbed 9 per cent to $500,539 over the same period.
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For more information, please contact:
BCREA represents 12 member real estate boards and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education (cpe).
To demonstrate the profession’s commitment to improving Quality of Life in BC communities, BCREA supports policies that encourage economic vitality, provide housing opportunities, respect the environment and build communities with good schools and safe neighbourhoods.
For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada’s real estate boards to ensure maximum exposure of properties listed for sale.
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