Kootenay Connector Real Estate Blog: February 2015

Friday, February 13, 2015

Canadian Manufacturing Sales

Canadian manufacturing sales rose 1.7 per cent in December in spite of a 9.3 per cent fall in sales of petroleum products. Sales were higher in 17 of 21 manufacturing sub-sectors.

In BC, where manufacturing employs close to 170,000 people, manufacturing sales rose 2.9 cent on a monthly basis in December, and were 8.6 per cent higher year-over-year. For all of 2014, BC manufacturing sales grew at a robust rate of 6.7 per cent, the fastest rate of growth since 2011. A continued upswing in manufacturing sales should help spur employment and household income growth in 2015, which would be strongly supportive of housing demand.

BC Home Sales Start 2015 in Positive Territory

The British Columbia Real Estate Association (BCREA) reports that a total of 4,377 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in January, up 3.1 per cent from the same month last year. Total sales dollar volume was $2.6 billion, an increase of 8.3 per cent compared to a year ago. The average MLS® residential price in the province rose to $593,155, up 5.0 per cent from the same month last year.

“Last month was the strongest January for BC home sales in five years,” said Cameron Muir, BCREA Chief Economist. “However, consumer demand did edge down from December on a seasonally adjusted basis."

Low mortgage interest rates, strong population growth and improving labour market conditions are underpinning housing demand in the province. However, weakening economic conditions in Alberta are limiting home sales in the Okanagan, Kootenay and BC Northern market areas.

MLS® residential sales in British Columbia are forecast to rise 2.4 per cent to 86,050 units this year and a further 3.9 per cent to 89,400 units in 2016. The ten-year average is 82,100 unit sales. A record 106,300 MLS® residential sales were recorded in 2005.

Wednesday, February 11, 2015

Best rate mortgages from Dominion Lending.

Terms	Bank Rates	Our Rates
6 Month	3.14%	3.10%
1 YEAR	2.99%	2.69%
2 YEARS	2.94%	2.39%
3 YEARS	3.44%	2.54%
4 YEARS	3.94%	2.64%
5 YEARS	4.79%	2.74%
7 YEARS	6.04%	3.79%
10 YEARS	6.50%	4.39%
Rates are subject to change without notice. *OAC E&OE

Prime Rate is 2.85%

Variable rate mortgages from as low as Prime minus 0.65%

Please note that rates shown above are subject to change without notice. The rates shown are posted rates and the actual rate you receive may be different, depending upon your personal financial situation. “Some conditions may apply. Rates may vary from Province to Province. Rates subject to change without notice. *O.A.C. E.& O.E.” Check with your Dominion Lending Centres Mortgage Professional for full details and to determine what rate will be available for you.

*O.A.C., E.& O.E.

BCREA 2015 First Quarter Housing Forecast

BC Home Sales Forecast to Rise Through 2016

The British Columbia Real Estate Association (BCREA) released its 2015 First Quarter Housing Forecast Update today.

"Stronger economic conditions both at home and abroad combined with favourable interest rates and population growth are expected to bolster housing demand over the next two years,” said Cameron Muir, BCREA Chief Economist. “After a year in which housing demand ratcheted higher across the province, the retrenchment of oil prices is expected to attenuate housing demand in some regions while bolstering it in others."

Multiple Listing Service® (MLS®) residential sales in British Columbia are forecast to rise 2.4 per cent to 86,050 units this year and a further 3.9 per cent to 89,400 units in 2016. The ten-year average is 82,100 unit sales. A record 106,300 MLS® residential sales were recorded in 2005.

The average MLS® residential sales price is forecast to rise 4.5 per cent to $594,000 this year, with most of the upward pressure being exhibited on the South Coast. Elevated consumer demand is expected to be partially offset by resale inventories and additions to the housing stock in 2016. As a result, the average MLS® residential sales price is forecast to increase by 2.4 per cent to $608,500 next year.