Home prices in British Columbia started 2012 edging higher in January as average residential MLS home prices across the province rose. The increase came in spite of declining BC home sales, which dropped to a 35-month low in January 2012.

In their February 15, 2012 new release, the British Columbia Real Estate Association (BCREA) reported that residential average MLS home prices in BC increased by +3.5% to $527,219 in January 2012 from $509,570 in December 2011.

This reverses the recent trend of monthly home price decreases in British Columbia over the past several months including a -3.7% decline in December 2011 and a -1.2 decline in November 2011.

British Columbia Real Estate Market – BCREA January 2012 – Average BC Provincial MLS Residential Home Prices Increase +3.5% (+$17,649) to $527,219.

Compared to the same month last year, the January 2012 residential average home price of $527,219 represents a -3.8% decline from year ago figures of $548,183 in January 2011.

2010 BCREA – Average MLS Residential Home Prices for British Columbia:

2011 BCREA – Average MLS Residential Home Prices for British Columbia:

2012 BCREA – Average MLS Residential Home Prices for British Columbia:

There are currently eleven (11) member boards represented by the BC Real Estate Association (BCREA) including:

• BC Northern – BCNREB
• Chilliwack and District – CADREB
• Fraser Valley – FVREB
• Greater Vancouver – REBGV
• Kamloops and District
• Kootenay – KREB
• Okanagan Mainline – OMREB
• Powell River Sunshine Coast – PRSCREB
• South Okanagan – SOREB
• Vancouver Island – VIREB
• Victoria – VREB

Here is a summary of residential average MLS home price for every real estate board in British Columbia as reported by the BCREA.

January 2012 – BCREA – Average MLS Home Price (over previous month):

• BC Northern Real Estate – BCNREB January 2012 – Average home prices up +5.21% (+10,674) to $215,585
• Chilliwack Real Estate – CADREB January 2012 – Average home prices down -0.84% (-$2,376) to $279,109
• Fraser Valley Real Estate – FVREB January 2012 – Average home prices down -5.88% (-$29,354) to $469,635
• Greater Vancouver Real Estate – REBGV January 2012 – Average home prices up +9.19% (+63,323) to $752,380
• Kamloops Real Estate – January 2012 – Average home prices up +4.68% (+$13,737) to $307,019
• Kootenay Real Estate – KREB January 2012 – Average home prices down -2.49% (-$7,102) to $278,623
• Okanagan Mainline Real Estate – OMREB January 2012 – Average home prices down -9.52% (-$37,360) to $355,090
• Powell River Real Estate – PRSCREB January 2012 – Average home prices up +1.81% (+$3,730) to $209,636
• South Okanagan Real Estate – SOREB January 2012 – Average home prices up +8.53% (+$23,929) to $304,528
• Vancouver Island Real Estate – VIREB January 2012 – Average home prices down -3.10% (-$9,782) to $305,754
• Victoria Real Estate – VREB January 2012 – Average home prices down -3.11% (-$14,579) to $454,905

In January 2012, the Greater Vancouver (REBGV) real estate board region had the highest average residential MLS monthly percentage price increase within BC real estate boards with a +9.19% rise in average home prices which translated into a +$63,323 dollar value increase.

The largest monthly percentage average home price decline in January 2012 in British Columbia occurred within the Northern Lights region with a overall decrease of -14.98% which translates into a -$43,143 dollar value decrease.

British Columbia – Average MLS Price by Real Estate Board – January 2012:

According to figures from the BCREA, total British Columbia residential home sales dollar volumes thru the Provincial MLS system declined by -7.6% in January 2012 to $2,096,223 from the same month a year ago when the total sales volume was $2,267,833 in January of 2011.

Residential home sales across British Columbia started the New Year in January 2012 by declining to a monthly sales level not seen across the province over the past 35 months. Although BC home sales did not fall all that dramatically over December 2011 sales results with only a -5.0% decline, that was enough to push the province to the lowest home sales since February 2009.

The British Columbia Real Estate Association (BCREA) reported that there were 3,976 residential property sales thru the provincial Multiple Listing Service (MLS) in January 2012, down -5.0% from the 4,186 units sold in December 2011.

Last year at this time in January 2011, BC provincial home sales saw only a -2.8% decrease over the previous month of December 2010.

The January 2012 figure of 3,976 residential MLS home sales in the British Columbia real estate market represented the following:

• The lowest monthly home sales in British Columbia over the past 35 months.
• The lowest monthly sales in the Province since 3,653 sales in February 2009.
• The second lowest January MLS homes sales total in BC over the past decade.

“While provincial sales activity was down in January from year ago levels, consumer demand has posted modest improvement since last fall, driven by low mortgage interest rates and gradually improving economic conditions,” said Cameron Muir, BCREA Chief Economist.

A look back at British Columbia residential MLS sales figures over the past decade reveals that January 2012 home sales were:

• Down -3.9% compared to 4,137 sales in January 2011.
• Down -13.9% compared to 4,619 sales in January 2010.
• Up +88.0% compared to 2,115 sales in January 2009.
• Down -19.67% compared to 4,949 sales in January 2008.
• Down -21.1% compared to 5,039 sales in January 2007.
• Down -24.1% compared to 5,238 sales in January 2006.
• Down -13.8% compared to 4,614 sales in January 2005.
• Down -19.6% compared to 4,946 sales in January 2004.
• Down -19.1% compared to 4,914 sales in January 2003.
• Down -23.5% compared to 5,196 sales in January 2002.

British Columbia Real Estate – BCREA January 2012 – MLS Residential Home Sales drop -5.0% (-210 units) to 3,976 units, the lowest monthly BC home sales since February 2009.

2009 BCREA – Total MLS Residential Sales for British Columbia:

2010 BCREA – Total MLS Residential Sales for British Columbia:

2011 BCREA – Total MLS Residential Sales for British Columbia:

2012 BCREA – Total MLS Residential Sales for British Columbia:

There are currently eleven (11) member boards represented by the BC Real Estate Association (BCREA) including:

• BC Northern – BCNREB
• Chilliwack and District – CADREB
• Fraser Valley – FVREB
• Greater Vancouver – REBGV
• Kamloops and District
• Kootenay – KREB
• Okanagan Mainline – OMREB
• Powell River Sunshine Coast – PRSCREB
• South Okanagan – SOREB
• Vancouver Island – VIREB
• Victoria – VREB

Here is a summary of residential MLS home sales activity for every real estate board in British Columbia as reported by the BCREA.

BCREA – January 2012 – Sales Increase/Decrease (over previous month):

• BC Northern Real Estate – BCNREB January 2012 home sales down -5.71% (-12 units) to 198 total.
• Chilliwack Real Estate – CADREB January 2012 home sales down -5.83 (-7 units) to 113 total.
• Fraser Valley Real Estate – FVREB January 2012 home sales down -8.21% (-67 units) to 749 total.
• Greater Vancouver Real Estate – REBGV January 2012 home sales down -5.47% (-93 units) to 1,607 total.
• Kamloops Real Estate – January 2012 home sales up +7.77% (+8 units) to 111 total.
• Kootenay Real Estate – KREB January 2012 home sales down -51.61% (-112 units) to 105 total.
• Okanagan Mainline Real Estate – OMREB January 2012 home sales up +10.89% (+28 units) to 285 total.
• Powell River Real Estate – PRSCREB January 2012 home sales down -12.50% (-2 units) to 14 total.
• South Okanagan Real Estate – SOREB January 2012 home sales down -22.89% (-19 units) to 64 total.
• Vancouver Island Real Estate – VIREB January 2012 home sales up +12.90% (+40 units) to 350 total.
• Victoria Real Estate – VREB January 2012 home sales up +9.97% (+32 units) to 353 total.

Provincial home sales fell in Lower Mainland real estate market in January 2012 while rising in Victoria, Vancouver Island, Okanagan Mainline, and Kamloops.

Monthly home sales in British Columbia’s two largest real estate markets, both fell in January 2012, down by -8.21% in the Fraser Valley and down by -5.47% in Greater Vancouver markets.

British Columbia – MLS Sales Activity by Real Estate Board – January 2012:

The 1,607 units sold in Greater Vancouver along with the 749 units sold in the Fraser Valley resulted in combined total of 2,356 sales in January 2012, down -6.4% from the combined total of 2,516 these two real estate boards areas achieved in December 2011.

In January 2012 the 2,356 combined sales from the Greater Vancouver and Fraser Valley regions represented 59.26% of the total 3,976 residential MLS home sales in British Columbia. This follows a figure of 60.1% in December 2011, 60.9% in November 2011, 58.1% in October 2011, 56.8% in September 2011, 56.9% in August 2011, 59.1% in July 2011, 61.0% in June 2011 and 62.91% in May 2011.

In their February 15, 2012 press release, the British Columbia Real Estate Association reported that BC Provincial residential MLS sales dollar volumes decreased by -7.6% to $2.10 billion in January 2012, compared to the same month last year when it was $2.27 billion in January 2011.

“Increased market activity outside the Lower Mainland in January was offset by fewer sales in Vancouver and the Fraser Valley,” said Cameron Muir, BCREA Chief Economist.

The story at the start of the New Year in the Fraser Valley real estate market was similar to what happened across Greater Vancouver; new home listings shot up while sales reached for lows not seen in years. In fact, residential home sales in January 2012 dropped to the lowest level the Fraser Valley has seen since January 2009.

The Fraser Valley Real Estate Board (FVREB) reported that residential property sales through the MLS system in the Fraser Valley declined by -10.2% to 799 sales in January 2012, down from 890 sales in December 2011.

The January 2012 figure of 799 residential MLS home sales in the Fraser Valley real estate market represented the following:

• Down -10.2% compared to 890 sales in December 2011.
• Down -4.2% compared to 834 sales in January 2011.
• Down -18.6% compared to 981 sales in January 2010.
• The lowest monthly sales in the region over the past 35 months.
• The lowest monthly sales in the region since 389 sales in January 2009.
• In the last decade, January 2012 was second only to 2009 for the lowest volume.

New residential listing on the Fraser Valley real estate market shot up 2,753 units by the end of January 2012, a +143% increase over December 2011 as total active listings reached 8,320 units. This was one of them highest monthly influxes of new listings that the FVREB has received over the past 10 years.

“For spring house hunters this is great news. For buying power you can’t beat the combination of greater selection, the continuation of extremely low interest rates and stable prices,” said Fraser Valley Real Estate Board president, Sukh Sidhu.

Fraser Valley Real Estate – FVREB January 2012 home sales down -10.2% to 799 total, the lowest monthly MLS sales figure over the past 35 months.

• North Delta
• Surrey
• White Rock
• Langley
• Abbotsford
• Mission

The following table shows the actual Fraser Valley Real Estate Board (FVREB) total MLS residential sales figures for each month from 2009 to 2012.

2009 FVREB – Total MLS Residential Sales for Fraser Valley:

2010 FVREB – Total MLS Residential Sales for Fraser Valley:

2011 FVREB – Total MLS Residential Sales for Fraser Valley:

2012 FVREB – Total MLS Residential Sales for Fraser Valley:

This year home sales in the Fraser Valley declined more than last year on a month-over-month basis from December to January. In 2011, sales in January declined by -6.8% from December. In 2011, the situation was very similar however sales declined further, down -10.2 in January from December.

Total active MLS listings in the Fraser Valley increased by +12.4% in January 2012 to 8,320 listings from 7,399 in December 2011.

New residential listings for the month of January in the Fraser Valley real estate market increased by +4.6% to 2,753 in January 2012 compared to 2,632 new listings posted for sale last year in January 2011.

With 799 sales and 8,320 total active listings on the MLS in the Fraser Valley real estate market in January 2012, the sales-to-active listing ratio dropped to 9.6% from 12.02% in December 2011 and 11.83% in November 2011, delving deeper into buyer’s market territory.

The Fraser Valley Real Estate Board launched its new MLS® Home Price Index (MLS® HPI) in 2012. The new index revealed that residential home prices in Fraser Valley have decreased gradually over the past six months, but still showing increases year?over?year.

In January 2012, the new benchmark detached average home price in the Fraser Valley increased by +7.6% over the same month last year to $567,700 from $527500 in January 2011.

In their February 6, 2012 news release, the Fraser Valley Real Estate Board stated that:

In January, the benchmark price of a detached home in the Fraser Valley was $567,700, an increase of 7.6 per cent compared to $527,500 in January 2011 and an increase of 0.1 per cent compared to December.

For townhouses, the benchmark price in January was $314,200, an increase of 2.4 per cent compared to the same month last year when it was $306,800 and down 1.1 per cent compared to December. The benchmark price of apartments in January was $199,600, a decrease of 0.1 per cent compared to January 2011 when it was $199,800 and an increase of 0.3 per cent compared to December.

Total home sales this so far this year are down -4.2% compared to last year’s figures with a total of 799 residential MLS home sales in the Fraser Valley in January 2012 compared to 834 sales over the same period in 2011.

The Fraser Valley Real Estate Board stated that 2012 has so far provided “a sluggish start to sales.”

A few weeks ago I took a jab at real estate advertising when I wrote,

“By the way, those real estate “just sold” and “just listed” direct response postcards are, for the most part, not riveting entertainment.”

Sorry about that.

Someone sent me these ads in response so let’s follow up that past comment with some decent real estate agent advertising.

Individual real estate agent’s who market with entertaining and engaging advertising is far and few between. This advertising space is so devoid of creative life and colour that when one does show up it really stands out and those bold gusty agents get a lot of bang for their dollar. But honestly trying to talk someone into having the nuts to create an ad like this is like trying to talk your seller into dropping the over-priced listing on their home 25%. You know this will bring them some activity and you can explain your rational all you want but they just stay stuck.

The first ad tells a story and every ad needs to tell a story. The viewer of this ad can probably create more interesting stories in their mind from this image than the best copy writers can come up with. The image is interesting and entertaining. It’s creative! Fun! Oh, I’m getting excited! … and look, the real message can be understated. We want to read the ad! Hey? How often does that happen?

Meet Christopher Borkowski. Apparently where he advertises there is another agent marketing in the same area named Lamb who uses a lot of cute sheep in his own advertising. Because this ad is bold, creative and fun, the real message can be understated. We want to read it.

Here’s one of ours. The problem we needed to solve was: How do we tell people about a hard to explain, complicated technology that’s easy to use? The solution: Keep it simple. Don’t tell the viewer anything about it. Just be clear about how to start using it. We know that once they try it out they’ll love it. Did I mention that you must believe in the product? Very important. The viewer’s mind will fill it in all the details and possibilities more than we can ever begin to explain.

Do your own just for fun. Start by understanding the problem that needs to be solved. Need help? give us call.

Now is your chance to own one of the BEST Condo listing available for sale today in Port Moody’s popular Newport Village. For under $300,000 you can own this beautifully renovated top floor 2 bedroom, 2 bathroom condo with amazing Newport Drive views at The Caledonia in the heart of the village.

This sophisticated open concept suite has been renovated with fabulous flooring, designer paint, cultured stone fireplace, new stainless appliances and much more!

This top floor unit at the is located in one of the most sought after locations in The Caledonia at Newport Village. It comes with a bonus of two parking stalls and includes a storage locker.

Enjoy views of the bustling village from this top floor Condo. The large sun deck is perfect for evening barbecues and enjoying casual entertaining.

With the Evergreen SkyTrain line now approved for construction, invest in your future by purchasing what is really the best 2 bedroom, 2 bathroom listing under $300,000 in Newport Village.

Walk out from the front door to the trendy Whistler Inspired village with shops, services, entertaining and fine dining at your doorstep.

Take a walk, run or bike ride along the popular inlet trail or enjoy the library and amenities at the Port Moody Rec Centre.

Spend the day at Rocky Point Water Park and swimming pool then wind down the day by watch the sunset from the boathouse restaurant.

Condo living in the Whistler inspired Newport Village offers a unique resort inspired lifestyle that is both entertaining and convenient.

Close to schools, shopping and the West Coast Express there is nothing else like living at Newport Village in the Tri-Cities.

Work in Vancouver? No problem. Just hop on the train at the nearby West Coast Express station and your trip to downtown Vancouver is just a short and comfortable 25-minute commute.

Need to drive into Vancouver for a Canucks or BC Lions game? Or maybe you are a Vancouver Whitecaps fan? Regardless, living in Newport Village means that you’re just a quick 45-minute drive from downtown.

Just steps groceries, shopping, restaurants and entertainment, this Port Moody Condo has it all.

Don’t miss your opportunity to view and purchase this spectacular condo in one of the best “west coast living inspired” locations in the Lower Mainland.

What a wonderful place to call home!  Call today for your private viewing.

For further details on this property, you can call Andrea Jauck of Pinnacle Group Marketing directly at: +1 (604) 783-3124

Currently Canada’s largest infrastructure project, the new 10-lane Port Mann bridge will be the widest bridge in Canada with a 65 meter (213-ft) wide superstructure. It will also hold the title of being the widest long span bridge of any type in the world when it is completed.

The new bridge consists of two 5-lane decks, separated by a 10-metre (32-ft) median. Two center pylon towers with cable stay supports rise up approximately 110 meters above the new bridge deck, providing a huge 40 meters of navigation clearance.

When the new Port Mann toll bridge is completed in late 2013, the exiting bridge which opened on June 12,1964 (which will have stood for 49 years) is scheduled to be torn down.

Read more about this Port Mann Bridge accident by clicking here.

A massive 700-tonne horizontal gantry crane collapsed off of one of its support legs this morning on the new $3.3 billion Port Mann Bridge construction project, dropping a 90-tonne section of the bridge deck into the Fraser River below.

At the time of the accident, the distinctive yellow gantry crane was holding the 90-tonne section of the bridge deck. Around 8am or 9am, one of the cranes support legs gave way and buckled, causing the crane to slip off its tracks, pitch forward and tip down, leaning towards the south end of the cable-stay portion of the bridge.

The bridge deck segment struck a pile as it fell into the river and is currently fully submerged under water. Workers will attempt to recover and remove the damaged segment from the river; however as of Friday afternoon, it was uncertain when this would be done.

The construction project requires about 1000 of these concrete bridge deck sections to be put in place on the approaches to the new Port Mann Bridge.

At a brief press conference about the February 10, 2012 accident, Max Logan, spokesperson for the Port Mann-Highway 1 project said, “As soon as the contractor became aware of the situation they immediately ensured that the site was cleared and secured.”

“The footing of the gantry sustained some damage but the gantry itself is fine. At this point, we’re not expecting that this will result in any substantial delays,” says Logan.

“Nobody was hurt as most workers were on the bridge deck and a head count was quickly done to confirm that all were accounted for,” he said.

“It’s too early to say what the malfunction is, what I can tell you is the gantry is secure,” added Logan.

Investigators from WorkSafeBC and contractor, Kiewit Flatiron are currently assessing the situation and looking into the cause of the crane’s support leg failure and gantry collapse.

Logan said, “It is too soon to tell whether the incident will delay or impact construction.”

The Trans-Canada Highway remained open on the old Port Mann Bridge and there were no reports of any injuries.

The massive $3.3-billion construction project will replace the existing 4-lane Port Mann Bridge with a new 10-lane cable stayed toll bridge crossing the Fraser River on the Trans-Canada highway and is scheduled to be completed by the end of 2013.

The Greater Vancouver real estate market started out 2012 with a major surge in new listings as sellers throughout the region jumped back into the market. The amount of new listings coming onto the market in January 2012 was unprecedented, resulting in the highest January total since 1995.

However, sellers were greeted with far fewer buyers in January 2012 as residential sales in Greater Vancouver sunk to the second lowest level over the past decade for a January.

The Real Estate Board of Greater Vancouver (REBGV) reported that residential MLS home sales in Greater Vancouver started the year with a -4.9% monthly decline to 1,577 sales in January 2012 from the 1,658 sales recorded in December 2011.

The January 2012 figure of 1,577 residential MLS home sales in Greater Vancouver real estate market represented the following:

• Down -4.9% compared to 1,658 sales in December 2011.
• Down -13.3% compared to 1,819 sales in January 2011.
• Down -18.0% compared to 1,923 sales in January 2010.
• 146 sales below the 10-year average for January.
• The second lowest January total in the region since 2002.
• The lowest monthly sales in the region over the past 35 months.

Greater Vancouver residential home sales retreated in January 2012 to a level (1,577) not seen since residential MLS sales across the region dipped to 1,480 sales in February 2010.

Rosario Setticasi, REBGV president said, “Last month’s activity tells us that competition amongst home buyers was reduced in January, which means that individuals looking to purchase a home had more time to do their homework.”

Greater Vancouver Real Estate – REBGV January 2012 home sales down -4.9% (-81 units) to 1,577 total, the lowest monthly sales figure over the past 35 months.

New MLS listings in the Greater Vancouver region shot up dramatically at the start of this year, jumping by a surprising +253.3% with 5,756 new listings coming onto the Vancouver market in January 2012 compared to only 1,629 new listings that entered the market in December 2011. This is also substantially up from the 3,222 new listings in November 2011 and the 4,374 new listings in October 2011.

Compared to last year, this January’s 5,756 new property listings in the Greater Vancouver region represented a +19.9% increase over the 4,801 new listings reported in January 2011.

The Real Estate Board of Greater Vancouver (REBGV) serves the following British Columbia communities:

• Burnaby
• Coquitlam
• Delta
• Gulf Islands
• Maple Ridge
• Pitt Meadows
• New Westminster
• North Vancouver
• Port Coquitlam
• Port Moody
• Belcarra
• Richmond
• Squamish
• Sunshine Coast
• Vancouver
• West Vancouver
• Howe Sound
• Whistler
• Pemberton

The following tables show the actual Real Estate Board of Greater Vancouver (REBGV) total MLS residential sales figures for each month from 2009 to 2012.

2009 REBGV – Total MLS Residential Sales for Greater Vancouver:

2010 REBGV – Total MLS Residential Sales for Greater Vancouver:

2011 REBGV – Total MLS Residential Sales for Greater Vancouver:

The Real Estate Board of Greater Vancouver residential average home sale price for January 2012 was $1,145,956 for detached properties, $552,696 for attached properties and $439,566 for apartment properties.

December 2011 figures were $1,064,249 for detached properties in Greater Vancouver, $511,948 for attached properties and $443,652 for apartment properties.

November 2011 figures were $1,134,936 for detached properties in Greater Vancouver, $565,168 for attached properties and $431,808 for apartment properties.

October 2011 figures were $1,162,349 for detached properties in Greater Vancouver, $571,425 for attached properties and $446,296 for apartment properties.

September 2011 figures were $1,104,896 for detached properties in Greater Vancouver, $573,259 for attached properties and $455,342 for apartment properties.

January 2012 marked the launch of a new MLS® Home Price Index (MLS® HPI) by the Real Estate Board of Greater Vancouver. This new index replaces the MLSLink Housing Price Index, which had been used by Greater Vancouver and Fraser Valley REALTORS® since the mid 1990s. The REBGV stated that the new MLS® HPI statistics should not be compared with previous MLSLink HPI statistics that the new index replaces.

Setticasi said, “The MLS® HPI is a national collaboration intended to give the public a more reliable and comprehensive tool to understand home price trends across the country.”

The new MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $660,600 in January 2012, up +5.7% from January 2011 and down -0.1% from December 2011.

The new MLS® HPI also tracks home prices across the Lower Mainland. The benchmark price for all residential properties in the Lower Mainland in January 2012 currently sits at $593,300, a +5.0% increase from January 2011.

The new MLS® HPI index was pioneered by the real estate boards of Calgary, Fraser Valley, Greater Montreal, Greater Vancouver, and Toronto and the Canadian Real Estate Association. The six founding partners contracted with Altus Group to develop the MLS® HPI which measures home price trends in the five major markets serviced by those boards.

In their February 6, 2012 news release, the Real Estate Board of Greater Vancouver stated:

Sales of detached properties on the MLS® in January 2012 reached 659, a decline of 16.9 per cent from the 793 detached sales recorded in January 2011, and a 6.5 per cent decrease from the 705 units sold in January 2010. The benchmark price for detached properties increased 11.3 per cent from January 2011 to $1,034,700.

Sales of apartment properties reached 657 in January 2012, a decline of 7.9 per cent compared to the 713 sales in January 2011, and a decrease of 26.3 per cent compared to the 891 sales in January 2010.The benchmark price of an apartment property increased 2.4 per cent from January 2011 to $371,500.

Attached property sales in January 2012 totalled 261, a decline of 16.6 per cent compared to the 313 sales in January 2011, and a 20.2 per cent decrease from the 327 attached properties sold in January 2010. The benchmark price of a townhome3 unit declined 0.5 per cent between January 2011 and 2012 to $468,000.

The REBGV characterized the market by stating that, “Greater Vancouver home sellers were more active than buyers in January and overall home prices continued to experience more stability and less fluctuation compared to the beginning of 2011.”

Rosario Setticasi, REBGV President, added that, “We’re seeing trends emerge in our market that favour buyers, such as increased selection and more stability in pricing compared to this time last year,”

Home sales in British Columbia are predicted to continue to increase over the next two years after moderate growth in 2011 according to the latest forecast from the British Columbia Real Estate Association.

The BC real estate market ended last year with a total of 76,817 home sold throughout the province in 2011, a +2.9% increase over the 74,640 home sales in 2010.

“Low mortgage interest rates and gradually improving economic conditions contributed to a moderate increase in consumer demand last year,” said Cameron Muir, BCREA Chief Economist.

Muir added that in 2011, “BC home sales came in about on par with their 15- year average, but fell well below their ten-year average of over 88,000 units.”

The 15-year Provincial average for MLS home sales in British Columbia is 79,000 units, with the record for the highest yearly sales over that period occurring in 2005 with 106,310 residential home sold in British Columbia that year.

Residential home sales in British Columbia are forecast to increase by +2.1% in 2012 to 78,400 residential home sales and increase a further + 2.7% to 80,500 residential home sales in 2013 according to the latest British Columbia Real Estate Association first quarter Housing Forecast released on January 27, 2012.

“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.

British Columbia – Residential Housing Sales Forecast 2012 to 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.

There are currently eleven (11) member boards represented by the BC Real Estate Association (BCREA) Housing Forecast including:

• Victoria – VREB
• Vancouver Island – VIREB
• Powell River Sunshine Coast – PRSCREB
• Greater Vancouver – REBGV
• Fraser Valley – FVREB
• Chilliwack and District – CADREB
• Kamloops and District
• Okanagan Mainline – OMREB
• South Okanagan – SOREB
• Kootenay – KREB
• BC Northern – BCNREB

The provincial real estate association expects British Columbia housing markets to post relatively unremarkable results in 2012. Inventories of homes for sale across the Province are expected to continue to wane in most regions with consumer demand constrained by modest economic growth at home and abroad.

A look at the latest BCREA Housing Forecast across the Province indicates that MLS residential homes sales in some British Columbia regions are expected to fair better than others in 2012 and 2013.

Victoria – Residential MLS Housing Sales Forecast for 2012 to 2013:

Vancouver Island – Residential Housing Sales Forecast for 2012 to 2013:

Powell River / Sunshine Coast – Residential Housing Sales forecast for 2012 to 2013:

Greater Vancouver – Residential Housing Sales Forecast for 2012 to 2013:

Fraser Valley – Residential Housing Sales Forecast for 2012 to 2013:

Chilliwack – Residential Housing Sales Forecast for 2012 to 2013:

Kamloops – Residential Housing Sales Forecast for 2012 to 2013:

Okanagan Mainline – Residential Housing Sales Forecast for 2012 to 2013:

South Okanagan – Residential Housing Sales Forecast for 2012 to 2013:

Kootenay – Residential Housing Sales Forecast for 2012 to 2013:

BC Northern – Residential Housing Sales Forecast for 2012 to 2013:

According to the BCREA forecast, “Most BC markets are expected to exhibit buyers’ to balanced market conditions this year, with weaker regions experiencing improvement through 2013.”

2012 BCREA Q1 – MLS Home Sales and Price Forecast Summary:

• BC Provincial – MLS home sales are forecast to rise by +2.1% in 2012 and +2.7% in 2013.
• Victoria – VREB MLS home sales are forecast to rise by +3.1% in 2012 and +2.5% in 2013.
• Vancouver Island – VIREB MLS home sales are forecast to rise by +2.4% in 2012 and +2.4% in 2013.
• Powell River Sunshine Coast – PRSCREB MLS home sales are forecast to decrease by -4.2% in 2012 and rise by +1.7% in 2013.
• Greater Vancouver – REBGV MLS home sales are forecast to rise by +1.7% in 2012 and +2.7% in 2013.
• Fraser Valley – FVREB MLS home sales are forecast to rise by +1.2% in 2012 and +2.3% in 2013.
• Chilliwack and District – CADREB MLS home sales are forecast to rise by +2.1% in 2012 and +2.8% in 2013.
• Kamloops and District – MLS home sales are forecast to decrease by -2.9% in 2012 and increase by +3.9% in 2013.
• Okanagan Mainline – OMREB MLS home sales are forecast to rise by +4.1% in 2012 and +2.9% in 2013.
• South Okanagan – SOREB MLS home sales are forecast to rise by +4.0% in 2012 and +4.0% in 2013.
• Kootenay – KREB MLS home sales are forecast to rise by +0.5% in 2012 and +3.2% in 2013.
• BC Northern – BCNREB MLS home sales are forecast to rise by +4.1% in 2012 and +3.5% in 2013.

The forecast for the BC real estate market going forward is characterized by lukewarm performance in the job market that will keep unemployment rates relatively high, while uncertainty around European sovereign debt will keep bond markets buoyant and mortgage rates low, therefore a negative impact on consumer confidence will be sustained.

In a CTV interview on January 27, 2012 Cameron Muir, BCREA Chief Economist said, “It’s not going to be a very sexy year in the housing market.”

He went on to say that a number of factors are responsible for the unusually stable BCREA forecast this year, including low interest rates and “tepid economic growth.”