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December 2019 Market Update

 

B.C. housing market in recovery; growing population, lower borrowing costs and pent-up demand to drive higher prices and sales

B.C.'s housing market is recovering much quicker than anticipated after the 2018 downturn, according to Central 1 deputy chief economist Bryan Yu in the latest B.C. Resale Market Housing Outlook 2019-2021.

The report finds that steep mortgage rate declines combined with continued population growth are boosting demand in the housing market. These factors coupled with steady economic growth and price declines in large urban areas have prompted buyers to return to the market – particularly in the Lower Mainland. "Home sales have returned to more normal levels following over a year of policy induced declines but B.C.'s sales recovery has lagged the rest of Canada," said Yu.

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Click the link below to view the monthly market statistics for your area in an easy to understand infographic. Listings, sales and prices are summarized for condos, townhomes and single family homes in cities across BC.

 

Abbotsford

Bowen Island

Burnaby East

Burnaby North

Burnaby South

Cloverdale

Coquitlam

Kelowna

Ladner

Langley

Maple Ridge

Mission

Nanaimo

New Westminster

North Delta

North Surrey

North Vancouver

Parksville

Pitt Meadows

Port Coquitlam

Port Moody

Richmond

South Surrey/
White Rock

Squamish

Sunshine Coast

Surrey - Central

Tsawwassen

Vancouver - East

Vancouver - West

Victoria

Vernon

West Vancouver

Whistler

Winter home heating tips

You may find your electricity bill going up during the winter months. Increased heating and other winter energy habits (such as using more lighting for longer hours), can make the average winter electricity bill 66% higher than the rest of the year. There are some steps you can take to heat your home more efficiently and help you avoid high winter bills.

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B.C. Real Estate News

LOWER MAINLAND

Vancouver hikes empty homes tax by 25 per cent (Vancouver Sun)

Vancouver property owners could face 8.2% tax hike (Business in Vancouver)

Next step in Vancouver real estate crackdown - a single regulator (Business Times)

Three situations to watch in Vancouver's robust commercial property market (The Province)

The highest- and lowest-priced homes sold in B.C.: November 10 to 16 (BC Business)

November home sales soar 55.3% in Metro Vancouver, prices rebound (Vancouver Courier)

WHISTLER & SQUAMISH

Seniors want reconsideration of new Whistler Housing Authority rental criteria (Pique News)

VICTORIA & VANCOUVER ISLAND

Greater Victoria's housing market 'vulnerable': federal agency (Times Colonist)

November real estate sales up 15% vs. last year in Greater Victoria (Times Colonist)

OKANAGAN

Kelowna tops list of 2020's best Western Canadian investment towns (Business in Vancouver)

 
 

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©2019 Macdonald Realty Ltd. 2105 W 38th Ave, Vancouver, B.C. V6M 1R8 | macrealty.com