August 8, 2007
I came across some interesting information regarding the Real Estate Market in British Columbia, thought I would share with you. As well I have done some research on the Tumbler Ridge market that may interest some of you.
British Columbia Real Estate Association reports that residential sales volume on the Multiple Listing Service in BC rose 17.5% to $5.32 billion in May, compared to the same month last year. Residential sales increased 3% to 11,683 units during the same period. The average MLS price hit $454,945, up 14% from May 2006.
The increase in MLS unit sales in May belies the fact that housing affordability is eroding; the monthly carrying cost of an average home in the province has increased $500 since the beginning of the year. A household now needs to earn $114,000, or $21,150 more than in January, to afford a home priced at the BC average.
Rising sages, low unemployment and migration figures continue to support housing demand in the province. However, recent mortgage rate increases combined with record high home prices will moderate housing demand over the second half of the year. (figures quoted in this article are up to August 9, 2007)
Year-to-date, MLS residential sales volume was up 11% to $18.7 billion, compared to the first five months in 2006. MLS home sales dipped 1% to 43,559 units, while the average MLS residential price climbed 12% to $429,888.
Mortgage rates are once again on the rise after dipping in the second half of 2006 and the first quarter of this year. We can expect mortgage rates to edge up in the last half of 2007 and in 2008.
The following are some statistics on Tumbler Ridge for you to ponder: (please note: the following information is based on MLS listings only; private sales are not included)
single family dwellings (closed transactions) from January, 2006 to August, 2006; 29 single family dwellings with an average price of $172,166.
single family dwellings (closed transactions) from January, 2007 to August, 2007; 43 single family dwellings with an average price of $167,853, Tumbler Ridge has seen a 3% drop in single family dwellings in the past year.
Currently Tumbler Ridge has 54 Active MLS single family dwelling listings with an average listing price of $193,335.
Hope this proves to be interesting to you and I hope the weather gets a little warmer for the duration of the summer so we can sell more properties and Tumbler Ridge can grow and prosper.
Do you have a question? Feel free to ask, submit questions to B.C. Force Connecting Buyers and Sellers in writing to Brenda Banham RE/MAX Dawson Creek Realty:
fax: 250-242-3256 or
mail Box 1769
Tumbler Ridge, BC V0C 2W0
Claudette M.M. Huber RE/MAX Dawson Creek Realty:
fax: 250-242-4410 or
mail Box 2106
Tumbler Ridge, BC V0C 2W0