Watch BCREA Chief Economist Brendon Ogmundson discuss the May 2020 statistics.

Click here to visit BCREA's YouTube channel. Read the news release here.

 

For more information, please contact: Brendon Ogmundson Chief Economist 604.742.2796 bogmundson@bcrea.bc.ca

The Housing Market Update video webcast is produced monthly by the British Columbia Real Estate Association. Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: "Copyright British Columbia Real Estate Association. Reprinted with permission." BCREA makes no guarantees as to the accuracy or completeness of this information.

 BCREA is the

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8+ Acres of Awe-Inspiring Panoramic Views

Awe-inspiring, panoramic views stretching from NE to S of the North Shore and Cascade mountains of Metro Vancouver & the Fraser Valley/Washington State all the way to Greater Victoria and the Olympic Peninsula beyond.

Be enchanted by the beauty of the BC southern gulf islands and US San Juan islands spread out below your feet with the majestic Mt Baker and Mt Rainier anchoring the horizon.

A social distancing dream! 8 acre plus view estate lot at the very end of several km of private roads in the coveted Mt Tuam subdivision. 

The driveway is literally the end of Annas Drive, right next door to the nearly 1000 acre Mt Tuam ecological reserve with only one neighbouring lot in

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Adorable Home in Saanich West 

Cute and adorable home in Saanich West. 

Character home with lots of upgrades on a large flat lot at the end of a quiet cul-de-sac yet only minutes to everything including downtown Victoria and Uptown shopping centre. 

The main floor features a cozy family room, an updated kitchen redone in 2018, two generous sized bedrooms, a four-piece bath, and a small sunroom area. 

The whole upper floor features a private master retreat with hardwood floors and vaulted ceilings showcasing a large glass peaked wall overlooking the mountains and city beyond. 

The master suite also offers an office, den area, and four-piece bath; a great floorplan for ultimate privacy and enjoyment. 

Downstairs you will find

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Canadian Housing Starts (May) - June 8, 2020

Canadian housing starts rebounded by 16.2% m/m to 193,453 units in May at a seasonally adjusted annual rate (SAAR). Notably, Quebec was not included in last month's numbers, as the province shut down its construction sector due to the pandemic. Outside of Quebec, housing starts decreased in May. The trend in national housing starts fell to an average of 197,000 units SAAR over the past six months. 

In BC, housing starts rose by 29% m/m to 38,043 units SAAR, following a 14% fall in the previous month. The increase was entirely driven by multi-units (42%), while singles decreased (-5%). Although housing starts in BC have been trending downwards since last summer, they are still not at levels seen

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Following significant declines in sales activity beginning in mid-March, sales activity has been on the increase since mid-April. The pent up demand became apparent in the Victoria Real Estate Market as total sales volume increased by 59.2% in May 2020 from April. Still well below normal levels, there were only 457 properties sold in May, 46.1% less than the same month the previous year. As the Realtors find ways to provide services safely and the public feel increasingly comfortable to venture out, sales activity is returning to a new normal. There were 254 single family units sold and 108 condo units (down 55.7% and 42.9% respectively from the previous year).

While board-wide sales were down, our The Neal Estate Team sales partners outpaced the

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The Vancouver Island Real Estate Board saw a surge in sales as restrictions eased in May 2020. While not back to pre-COVID numbers, the board had a 23.1% increase in single-family home sales compared to April reaching 246 sales (still down 46% from May 2019). Condo sales were up 61.3% from April with 44 units sold, 56% down from the previous year. Although sales volume was down across the board, The Neal Estate Team, thanks to our Coming Soon Program, outpaced the market and actually increased our number of sales from the same month last year.

The number of active single-family home listings on the market at the end of May 2020 was 14% lower than May 2019 with 1,282 homes available. Condo inventory on the other was up 21% compared to last year with 410

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Bank of Canada Interest Rate Announcement - June 3, 2020

The Bank of Canada held its overnight rate at 0.25 percent this morning, a level it considers it's effective lower bound. In the statement accompanying the decision, the Bank noted that incoming data seems to signal that the impact of COVID-19 on the economy has peaked, though there remains significant uncertainty regarding the outlook. The Bank further commented that the Canadian economy appears to have avoided the most severe scenario the Bank had previously presented as a possible outcome of COVID-19, though it does expect a 10-20 percent decline in the level of GDP in the second quarter.  However, positive growth is expected to resume in the third quarter.

Like the Bank, BCREA is

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Need space for home business, hobbies, entertaining, extended family, and more?

Look no farther, the needle in the haystack has arrived in this meticulously maintained, updated, and upgraded top to bottom Saanich home.

The opportunities are endless: fully furnished Airbnb, home-based business, two-bedroom suite, main with deluxe master suite, separate dressing room, office and gym or guest room, with much versatility as they can be separated into a number of different spaces offering complete flexibility. 

Whether you’re a business owner, car enthusiast, active empty nester, or a multigenerational family this home will check your boxes!

The main home features hardwood floors, quartz countertops, coved ceilings, stainless appliances,

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Ocean Views on Lochside Drive

Welcome to 5150 Lochside Drive, the perfect family home on arguably the best street in Cordova Bay as the connecter for the Lochside and Galloping Goose trails that take you on a paved path to both Sydney and downtown Victoria.    As you enter the large drive the home sits perched above taking in views of the ocean beyond.    The current owners have completely transformed the home with a breathtaking spacious kitchen as the hub of the house; completely redone in 2016 with custom built-ins and a massive island.   A chef's kitchen with new appliances, quartz countertops, dual kitchen sinks, and wood drawers and a large eat-in dining area.    Connected to the kitchen as a separate space but…

Fashion forward in Fernwood

Modern and charming, this timeless beauty created by Abstract Developments offers both space and an urban city feel in a blend that is sure to captivate you.

Introducing 1275 Walnut Street, a half-duplex only steps to Fernwood village, an eclectic community full of colour and home to many of Victoria’s artists.

Steps to Belfry theatre and the quaint community with local high-end grocers, boutique restaurants, and family-run coffee shops.

As you enter the home, you are greeted with high-end simplicity in an elegant fashion; a bright spacious main level that leads you past your office, through your open concept kitchen, and into your family-sized dining area.

Keep going it gets better, there’s a cozy

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