Vernon BC Real Estate | RE/MAX Realtors | The Open Door Team - MLS® Market Trends

BCREA 2013 First Quarter Housing Forecast Update

The Open Door Team — Wed, 30 Jan 2013 19:10:10 +0000

For immediate release

BC Home Sales to Trend Higher in 2013/2014
BCREA 2013 First Quarter Housing Forecast Update

Vancouver, BC – January 30, 2013.The British Columbia Real Estate Association (BCREA) released its 2013 First Quarter Housing Forecast Update today.

Vernon MLS® Market Trends - December 2012

The Open Door Team — Sat, 12 Jan 2013 01:03:36 +0000

Overview:

	The Average MLS® List Price of Single Family Homes in the Vernon BC area remained largely unchanged compared to this time last year, moving from $453,807 to $453,192.
	The number of homes Actively Listed were 606, up 1% compared to 598 last year.
	165 homes sold in the 3 months to December 31st 2012, up 9% compared to 151 in the same period last year.
	The Average Sold Price dropped 1% from $360,276 to $357,678.
	The supply of homes currently listed in the North Okanagan is 11 months, down from 12 months this time last year. Single family homes have remained in a Normal Buyer's Market for the 8th straight month! (see details for individual neighbourhoods in the table below).

View printable version (pdf).

BCREA 2012 4th Quarter Mortgage Forecast And Economic Outlook

The Open Door Team — Thu, 13 Dec 2012 23:19:17 +0000

The British Columbia Real Estate Association (BCREA) just released its 2012 Fourth Quarter Mortgage Rate Forecast. Canadian mortgage rates have held steady since the end of the second quarter, BCREA anticipates they will continue to do so over the next year. The yield on 5-year Government of Canada bonds, a common benchmark for 5-year fixed rate mortgages, remains very low and is forecast to rise gradually over the next year.

The last increase in the 5-year fixed-rate came when the 5-year bond yield was roughly 30 basis points higher than it is today. BCREA's forecast for bond-yields over the next year - the 5-year mortgage rate is unlikely to rise from its current level of 5.24 per cent until early-to-mid 2013. Moreover, Banks and other lenders will likely be in no hurry to raise rates as moderation in the national housing market further intensifies competitive pressures. The 1-year and variable mortgage rates are also likely to stay flat over the next six months while the Bank of Canada remains on the sidelines. We are forecasting that the current 1-year rate of 3.1 per cent will prevail until mid-2013 while the variable rate will hold steady at the current Prime lending rate of 3 per cent.

**BCREA's Mortgage Rate Forecast**
	2012				2013
Term	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
1 Yr	3.32	3.2	3.1	3.1	3.1	3.1	3.4	3.4
5 Yr	5.24	5.44	5.24	5.24	5.24	5.4	5.6	5.6

Vernon MLS® Market Trends - November 2012

The Open Door Team — Mon, 10 Dec 2012 22:24:48 +0000

Overview:

	The Average MLS® List Price of Single Family Homes in the Vernon BC area increased 2% compared to this time last year, moving from $447,007 to $456,641.
	The number of homes Actively Listed were 645, down 7% compared to 695 last year.
	201 homes sold in the 3 months to November 30th 2012, up 24% compared to 162 in the same period last year.
	The Average Sold Price dropped 3% from $370,825 to $359,069.
	The supply of homes currently listed in the North Okanagan is 10 months, down from 13 months this time last year. Single family homes have remained in a Normal Buyer's Market for the 7th straight month! (see details for individual neighbourhoods in the table below).

View printable version (pdf).

Vernon BC Property Market - October 2012

The Open Door Team — Fri, 02 Nov 2012 00:14:07 +0000

Overview:

	The Average MLS® List Price of Single Family Homes in the Vernon BC area increased 1% compared to this time last year, moving from $451,038 to $455,524.
	The number of homes Actively Listed were 719, down 11% compared to 810 last year.
	232 homes sold in the 3 months to October 31st, up 41% compared to 164 in the same period last year.
	The Average Sold Price dropped 4% from $366,297 to $352,930.
	The supply of homes currently listed in the North Okanagan is 9 months, down from 15 months this time last year. Single family homes have remained in a Normal Buyer's Market for the 6th straight month! (see details for individual neighbourhoods in the table below).

View printable version (pdf).

BCREA 2012 4th Quarter Housing Forecast

The Open Door Team — Fri, 26 Oct 2012 17:57:21 +0000

The British Columbia Real Estate Association (BCREA) released its 2012 Fourth Quarter Housing Forecast today. Multiple Listing Service® (MLS®) residential sales in British Columbia are forecast to decline nearly 10 per cent to 69,200 units this year. Stronger consumer demand in the Okanagan, Kamloops and the North is being offset by fewer home sales on the Lower Mainland. In addition, recent tightening of mortgage credit regulations has squeezed some potential buyers out of the market. Reducing the maximum amortization for high-ratio mortgages from 30 to 25 years was equivalent to a 100 basis point increase in the mortgage rate for first-time and early move-up home buyers.

Most regional markets remain tilted in favour of home buyers, meaning there is ample supply for house hunters. Against this backdrop, home prices are expected to remain relatively stable for the balance of this year and through 2013.

Vernon MLS® Market Trends - September 2012

The Open Door Team — Thu, 04 Oct 2012 19:03:21 +0000

Overview:

	The Average List Price of Single Family Homes in the Vernon BC area increased 1% compared to this time last year, moving from $450,345 to $454,547.
	The number of homes Actively Listed were 821, down 9% compared to 900 last year.
	234 homes sold in the 3 months to September 30th, up 21% compared to 193 in the same period last year.
	The Average Sold Price dropped 7% from $381,318 to $355,907.
	The supply of homes currently listed in the North Okanagan is 11 months, down from 14 months this time last year. Single family homes have remained in a Normal Buyer's Market for the 5th straight month! Ever popular 'East Hill' has only 4 months supply of homes listed, placing it firmly in a Seller's Market. (see details for individual neighbourhoods in the table below).

View printable version (pdf).

Vernon MLS® Market Trends - August 2012

The Open Door Team — Fri, 07 Sep 2012 23:54:24 +0000

Overview:

	The Average List Price of Single Family Homes in the Vernon BC area held steady compared to this time last year, moving from $454,169 to $454,551.
	The number of homes Actively Listed were 866, down 7% compared to 936 last year.
	256 homes sold in the 3 months to August 31st, up 14% compared to 224 in the same period last year.
	The Average Sold Price dropped 4% from $372,055 to $364,465.
	The supply of homes currently listed in the North Okanagan is 10 months, down from 13 months this time last year. Single family homes have remained in a Normal Buyer's Market for the 4th straight month, after a long period in an Extreme Buyer's Market. East Hill is the hottest area with only 4 months supply of homes listed, putting it firmly in a Normal Seller's Market. (see details for individual neighbourhoods in the table below).

View printable version (pdf).

Vernon MLS® Market Trends - July 2012

The Open Door Team — Thu, 09 Aug 2012 21:23:08 +0000

Overview:

	The Average List Price of Single Family Homes in the Vernon BC area dropped 2% compared to this time last year, from $457,241 to $449,126. The number of homes actively listed were 903, down 6% compared to 956 last year.
	258 homes sold in the 3 months to July 31st, up 8% compared to 239 in the same period last year. However, the Average Sold Price dropped 4% from $381,507 to $364,465.
	The supply of homes currently listed in the North Okanagan is 11 months, down from 12 months this time last year. Overall single family homes have moved from an Extreme Buyer's Market to a Normal Buyer's Market for the third straight month. (see details for individual neighbourhoods in the table below).

Red-Hot Canadian Housing Market Starting To Cool

The Open Door Team — Thu, 09 Aug 2012 02:51:49 +0000

OTTAWA, Aug 8 (Reuters) - Bank of Canada Governor Mark Carney indicated on Wednesday that the red-hot Canadian housing market is starting to cool, but said vigilant policy makers, including the central bank, stood ready to take further action if needed.

The booming real estate market and the related problem of soaring household debt have become the biggest domestic risk for the Canadian economy and a headache for the central bank, whose rock-bottom interest rates have contributed to heavy borrowing.

"I think an adjustment is beginning in the Canadian housing market," Carney said in an interview on Wednesday with CTV television in London. Still, the federal government, the central bank and the banking regulator are watching the situation very closely, he said. "If additional steps are required, including by the bank, we will take them."

Vernon MLS® Market Trends - June 2012

The Open Door Team — Mon, 09 Jul 2012 23:09:34 +0000

Overview:

	The Average List Price of Single Family Homes in the Vernon BC area dropped 3% compared to this time last year, from $457,729 to $443,091 as sellers continue to gradually adjust to market conditions. The number of homes actively listed were 909, down 4% compared to 947 last year.
	267 homes sold in the 3 months to June 30th, up 25% compared to 214 in the same period last year. However, the Average Sold Price dropped 3% from $377,367 to $366,645.
	The supply of homes currently listed in the North Okanagan is 10 months, down significantly from 13 months last year. Overall single family homes have moved from an Extreme Buyer's Market to a Normal Buyer's Market for the second straight month. (see details for individual neighbourhoods in the table below).

Vernon MLS® Market Trends - May 2012

The Open Door Team — Thu, 07 Jun 2012 23:05:06 +0000

Overview:

	The Average List Price of Single Family Homes in the Vernon BC area dropped 2% compared to this time last year, from $456,712 to $447,255 as sellers continue to adjust to market conditions. The number of homes actively listed were 973, down 4% compared to 1,015 last year.
	Encouragingly 272 homes sold in the 3 months to May 31st, up 27% compared to 215 in the same period last year. The Average Sold Price dropped 5% from $384,595 to $365,417.
	The supply of homes currently listed in the North Okanagan is 11 months, down significantly from 14 months last year. Overall single family homes have moved into a Normal Buyer's Market for the first time in a long while. Some popular neighbourhoods have even moved into "Balanced" market conditions. (see details for individual neighbourhoods in the table below).

Vernon MLS® Market Trends - April 2012

The Open Door Team — Fri, 04 May 2012 19:49:24 +0000

Overview:

	The Average List Price of Single Family Homes in the Vernon BC area dropped 4% compared to this time last year, from $461,163 to $442,006 as sellers continue to adjust to market conditions. The number of homes actively listed were 915, down 6% compared to 972 last year.
	Encouragingly 223 homes sold in the 3 months to April 30th, up 24% compared to 179 in the same period last year. The Average Sold Price dropped just 1% compared to the same period last year from $369,239 to $366,097, representing a continuing slow down in price declines.
	The supply of homes currently listed in the North Okanagan is 12 months, down significantly from 16 months last year. Overall we remain in an Extreme Buyer's Market, although more and more neighbourhoods are moving into "Normal Buyer's" or "Balanced" markets. (see details for individual neighbourhoods in the table below).

Vernon BC Real Estate Market Trends - March 2012

The Open Door Team — Thu, 05 Apr 2012 20:14:01 +0000

Overview:

	The Average List Price of Single Family Homes in the Vernon BC area dropped 2% compared to this time last year, from $460,790 to $450,951 as sellers continue to narrow the gap between asking and purchase prices. The number of homes actively listed were 872, compared to 914 last year.
	169 homes sold in the 3 months to March 31st, compared to 160 in the same period last year. The Average Sold Price dropped 2% from $372,169 to $364,141.
	The supply of homes currently listed in the North Okanagan is 15 months, down from 17 months last year. Overall we remain in an Extreme Buyer's Market, although some neighbourhoods are beginning to move into a "Normal Buyer's" or "Balanced" market. (see details for individual neighbourhoods in the table below).

Vernon Real Estate Market Trends - February 2012

The Open Door Team — Thu, 15 Mar 2012 17:16:42 +0000

Overview:

	The Average List Price of Single Family Homes in the Vernon BC area dropped 4.5% compared to this time last year, from $465,495 to $444,539 as sellers continue to narrow the gap between asking and purchase prices. The number of homes actively listed were 774, compared to 776 last year.
	137 homes sold in the 3 months to February 29th, compared to 130 in the same period last year. However the Average Sold Price dropped 1% from $373,065 to $369,735.
	The supply of homes currently listed in the North Okanagan is 17 months, down from 18 months last year; but up from the 14 months supply in January as homes start coming back on the market for Spring. Overall we remain in an Extreme Buyer's Market, although the ever popular East Hill area is enjoying a balanced market (see details for individual neighbourhoods in the table below).

Less Volatility In The BC Housing Market

The Open Door Team — Fri, 24 Feb 2012 00:48:59 +0000

According to the BC Real Estate Association's Chief Economist, Cameron Muir, the British Columbia housing market is expected to underperform it's ten-year sales average again this year. While this is notably unexciting, the level of consumer demand is nevertheless enviable in many parts of the world.

The key market driver continues to be interest rates. Historically low borrowing costs have bolstered household budgets and kept prices relatively buoyant. Mortgage rates are unlikely to begin a normalization trend until the end of 2012 at the earliest. Overall supply conditions are expected to be tilted slightly in favour of home buyers. Expect home prices to go nowhere fast, even declining a few percentage points in some of the more oversupplied regions of BC.

Vernon BC and Area MLS® Statistics For January 2012

The Open Door Team — Thu, 09 Feb 2012 21:37:41 +0000

Overview:

	The Average List Price of Single Family Homes dropped 5.7% compared to this time last year, from $474,210 to $447,022 reflecting sellers continuing adjustment to the current market. The number of homes actively listed was 686, compared to 685 last year.
	150 homes sold in the 3 months to January 31st, compared to 136 in the same period last year. However the Average Sold Price dropped 0.5% from $378,526 to $376,301.
	The supply of homes listed in the North Okanagan dropped to 14 months, putting us in an Extreme Buyer's Market, although there is quite a bit of variation between different neighbourhoods (see details below).

BCREA 2012 1st Quarter Housing Forecast

The Open Door Team — Fri, 27 Jan 2012 18:00:04 +0000

The British Columbia Real Estate Association (BCREA) released its 2012 First Quarter Housing Forecast today. “Modest economic growth at home and abroad is expected to limit growth in consumer demand both this year and in 2013,” said Cameron Muir, BCREA Chief Economist. BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 2.1 per cent this year, increasing a further 2.7 per cent in 2013.

“While European sovereign debt concerns and a sluggish US economy will continue to impact consumer confidence, strong demand in the bond market is expected to keep mortgage interest rates at, or near, record lows for most of 2012,” added Muir.

The number of residential sales in the Okanagan are forecast to increase 4.1% in 2012, while the average price is predicted to rise 0.6% to $382,000.

North Okanagan MLS® Number of Homes Sold 1988-2011

The Open Door Team — Tue, 17 Jan 2012 21:04:41 +0000

Number of Homes Sold 1988 to 2011 (PDF):

North Okanagan MLS® Average Sold Prices 1988-2011

The Open Door Team — Tue, 17 Jan 2012 21:01:25 +0000

Average Residential Sold Prices 1988 to 2011 (PDF):