BC Home Sales to Rise in 2020

BCREA 2019 Second Quarter Housing Forecast

Vancouver, BC – June, 2019. The British Columbia Real Estate Association (BCREA) released its 2019 Second Quarter Housing Forecast today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 9 per cent to 71,400 units this year, after recording 78,346 residential sales in 2018. MLS® residential sales are forecast to increase 14 per cent to 81,700 units in 2020. The 10-year average for MLS® residential sales in the province is 84,300 units.

“The shock to affordability from restrictive mortgage policies, especially the B20 stress test, will continue to limit housing demand in the province this year,” said Cameron Muir, BCREA Chief Economist. “However, a relatively strong economy and favourable demographics are likely creating pent-up demand in the housing market,”

The inventory of homes for sale has climbed out of a cyclical low, leading to balanced market conditions in many areas and buyer’s market conditions in some communities and across some products types. Current market conditions are expected to provide little upward pressure on home prices this year, with the average annual residential price forecast to remain essentially unchanged, albeit down 2 per cent to $697,000. Modest improvement in consumer demand is expected to unfold though 2020, pushing the average residential price up 4 per cent to $726,000.

To view the full BCREA Housing Forecast, click here.

For more information, please contact:  Gino Pezzani.

 

Stats Centre Reports May 2019 for Housing in Great Vancouver

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Creatives on Creativity

Being creative all the time is hard. Writers for the Money magazine website talked to a variety of people in creative positions to find out what keeps the spark going. Here are some of their answers:

• Physical activity. Kuba Koziej, CEO and co-founder of Zety: “Physical activity lubricates the rusty hinges in my brain and makes my thinking more fluid. So I often take my dog for a quick run or play around the agility park. A 10-minute break shoots some oxygen and dopamine into my system and gets my mind refreshed and creative.”

• Music. Andres Lares, managing partner of Shapiro
Negotiations Institute: “To stay creative, I put on house music fairly loudly on a set of headphones. Not only does the music help focus me, others come by and only interrupt me when it’s critical.”

• Dream boards. Adamaris Mendoza, psychotherapist and relationship coach: “It might sound crazy to some, but I have a daily manifesting practice that uses a vision board. Every morning I look at an annual board full of images of my dreams. I even keep a picture of my vision board in my phone in case I need a quick pick-me-up during the day. It connects me with why I have a business.”

• Collaboration. Andrea Castro, visual artist: “To keep myself focused and inspired, I reach out to other workers in my field by phone or Skype. A one-hour talk with an artist friend, sharing our tactics, frustrations, and wins, simply fuels me to no end. It makes me want to go directly to the easel.”

• Breaks. Kat Cohen, CEO of IvyWise: “This may sound counterintuitive, but I get many of my most creative ideas while working on mundane tasks, like running errands or doing administrative upkeep. My mind is always ‘on’ — I’m constantly focusing on the students I work with and goals for my brand. Carving out a little downtime where I can tune these big-picture ambitions out and focus in on something simple gives me the mental space I need to come up with innovative ideas.”

Powering the Future

Recycling to reduce waste and protect the environment isn’t a new idea. However, a new process may be able to recycle up to 25% of our plastic waste into fuel, according to the Science Alert website. Chemists at Purdue University have been able to liquefy the polymers that make up about a quarter of plastic waste and turn it into diesel-like products that can be used as a basis for fuel.

The process, called hydrothermal liquefaction, involves heating water under heavy pressure to work as a solvent and catalyst for transforming the molecular makeup of polymers. With the addition of some hydrogen atoms, this converts the plastic into a fluid called naphtha.

Previous results were disappointing, but the Purdue team of chemical engineers recently converted more than 90% of the polypropylene used in an experiment into fuel-grade naphtha. Further analysis suggests that the process could be a more efficient and environmentally friendly way of dealing with plastic waste than burning it or recycling it.

BC Home Sales on the Rise in May

Vancouver, BC – June 14, 2019. The British Columbia Real Estate Association (BCREA) reports that a total of 8,221 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in May, a decline of 7 per cent from the same month last year. The average MLS® residential price in the province was $707,829, a decline of 4.3 per cent from May 2018. Total sales dollar volume was $5.8 billion, an 11 per cent decline from the same month last year.

“BC home sales increased 9 per cent in May compared to April, on a seasonally adjusted basis,” said BCREA Chief Economist Cameron Muir. “However, consumers continue to struggle with the negative shock to affordability that stringent mortgage lending policies have created.”

Total MLS® residential active listings were up 23.2 per cent to 41,519 units compared to the same month last year. However, total active listings were down 2 per cent from April, on a seasonally adjusted basis, the first monthly decline since the B20 Stress test was introduced in January 2018.

Year-to-date, BC residential sales dollar volume was down 25.1 per cent to $19.8 billion, compared with the same period in 2018. Residential unit sales decreased 20.2 per cent to 28,711 units, while the average MLS® residential price was down 6.2 per cent to $688,339.

For more information, please contact: Gino Pezzani.