Friday, 19 December 2014

BC Housing Market to End Year with Balanced Conditions

 The British Columbia Real Estate Association reports that there were a total of 5,972 residential unit sales were recorded by the Multiple Listing Service in November, up 8.8 per cent from November 2013. Total sales dollar volume was $3.4 million, an increase of 12.1 per cent compared to a year ago. The average MLS residential price in the province rose to $574,694, up 3.1 per cent from the same month last year.

BC home sales were strong again in November.With improving economic conditions, strong consumer confidence and low mortgage interest rates which are providing a solid foundation for elevated consumer demand. The market conditions have improved province wide, with most regional markets now in the mid to high range of a balanced market. Year-to-date, BC residential sales dollar volume was up 22.1 per cent to $44.8 billion, compared to the same period last year. Residential unit sales were up 15.3 per cent to 78,973 units, while the average MLS residential price was up 6.0 per cent at $567,292.

Some Decorating Idea's

A Wintery Walkway - We all know what they say about first impressions. Why not light up your stairs or path to your house with candles placed in old wine bottles or in glass hurricane lanterns. Rocks, red berries, or pruned evergreens branches will add a festive touch and make an excellent first impression.

Light Up a Tree - Rather than copying everyone else in your neighbourhood and just throwing a string of lights over your tree, try decorating a few balls. 
Windowscapes - Try decorating your windows is a great idea and something that is often overlooked. Use cut-out reindeer, stars or snowflakes and attach them to the inside of your window to protect them from the elements. Make sure to choose neutral shapes or silhouettes that look well from both inside and outside.

Eye-catching Wreaths - This is an easy way to make the outdoors of your home merry and bright. There are so many options when it comes to these festive decorations. If you are crafty you could make your own wreath. Or you can always purchase a ready-made evergreen wreath and add some small embellishments.

Monday, 8 December 2014

Home Prices on the Rise!

November continued to follow the lead from previous months showing a more active period than last year with unit sales up by 3.1% and volume ahead by almost 12%. Listings are up slightly over November of 2013 by 2.6%, but year to date continues to be down quite significantly by 16%, resulting in higher prices and a seller’s market below the $500,000 price range producing quick sales and multi-offer situations.                                                                                                 

The average sales price of a single family home in November was up a startling 17.5% over November last
year at $540,000 compared to $459,000. Even the median price was up over 12% at $459,500. Year to date, the single family home category is now up by 8% at $500,000, while the median price is $452,500. Condos and townhouse also showed an increase in the median price but more modest at 5.25% and 4.75% respectively. Year to date, the average price of a condo is $243,000 while a townhouse is $362,000.

The next few months may prove very interesting as the price of oil continues to decline. The resource rich sector from Alberta and Saskatchewan has had a positive impact on the activity we have experienced in the valley and should the price of oil stay lower than was expected, it may impact sales in our market.

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