2015 was the strongest in the past few years with 102,517 MLS residential sales. Economists believe that this year will follow suit with strong consumer demand, however, with a slight 6.2% decline in sales bringing it under the 100k mark to a projected 96,100 units in 2016 and 98,000 units in 2017. A visual representation of BC's MLS Residential Sales are shown below starting from 2005 to 2017F. 

BC's relatively robust economy coupled with strong net interprovincial migration has subsequently led to the strong housing demand that we have been seeing. Residential sales over the next two years are projected to remain well above the ten-year average of 83,200 units. In addition to strong housing demand, the average MLS residential price in BC is forecasted at $677,200 (6.4% increase) in 2016 and a further 4.1% to $705,300 in 2017.

"The inventory of homes for sale is now at its lowest level in almost a decade," said Cameron Muir, BCREA Chief Economist. "Fewer homes for sale and strong consumer demand are expected to push home prices higher in most BC regions this year and in 2017." 

In line with the strong housing demand and low inventory levels, new home construction activity is expected to be on the rise to combat the issues of not having enough inventory to supply the high demand. This issue is particularly present on the South Coast. 

For all your real estate needs, contact Amalia Liapis at amalia@wesellvancouver.ca or alternatively at 604-618-7000.

Source: BCREA  Economics

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According to the British Columbia Real Estate Association (BCREA), residential sales for December 2015 totalled 6,590 unit sales which is a 29.8% increase in comparison to December 2014 figures. As for the total sales dollar volume, it increased by a staggering 55.4%, ending the year off with an additional $4.62 billion in sales! Average MLS residential prices in BC hit a new record by going over the $700,000 threshold for the first time with prices averaging out at $700,943.

Take a look below at the BC Residential Unit Sales. As you can see, there has been rapid growth over the past few years with 2015 almost exceeding the record number of sales in 2005. At this rate, it looks like 2016 will be a promising year.

Source: British Columbia Real Estate Association


"The 2015 housing market finished in dramatic fashion, with record demand for the month of December," said Cameron Muir, BCREA Chief Economist. "BC home sales breeched the 100,000 unit threshold in 2015, and it was only the third time on record that this high watermark was achieved." 

The higher than normal average MLS residential prices in conjunction with the record annual unit sales allowed for $65.3 billion in sales for 2015, which is a 37% jump from 2014 figures. Last year was definitely a strong year in favour of the seller and this year looks no different. 

For all your real estate needs, contact Amalia Liapis at amalia@wesellvancouver.ca or alternatively at 604-618-7000.

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Our last blog took a look at 2014 statistics in the realm of commercial real estate. Today we'll be exploring statistics for 2015 thus far. As noted in our last blog, commercial land sales have driven sales activity for the first quarter. It has been an upward trend for the past four years in terms of dollar value in land sales.

“It was the most active first quarter we’ve seen in our commercial market over the last five years,” Darcy McLeod, REBGV president said. “This activity reflects the growth we’re seeing in related sectors within our economy such as retail and manufacturing.”

Below you will find a comparison chart of Quarter 1 commercial real estate activity by category for the years 2014 and 2015. As you can see, the number of sales has seen an increase from 2014 to 2015 whereas the dollar value for each respective category has increased in some categories and decreased in others.

Category Classifications

Land - Includes properties that are holding properties, farmland, garden centres, redevelopment sites, land assembly sites, vineyards, etc.

Office and Retail - These properties are defined by the zoning according to each municipality and must have a building on the site. This includes office, office condo, retail, retail condo, shopping centre, gas station, car dealerships, banks, community centres, daycares, educational facility, institutional, golf courses, movie threatre, hotel, churches, restaurants, truck stops, etc.

Industrial - These are defined by the zoning according to each municipality and must have a building on the site. This includes warehouses, warehouse bays and multi-bay warehouses.

Multi-Family - These include nursing homes, high rises, low rises and any condo or townhome properties containing four or more units with at least one zoned for commercial use.

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Before diving into the statistics for the commercial real estate market in the Lower Mainland for 2015, let's back track and take a look at 2014. The Lower Mainland's commercial real estate market topped out at 1,963 sales allowing it to hit a five-year high in terms of the number and value of sales. The commercial real estate sales for 2014 were 4.4% above the region's five-year sales average totalling $6.086 billion in sales.

Ray Harris, REBGV president stated, "[o]ur commercial real estate market was up in 2014 thanks in large part to increased demand for raw land transactions within the development and investor community. An increase in land transactions is often a signal of confidence in the market because it required a multi-year investment."

Following in suit with the trend of growing sales in the area of raw land, an increase in raw land sales contributed to boosting commercial real estate totals for the first quarter of this year. Year over year, the commercial land sales has seen a significant increase in both number of sales and dollar value of sales. With the exception of the actual number of sales transactions in 2013, there have been continual increases from 2011 to 2014. Below you will find comparative data for the commercial land sales for the past four years.

The real estate market for 2015 so far has seen a positive start. In comparing 2014 Q1 and 2015 Q1 sales, the total dollar value of commercial sales in Vancouver has increased by 7.6%, totalling $1.5 billion. As for the number of sales transactions, there has been an increase of 8.6% compared between the first quarters of 2014 and 2015. “It was the most active first quarter we’ve seen in our commercial market over the last five years,” Darcy McLeod, REBGV president said. “This activity reflects the growth we’re seeing in related sectors within our economy such as retail and manufacturing.”

Stay tuned for our next blog post on the comparison of 2014 and 2015 first quarter commercial sales, broken down by category.

For all your real estate needs, contact us at info@wesellvancouver.ca or alternatively at 604-801-6654.

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