Blog posts labelled: brendon ogmundson

July 2020 Metro Vancouver Housing

Posted on August 17, 2020 by Amalia Liapis

Posted in Average Price, BC Housing, BCREA, Brendon Ogmundson, Greater Vancouver, Housing, Metro Vancouver, MLS, Real Estate, Statistics

There was a total of 10,090 residential unit sales recorded by the Multiple Listing Service® (MLS®) last month which is a 26.6% increase from July 2019. There was a 12.9% increase in the average MLS® residential price in BC from $682,702 in July 2019 to $770,810. Total sales dollar volume in July was $7.8 Billion, a 43% increase over 2019.

"The strong recovery in sales activity continued in July," said BCREA Chief Economist Brendon Ogmundson. "Increased demand for more living space combined with an undersupplied market is producing significant upward pressure on home prices, particularly in the market for single-family homes."

Active listings remain down significantly year-over-year, creating upward pressure on prices, though increased demand for single-family homes has somewhat skewed average prices in some markets.

Year-to-date, BC residential sales dollar volume was up 8.4% to $32.5 Billion, compared with the same period in 2019. Residential unit sales were down 1.4% to 43,718 units, while the average MLS® residential price was up 10% to $754,842.

The average price and unit sales, broken down by statistics from each Real Estate Board can be found below:

Source: British Columbia Real Estate Association

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May 2020 Metro Vancouver Housing

Posted on June 16, 2020 by Amalia Liapis

Posted in Average Price, BC Housing, BCREA, Brendon Ogmundson, Greater Vancouver, Housing, Metro Vancouver, MLS, Real Estate, Statistics

As per the British Columbia Real Estate Association (BCREA), there was a total of 4,518 residential unit sales recorded by MLS® in May 2020, a 45.2% decrease from May 2019. The average MLS® residential price in BC was $728,898, a 3.2% increase from $706,394 recorded the previous year. Total sales dollar volume in May was $3.3 billion, a 43.5% decrease over 2019.

"There were encouraging signs of recovery in May," said BCREA Chief Economist Brendon Ogmundson. "While activity is still far below normal, both sales and listings are up significantly from April's lows."

New listings activity started to normalize around the first week of May, reversing a slide in total active listings. However, active listings are still down close to 24% year-over-year and are more than 10,000 listings below where they would normally be in the spring months.

Year-to-date, BC residential sales dollar volume was down 6% to $18.6 billion, compared with the same period in 2019. Residential unit sales were down 14.2% to 24,695 units, while the average MLS® residential price was up 9.6% to $753,155.

The average price and unit sales, broken down by statistics from each Real Estate Board can be found below:

Source: British Columbia Real Estate Association

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April 2020 Metro Vancouver Housing

Posted on May 17, 2020 by Amalia Liapis

Posted in Average Price, BC Housing, BCREA, Brendon Ogmundson, Greater Vancouver, Housing, Metro Vancouver, MLS, Real Estate, Statistics

For April 2020, there was a 50.8% decline in residential unit sales recorded by MLS^®compared to April 2019 (3,284 units). The average MLS^® residential price in BC was $737,834, a 7.8% increase from $684,430 recorded the previous year.

"We expected to see a sharp drop in sales for April as we confronted the COVID-19 pandemic,” said BCREA Chief Economist Brendon Ogmundson. “However, buyers and sellers are adapting to a new normal, and activity should pick up as the economy gradually re-opens.”

While the supply of homes available for sale generally rises through the spring, this year was a bit different. Supply was down close to 10% on a seasonally adjusted basis and down 23.7% year-over-year. Prices remained firm despite the large decline in sales.

Year-to-date, there has been a 9.6% increase in the sale dollar volume for BC residential units bringing it to $15.3 Billion (compared to the same period last year). Residential unit sales are down 1.7% bringing it to 20,164 units while the average MLS^® residential price was up 11.6% to $758,614.

The average price and unit sales, broken down by statistics from each Real Estate Board can be found below:

Source: British Columbia Real Estate Association

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March 2020 Metro Vancouver Housing

Posted on April 17, 2020 by Amalia Liapis

Posted in Average Price, BC Housing, BCREA, Brendon Ogmundson, Greater Vancouver, Housing, Metro Vancouver, MLS, Real Estate, Statistics

Looking back at March 2020 housing figures, the British Columbia Real Estate Association (BCREA) reports that a total of 6,717 residential unit sales were recorded by the Multiple Listing Service® (MLS®) which is an increase of 17.2% from the same month last year. There was 15.1% increase in the average MLS® residential price in BC bringing it to $789,548 compared to March 2019's average of $685,892. For the total sales dollar volume, it hit $5.3 Billion which is a 35% increase over 2019.

“Provincial housing markets started the month very strong before the COVID-19 pandemic put a halt to activity,” said BCREA Chief Economist Brendon Ogmundson. “Activity will slow considerably in April as households and the real estate sector implement measures necessary to mitigate the spread of this virus.”

“While we don’t know when this unprecedented period will end, markets will be boosted by pentup demand and historically low interest rates when it does,” added Ogmundson. “The ultimate strength of the recovery will depend on how long the economy remains effectively shut down, as well as the efficacy of federal and provincial measures to bridge households through the financial difficulties brought on by the pandemic.”

The year-to-date BC residential sales dollar volume totals $12.9 Billion. In comparison to the same period in 2019, this is an 37.1% increase. The residential unit sales totals 16,866 which is an increase of 21.7% from last year. The average MLS® residential price totals $763,031 which is an increase of 12.6% from last year.

Source: British Columbia Real Estate Association

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