According to BCREA... “BC home sales rose nearly 5 per cent from August on a seasonally adjusted basis," said Cameron Muir, BCREA Chief Economist. "Total active listings on the market continue to trend at ten-year lows in most BC regions, limiting unit sales and pushing home prices higher. While the economic fundamentals support elevated housing demand, rising home prices are eroding affordability, particularly for first-time buyers." For Full Article Click Here
Great article posted by HSBC - very informative! New technologies are poised to transform the way people buy a home, according to HSBC’s international study on home ownership, Beyond the Bricks. Technology is already changing the way home buyers approach each of the three key phases of home buying – researching, financing and purchasing. And the change is accelerating fast, with significant implications for consumers and the property industry. Funding of disruptive property technology (PropTech) firms has grown phenomenally, from USD221 million in 2012 to over USD2 billion in 2016¹. PropTech is becoming the new FinTech (financial technology) and will bring similarly radical changes over the
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As you can see below, except in February when the new sales exceeded the number of new listings and in May when the number of new listings skyrocketed, there has been a fairly high ratio of new listings to new sales since the beginning of the year. What this means is that going into the year there was not a lot of inventory on the market and according to these statistics most of what was listed was sold. What you don`t see here which is highly relevant as well is how quickly homes were being sold. This left us with a very tight and competitive market in the city of Nelson so far this year with houses often selling near or over asking price. Rurally however, things were a little bit differen
