Home sales in British Columbia are predicted to continue to increase over the next two years after moderate growth in 2011 according to the latest forecast from the British Columbia Real Estate Association.

The BC real estate market ended last year with a total of 76,817 home sold throughout the province in 2011, a +2.9% increase over the 74,640 home sales in 2010.

“Low mortgage interest rates and gradually improving economic conditions contributed to a moderate increase in consumer demand last year,” said Cameron Muir, BCREA Chief Economist.

Muir added that in 2011, “BC home sales came in about on par with their 15- year average, but fell well below their ten-year average of over 88,000 units.”

The 15-year Provincial average for MLS home sales in British Columbia is 79,000 units, with the record for the highest yearly sales over that period occurring in 2005 with 106,310 residential home sold in British Columbia that year.

Residential home sales in British Columbia are forecast to increase by +2.1% in 2012 to 78,400 residential home sales and increase a further + 2.7% to 80,500 residential home sales in 2013 according to the latest British Columbia Real Estate Association first quarter Housing Forecast released on January 27, 2012.

“Modest economic growth at home and abroad is expected to limit growth in consumer demand both this year and in 2013,” said Cameron Muir, BCREA Chief Economist.

British Columbia – Residential Housing Sales Forecast 2012 to 2013:

“While European sovereign debt concerns and a sluggish US economy will continue to impact consumer confidence, strong demand in the bond market is expected to keep mortgage interest rates at or near record lows for most of 2012,” added Muir.

There are currently eleven (11) member boards represented by the BC Real Estate Association (BCREA) Housing Forecast including:

• Victoria – VREB
• Vancouver Island – VIREB
• Powell River Sunshine Coast – PRSCREB
• Greater Vancouver – REBGV
• Fraser Valley – FVREB
• Chilliwack and District – CADREB
• Kamloops and District
• Okanagan Mainline – OMREB
• South Okanagan – SOREB
• Kootenay – KREB
• BC Northern – BCNREB

The provincial real estate association expects British Columbia housing markets to post relatively unremarkable results in 2012. Inventories of homes for sale across the Province are expected to continue to wane in most regions with consumer demand constrained by modest economic growth at home and abroad.

A look at the latest BCREA Housing Forecast across the Province indicates that MLS residential homes sales in some British Columbia regions are expected to fair better than others in 2012 and 2013.

Victoria – Residential MLS Housing Sales Forecast for 2012 to 2013:

Vancouver Island – Residential Housing Sales Forecast for 2012 to 2013:

Powell River / Sunshine Coast – Residential Housing Sales forecast for 2012 to 2013:

Greater Vancouver – Residential Housing Sales Forecast for 2012 to 2013:

Fraser Valley – Residential Housing Sales Forecast for 2012 to 2013:

Chilliwack – Residential Housing Sales Forecast for 2012 to 2013:

Kamloops – Residential Housing Sales Forecast for 2012 to 2013:

Okanagan Mainline – Residential Housing Sales Forecast for 2012 to 2013:

South Okanagan – Residential Housing Sales Forecast for 2012 to 2013:

Kootenay – Residential Housing Sales Forecast for 2012 to 2013:

BC Northern – Residential Housing Sales Forecast for 2012 to 2013:

According to the BCREA forecast, “Most BC markets are expected to exhibit buyers’ to balanced market conditions this year, with weaker regions experiencing improvement through 2013.”

2012 BCREA Q1 – MLS Home Sales and Price Forecast Summary:

• BC Provincial – MLS home sales are forecast to rise by +2.1% in 2012 and +2.7% in 2013.
• Victoria – VREB MLS home sales are forecast to rise by +3.1% in 2012 and +2.5% in 2013.
• Vancouver Island – VIREB MLS home sales are forecast to rise by +2.4% in 2012 and +2.4% in 2013.
• Powell River Sunshine Coast – PRSCREB MLS home sales are forecast to decrease by -4.2% in 2012 and rise by +1.7% in 2013.
• Greater Vancouver – REBGV MLS home sales are forecast to rise by +1.7% in 2012 and +2.7% in 2013.
• Fraser Valley – FVREB MLS home sales are forecast to rise by +1.2% in 2012 and +2.3% in 2013.
• Chilliwack and District – CADREB MLS home sales are forecast to rise by +2.1% in 2012 and +2.8% in 2013.
• Kamloops and District – MLS home sales are forecast to decrease by -2.9% in 2012 and increase by +3.9% in 2013.
• Okanagan Mainline – OMREB MLS home sales are forecast to rise by +4.1% in 2012 and +2.9% in 2013.
• South Okanagan – SOREB MLS home sales are forecast to rise by +4.0% in 2012 and +4.0% in 2013.
• Kootenay – KREB MLS home sales are forecast to rise by +0.5% in 2012 and +3.2% in 2013.
• BC Northern – BCNREB MLS home sales are forecast to rise by +4.1% in 2012 and +3.5% in 2013.

The forecast for the BC real estate market going forward is characterized by lukewarm performance in the job market that will keep unemployment rates relatively high, while uncertainty around European sovereign debt will keep bond markets buoyant and mortgage rates low, therefore a negative impact on consumer confidence will be sustained.

In a CTV interview on January 27, 2012 Cameron Muir, BCREA Chief Economist said, “It’s not going to be a very sexy year in the housing market.”

He went on to say that a number of factors are responsible for the unusually stable BCREA forecast this year, including low interest rates and “tepid economic growth.”

With provincial home sales and average MLS prices dropping in the last month of 2011, it may be no surprise that the total number of homes for sale across British Columbia also dropped in December 2011.

The British Columbia Real Estate Association (BCREA) reported that there were 40,177 active residential MLS listings on the provincial Multiple Listing Service (MLS) in December 2011, down -15.6% from the 47,597 active listings in November 2011. The only month with fewer homes for sale for the entire year of 2011 was in January, with 38,746 active MLS listings in BC.

A seasonal decline can be considered somewhat normal. December 2010 saw total active MLS listing in BC decline by -14.9% over the previous month of November 2010.

British Columbia Real Estate – BCREA December 2011 – Active Provincial MLS Listings Drop -15.6% (-7,420 units) to 40,177 total.

Compared to the same month in the previous year, total active MLS listings of homes for sale in British Columbia increased by +6.33% to 40,177 in December 2011 from 37,785 in December 2010.

2010-2011 BCREA – Total MLS Active Listings for British Columbia:

Here is a summary of total active MLS listings activity for every real estate board in British Columbia as reported by the BCREA.

December 2011 – BCREA – Total Active Listings (+/- over previous month):

• BC Northern Real Estate – BCNREB December 2011 – Active MLS listings down -19.45% (-457 units) to 1,893 total.
• Chilliwack Real Estate – CADREB December 2011 – Active MLS listings down -23.69% (-413 units) to 1,330 total.
• Fraser Valley Real Estate – FVREB December 2011 – Active MLS listings down -22.79% (-1,759 units) to 5,958 total.
• Greater Vancouver Real Estate – REBGV December 2011 – Active MLS listings down -18.24% (-2,695 units) to 12,082 total.
• Kamloops Real Estate – December 2011 – Active MLS listings down -14.56% (-275 units) to 1,614 total.
• Kootenay Real Estate – KREB December 2011 – Active MLS listings up -23.13% (+636 units) to 3,386 total.
• Okanagan Mainline Real Estate – OMREB December 2011 – Active MLS listings down -15.18% (-824 units) to 4,605 total.
• Powell River Real Estate – PRSCREB December 2011 – Active MLS listings down -9.71% (-20 units) to 186 total.
• South Okanagan Real Estate – SOREB December 2011 – Active MLS listings down -15.81% (-287 unit) to 1,528 total.
• Vancouver Island Real Estate – VIREB December 2011 – Active MLS listings down -15.08% (-798 units) to 4,495 total.
• Victoria Real Estate – VREB December 2011 – Active MLS listings down -14.73% (-501 units) to 2,901 total.

Total active MLS listings declined in every real estate board across British Columbia in December 2011 except the Kootenay (KREB) region, which saw a +23.13% increase of 636 more listings than the previous month.

The largest decrease in the number of listings in December 2011 occurred in the Greater Vancouver (REBGV) region, which saw a drop of -2,695 listings or -18.24% from the previous month.

British Columbia – Total Active Listings by Real Estate Board – December 2011:

In December, the British Columbia real estate market saw the second largest month-over-month percentage decline in active provincial MLS listings in all of 2011. It was also the fifth-consecutive month of declines in active listings as BC sellers exited the market leaving less available inventory of homes for sale.

The real estate market in British Columbia ended the year in December 2011 with average Provincial residential MLS home prices dropping to their lowest monthly level in all of 2011 and the lowest since September 2010.

In their January 13, 2012 new release, the British Columbia Real Estate Association (BCREA) reported that residential average MLS home prices in BC decreased by -3.7% to $509,570 in December 2011 from $529,140 in November 2011.

Since the start of the year, average BC home prices sold through the provincial MLS system have dropped by -7.04% from $548,183 in January 2011 to $509,570 in December 2011.

British Columbia Real Estate – BCREA December 2011 – Average Provincial MLS Residential Home Prices Decline -3.7% (-$19,570) to $509,570.

Compared to the same month last year, the December 2011 residential average home price of $509,570 represents a -2.8% decline from year ago figures of $523,990 in December 2010.

2010-2011 BCREA – Average MLS Residential Home Prices for BC:

There are currently eleven (11) member boards represented by the BC Real Estate Association (BCREA) including:

• BC Northern – BCNREB
• Chilliwack and District – CADREB
• Fraser Valley – FVREB
• Greater Vancouver – REBGV
• Kamloops and District
• Kootenay – KREB
• Okanagan Mainline – OMREB
• Powell River Sunshine Coast – PRSCREB
• South Okanagan – SOREB
• Vancouver Island – VIREB
• Victoria – VREB

Here is a summary of residential average MLS home price for every real estate board in British Columbia as reported by the BCREA.

December 2011 – BCREA – Average MLS Home Price (over previous month):

• BC Northern Real Estate – BCNREB December 2011 – Average home prices decrease -9.03% (-$20,328) to $204,911
• Chilliwack Real Estate – CADREB December 2011 – Average home prices increase -8.16% (+$9,685) to $281,485
• Fraser Valley Real Estate – FVREB December 2011 – Average home prices increase +4.18% (+$20,021) to $498,989
• Greater Vancouver Real Estate – REBGV December 2011 – Average home prices decline -5.36% (-$39,061) to $689,057
• Kamloops Real Estate – December 2011 – Average home prices increase +0.51% (+$1,502) to $293,282
• Kootenay Real Estate – KREB December 2011 – Average home prices increase +3.55% (+$9,786) to $285,725
• Okanagan Mainline Real Estate – OMREB December 2011 – Average home prices increase +9.48% (+33,996) to $392,450
• Powell River Real Estate – PRSCREB December 2011 – Average home prices increase +5.82% (+11,327) to $205,906
• South Okanagan Real Estate – SOREB December 2011 – Average home prices decline -12.50% (-$40,098) to $280,599
• Vancouver Island Real Estate – VIREB December 2011 – Average home prices decline -0.10% (-$302) to $315,536
• Victoria Real Estate – VREB December 2011 – Average home prices decline -6.04% (-30,192) to $469,484

The Okanagan Mainline (OMEB) real estate board region had the highest average residential MLS monthly percentage price increase within BC real estate boards in December 2011 with a +9.48% rise which translated into a +$33,996 dollar value increase.

In December 2011, the largest monthly percentage decline in average residential MLS home prices in British Columbia occurred within the South Okanagan (SOREB) real estate board area with a overall decrease of -12.50% which translates into a -$40,098 dollar value decrease.

British Columbia – Average MLS Price by Real Estate Board – December 2011:

According to figures from the BCREA, total British Columbia residential home sales dollar volumes thru the provincial MLS system declined by -4.4% in December 2011 to $2,133,061 from the same month a year ago when the total sales volume was $2,231,148 in December of 2010.

The British Columbia real estate market ended the year recording residential home sales volume in December that was the second lowest monthly sales figure in 2011. December saw residential sales slump for the sixth consecutive month as actual BC home sales figures have continued to decline since the last provincial monthly sales gain in June 2011.

The British Columbia Real Estate Association (BCREA) reported that there were 4,186 residential property sales thru the provincial Multiple Listing Service (MLS) in December 2011, down -25.8% from the 5,640 units sold in November 2011.

This years December MLS home sales of 4,186 units across British Columbia is down by -1.7% from the same month last year when there were 4,258 units sold in December 2010.

British Columbia Real Estate – BCREA December 2011 – MLS Residential Home Sales Drop -25.8% (-1,454 units) to 4,186 total.

Last year at this time, December 2010, BC Provincial home sales saw a -24.6% decrease over the previous month of November 2010.

2010-2011 BCREA – Total MLS Residential Sales for British Columbia:

There are currently eleven (11) member boards represented by the BC Real Estate Association (BCREA) including:

• BC Northern – BCNREB
• Chilliwack and District – CADREB
• Fraser Valley – FVREB
• Greater Vancouver – REBGV
• Kamloops and District
• Kootenay – KREB
• Okanagan Mainline – OMREB
• Powell River Sunshine Coast – PRSCREB
• South Okanagan – SOREB
• Vancouver Island – VIREB
• Victoria – VREB

Here is a summary of residential MLS home sales activity for every real estate board in British Columbia as reported by the BCREA.

BCREA – December 2011 – Sales Increase/Decrease (over previous month):

• BC Northern Real Estate – BCNREB December 2011 home sales down -33.33% (-105 units) to 210 total.
• Chilliwack Real Estate – CADREB December 2011 home sales down -6.98 (-9 units) to 120 total.
• Fraser Valley Real Estate – FVREB December 2011 home sales down -21.54% (-224 units) to 816 total.
• Greater Vancouver Real Estate – REBGV December 2011 home sales down -29.02% (-695 units) to 1,700 total.
• Kamloops Real Estate – December 2011 home sales down -30.87% (-46 units) to 103 total.
• Kootenay Real Estate – KREB December 2011 home sales up +31.52% (+52 units) to 217 total.
• Okanagan Mainline Real Estate – OMREB December 2011 home sales down -30.35% (-112 units) to 257 total.
• Powell River Real Estate – PRSCREB December 2011 home sales down -52.94% (-18 units) to 16 total.
• South Okanagan Real Estate – SOREB December 2011 home sales down -3.49% (-3 units) to 83 total.
• Vancouver Island Real Estate – VIREB December 2011 home sales down -30.96% (-139 units) to 310 total.
• Victoria Real Estate – VREB December 2011 home sales down -29.61% (-135 units) to 321 total.

Provincial home sales fell in every real estate market in December 2011 except for the Kootenay board area, which saw a +31.52% sales increase for the month.

Monthly home sales in British Columbia’s two largest real estate markets, both fell in December 2011, down by -21.54% in the Fraser Valley and down by -29.02% in Greater Vancouver markets.

British Columbia – MLS Sales Activity by Real Estate Board – December 2011:

The 1,700 units sold in Greater Vancouver along with the 816 units sold in the Fraser Valley resulted in combined total of 2,516 sales in December 2011, down -26.75% from the combined total of 3,435 these two real estate boards areas achieved in November 2011.

In December 2011 the 2,516 combined sales from the Greater Vancouver and Fraser Valley regions represented 60.1% of the total 4,186 residential MLS home sales in British Columbia. This was down slightly from 60.9% in November, up from 58.1% in October, 56.8% in September 2011, 56.9% in August 2011, 59.1% in July 2011, but still down from 61.0% in June 2011 and 62.91% in May 2011.

In their January 13, 2012 press release, the British Columbia Real Estate Association reported that BC Provincial residential MLS sales dollar volumes decreased by -4.4% to $2.13 billion in December 2011, compared to the same month last year when it was $2.23 billion in December 2010.

One of the most extraordinary luxury homes in Coquitlam’s desirable Westwood Plateau in now available for sale at $1,649,900. Experience spa resort living at home in this impeccable one-of-a-kind luxury property.

Located on the road to the “Street of Dreams,” this spectacular luxury home has been totally updated from top to bottom with over $500,000 spent on state-of-the-art renovations of the highest quality.

The custom home design includes 5,082 sq. ft. of luxury living on 3 levels, including 6 bedrooms and 6 bathrooms, with a secondary master on the main. This luxurious property even includes a fabulous pool; making it one of the most impressive listing on the market in the Lower Mainland.

This gorgeous estate home has a sensational grand front entrance that features a magnificent curved stairway in the foyer with a spectacular cultured stone feature wall that is the focal point of the residence.

The main level of the home was extensively upgraded with cedar beams and designer textured wall treatments to compliment one of the biggest design features of the home, which is the dark wood flooring. The hand scraped flooring was shipped in from Brazil for this residence.

The sophisticated gourmet kitchen features espresso color themes with clean quartz countertops and a blend of striking glacier glass accents and artistic designer lighting.

The top-of-the-line chef’s kitchen appliances include a double wall oven beside the oversize stainless steel fridge, and adjacent to a Jen-Air 6 burner gas range with stainless steel hood.

A raised extension to the central island features a striking glacier glass top eating area.

The kitchen island also includes a stainless steel countertop prep station that has a conveniently positioned built-in beverage fridge.

The extensive renovation incorporates the cultured stonework from the entrance to the fireplace in the family room with dramatic exterior french doors that open onto the spectacular 25×14 deck overlooking the pool.

The design theme of the kitchen ties into the dark wood flooring of the family room with its espresso color scheme and ceiling treatment. It is all in sequence, it all matches.

The grand master bedroom was designed to be an oasis of intimate comfort and serenity within the home. A full surround sound system connected to a wall mounted flat screen TV creates a private personal entertainment zone.

A cultured stone entranceway in the master bathroom creates a grandiose cave like entry from the bedroom.

The spectacular master bathroom is an escape from the ordinary. You will find that the design theme of cultured stone features, glacier glass accents and concrete countertops is taken to a new level of elegance in the master bathroom.

The glacier glass sink bowls give you a natural feeling, as if you are looking into a pond while the rainmaker overhead fixture makes you feel as if you are getting splashed by the rain in the shower.

The fully finished walk out basement is a spectacular entertainment level with a recreation/games room, home theater, gym, portable sauna and even a spare bedroom.

A large home theatre room is located next to the recreation/games room, providing easy access to the outdoor patio and pool. It’s the perfect location for a movie/pool party for the kids.

You don’t have to go far to stay fit with the basement gym in this luxury home. It even includes a fully mirrored feature wall that adds impact to your workout.

A spare room, which could easily be another basement bedroom, is currently used for a portable sauna because of its ideal location with direct access to the exterior pool.

The beautiful private backyard features a custom built 32-foot swimming pool. This magnificent pool tapers from 12 to 14 feet wide and was designed with a shallow walk-in entranceway that is covered by the deck above.

This luxury home was extensively renovated with casual living and entertaining in mind. Nowhere is this more evident that the basement level which has two wide glass french doors in the recreation room that open to the covered rear patio and pool area.

A custom built granite and tile 12 person built-in jetted hot tub includes a water feature that flows off the side adjoining the fabulous pool.

The homes outstanding 10,500 sq. ft. lot has been meticulously designed and professionally landscaped front and back with granite stone work, several patios and platforms, treed hedges and river rock beds.

Sitting high on Coquitlam’s prestigious Plateau Blvd, this luxury home offers unparalleled views of Mount Baker with stunning vistas towards the Fraser Valley and Port Moody in the other direction. It is one of the select few properties in the Coquitlam area that offers the highly exclusive feature of having a custom in-ground swimming pool in a luxury property.

Just minutes from Coquitlam Centre Mall, local entertainment, dining and shopping, the location is an ideal mix of exclusivity with urban luxury living on Westwood Plateau. This incredible dream home is located near the acclaimed Panorama Elementary School and Westwood Plateau Golf & Country Club.

This outstanding 5,082 sq. ft. property offers some of the best value in luxury living on Coquitlam’s Westwood Plateau. The area has a tremendous future upside investment potential because of the newly approved Evergreen Line SkyTrain network that is expected to start construction in late 2012, bringing a new SkyTrain station in close proximity to Coquitlam Centre.

Centrally located in one of the most prized areas of Coquitlam, living in this home feels like a true resort getaway right at home with its outdoor pool, hot tub, sauna, fitness centre, theatre, and games room.

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For further details on this property, you can call Andrea Jauck of Pinnacle Group Marketing directly at: +1 (604) 783-3124

The pace of new construction across Metro Vancouver slowed in the final month of 2011 as builders reduced the number of new construction starts in December for the third consecutive month. The Lower Mainland construction start activity for the month of December also fell below 2010′s results according to a report from the Canada Mortgage and Housing Corporation. However the year ended on a positive note as total housing starts in 2011 for Metro Vancouver were well ahead of 2010 figures.

CMHC reported that actual month-over-month Metro Vancouver housing starts in the Vancouver CMA were down -28.9% to 1,199 units in December 2011 from the previous month with 1,686 starts in November 2011. On a month-over-month basis, the 1,199 starts in December 2011 represent a -30.1% decrease from last year when there were 1,715 housing starts across Metro Vancouver in December 2010.

A substantial decrease in Metro Vancouver multi-family housing starts accounted for the majority of the December 2011 decline over the previous month and last year’s figures.

This is the third consecutive month of declines in new construction starts across the lower mainland following a -2.1% decline in November 2011 and a -3.4% decline in October 2011.

Metro Vancouver Housing Starts down -28.9% to 1,199 total in December 2011 (1,686 in Nov 2011) and down -30.1% from 1,715 units in Dec 2010.

Total housing starts for the Metro Vancouver area in 2011 ended the year with a +17% increase to 17,867 units from January to December 2011 compared to last year when there were 15,217 units over the same period in 2010.

Vancouver CMA – Total Housing Starts – 2010 and 2011:

Multiple housing starts across Metro Vancouver were surprisingly down by -40% in December 2011 to 886 units from 1,477 starts in December 2010 while single-detached home starts were up by +32% to 313 units in December 2011 from 238 starts in December 2010.

The top 5 lower mainland areas for total housing starts in December 2011 were, Richmond with 281 units, Surrey with 264 units, Vancouver City with 217 units, Langley District with 135 units and Coquitlam with 82 units.

Vancouver CMA Housing Starts – December 2011:

On a year-to-date basis the top 5 lower mainland areas for total housing starts from January to December 2011 were, Vancouver City with 3,830 new housing units started, Surrey with 3,807 units, Richmond with 2,636 units, Burnaby with 1,611 units and Coquitlam with 1,442 units.

Vancouver CMA Housing Starts – January to December 2011:

The following chart shows the percentage increase for Lower Mainland housing starts by area from 2010 to 2011 on a year-to-date basis.

On a year to date basis from in the Vancouver CMA (Census Metropolitan Area) from January to December 2011:

• Total overall Metro Vancouver housing starts increased +17% to 17,867 units in 2011 from 15,217 starts in 2010.
• Total single detached housing starts in Metro Vancouver decreased by -19% to 3,686 units in 2011 from 4,533 starts in 2010.
• Multiple housing starts in Metro Vancouver increased by +33% to 14,181 units in 2011 from 10,684 units in 2010.

“Multiple-family starts fuelled growth in new home construction in 2011,” noted Robyn Adamache, CMHC’s Senior Market Analyst.

“Solid market trends and a more positive economic outlook compared to a year ago have provided the impetus for developers to undertake larger projects in 2011.

Canadian municipalities saw the value of building permit applications decline by -3.6% as contractors across Canada took out $6.1 billion worth of permits in November 2011. This follows an especially strong October, which resulted in a +11.9% increase in building permit intentions according to the latest figures released by Statistics Canada on January 9, 2012.

A decline in non-residential building permits in November 2011, particularly in Ontario, offset increases in the residential sector across Canada.

The November decline was not a surprise as a recent Reuters survey, indicated that analyst’s expected a -3.0% overall decline in Canadian building permit activity, based on a median forecast.

Canadian residential sector building permit values increased by +6.9% in November 2011 while non-residential sector permits dropped by -17.6% across Canada for the month.

Prior to the October increase, municipalities across Canada saw a steady 3-month decline in building permit intentions in July, August and September 2011.

The total value of provincial building permits in November 2011 increased in Prince Edward Island, Nova Scotia, Manitoba, and British Columbia while Newfoundland and Labrador, New Brunswick, Quebec, Ontario, Saskatchewan, and Alberta saw declines.

Total building permits % monthly change in Canadian provinces:

• Newfoundland and Labrador – Total Building Permit Values Down -39.8% in November 2011
• Prince Edward Island – Total Building Permit Values Up +15.1% in November 2011
• Nova Scotia – Total Building Permit Values Up +53.8% in November 2011
• New Brunswick – Total Building Permit Values Down -7.3% in November 2011
• Quebec – Total Building Permit Values Down -1.0% in November 2011
• Ontario – Total Building Permit Values Down -13.2% in November 2011
• Manitoba – Total Building Permit Values Up +17.4% in November 2011
• Saskatchewan – Total Building Permit Values Down -10.5% in November 2011
• Alberta – Total Building Permit Values Down -7.9% in November 2011
• British Columbia – Total Building Permit Values Up +31.5% in November 2011

In their latest report issued on January 9, 2012, Statistics Canada stated:

Provincial view:

In November, the value of building permits decreased in six provinces, led by Ontario, followed by Alberta and Newfoundland and Labrador.

The declines in Ontario originated from lower construction intentions for institutional and commercial buildings, as well as multi-family dwellings. In Alberta, the drop was particularly attributable to institutional and industrial buildings, and single-family dwellings. Newfoundland and Labrador’s decrease was mainly the result of lower construction intentions for commercial buildings.

On the other hand, British Columbia recorded the largest increase as a result of gains in the residential sector as well as in the institutional and commercial buildings. Nova Scotia followed with increases in both residential and non-residential sectors.

Canadian residential sector building permits increased by +6.9% in November 2011, moving up to $3.9 billion following three consecutive months of decline. Statistics Canada figures show that British Columbia led the way with the highest value of residential construction intentions in November 2011.

Residential building permits % monthly change in Canadian provinces:

• Newfoundland and Labrador – Residential Building Permit Values Up +5.9% in November 2011
• Prince Edward Island – Residential Building Permit Values Up +2.9% in November 2011
• Nova Scotia – Residential Building Permit Values Up +54.1% in November 2011
• New Brunswick – Residential Building Permit Values Up +6.0% in November 2011
• Quebec – Residential Building Permit Values Up +1.5% in November 2011
• Ontario – Residential Building Permit Values Up +6.9% in November 2011
• Manitoba – Residential Building Permit Values Up +12.3% in November 2011
• Saskatchewan – Residential Building Permit Values Down -15.0% in November 2011
• Alberta – Residential Building Permit Values Down -5.0% in November 2011
• British Columbia – Residential Building Permit Values Up +29.5% in November 2011

Residential sector:

The value of building permits for single-family dwellings rose 8.2% to $2.4 billion, after posting slight changes during the three previous months. The advance was attributable to higher construction intentions in seven provinces, led by Ontario.

After three consecutive monthly declines, multi-family dwelling permits increased 5.0% to $1.5 billion. Gains in five provinces were behind the increase, with British Columbia posting the largest advance, followed by Nova Scotia and Quebec.

Nationally, municipalities approved the construction of 16,895 new dwellings, up 5.8% from October. The increase came from both single-family dwellings, which increased 6.2% to 7,199 units, and multi-family dwellings, which rose 5.5% to 9,696 units.

Non-residential building permits in Canada decreased by -17.6% to $2.2 billion in November 2011 as contractors slowed new building permit intentions in the sector.

Non-Residential building permits % monthly change in Canadian provinces:

• Newfoundland and Labrador – Non-Residential Building Permit Values Down -58.5% in September 2011
• Prince Edward Island – Non-Residential Building Permit Values Down -82.4% in November 2011
• Nova Scotia – Non-Residential Building Permit Values Up +31.1% in November 2011
• New Brunswick – Non-Residential Building Permit Values Down -24.0% in November 2011
• Quebec – Non-Residential Building Permit Values Down -5.7% in November 2011
• Ontario – Non-Residential Building Permit Values Down -32.2% in November 2011
• Manitoba – Non-Residential Building Permit Values Up +23.5% in November 2011
• Saskatchewan – Non-Residential Building Permit Values Down -5.2% in November 2011
• Alberta – Non-Residential Building Permit Values Down -12.5% in November 2011
• British Columbia – Non-Residential Building Permit Values Up +36.0% in November 2011

Non-residential sector:

The value of institutional permits declined 34.1% to $692 million, following an increase of 178.8% in October. Ontario posted the largest decline among the five provinces that registered decreases. Ontario’s decline came from lower construction intentions, particularly for medical facilities and government buildings, which had recorded significant gains the previous month.

Municipalities issued industrial permits worth $439 million, down 12.3% from October. This drop followed three consecutive monthly rises. The largest declines were in permits for manufacturing plants in Quebec and utilities buildings in Alberta and Manitoba. Ontario recorded the largest increases as a result of higher construction intentions for transportation and utilities buildings.

Commercial building intentions declined for a second consecutive month, falling 5.1% to $1.1 billion. Gains reported in seven provinces were not enough to offset decreases in Ontario, Newfoundland and Labrador and New Brunswick. Ontario posted the largest decline as a result of lower construction intentions, mostly for retail stores and recreational facilities.

The Canadian Building Permits Survey is released monthly by Statistics Canada. It covers over 2,400 municipalities across the country representing 95% of the Canadian population.

The longest running television news magazines 60 Minutes is a great example of how advertising works. 60 Minutes has been around so long because they tell a story while everyone else just tells the news. A good story will help us put ourselves in the story to connect us in an emotional way. That’s how good advertising works – no matter where it is. It’s creative and takes into account every possible avenue for delivery. When I hear that we shouldn’t be using certain types of advertising mediums I am reminded of the phrase “not all there”

Let’s take a look at some of the tools we’re not supposed to be using.

“Print Media is Dead”

A mantra for those believing that by saying this they are building a brand as tech savvy. Let them. Let them use an iPad in each hand with back-up, tabs and playbooks coming out of their yin-yang all networked to cloud computing. Let them use all the online software they want with social media telling us what they’re doing at all times. The trouble with all this is so many are on this bandwagon that being a tech savvy person using reliable cutting edge tools isn’t enough of a differentiation to be a brand. It’s actually kind of expected.

“Advertising is Dead”

Yup, same people throwing the babe out in the bath water. It’s a loud cry by such a large tribe that there is nothing to be done about it but wait for it to naturally dissipate. What actually started this? Perhaps because advertising is traditionally seen on print and of course we all know print media is dead.  Are we getting advertising and traditional marketing confused?

“If you have to advertise you’re doing something wrong”

*head-to-desk* It’s no coincidence that the largest companies in the world advertise. Advertising tells a story that will relate one thing to another. Perhaps your service to a customer. Hopefully it’s done in an entertaining way or no one will look at it, read it, watch it or listen to it. So it’s not the advertising that’s evil, it’s the lack of creativity. By the way, those real estate “just sold” and “just listed” direct response postcards are, for the most part, not riveting entertainment.

“So what do we do?”

The biggest thing you can do is connect with your client base. Spend 80% of your marketing budget and/or time on them.  If all your clients are on Twitter then great, you have it easy. If not then follow a word-of- mouth referral program at the very least. For everyone else who doesn’t know you, connect with them through creative advertising. Something that tells a story your customers can relate to.

Advertising can tell a story. 140 characters can only tell the news.

Residential home sales in the Fraser Valley ended the year relatively the same as last year with a seasonal decline in December that resulted in a sales level that almost duplicated results in 2010. This was in spite of the fact that there were -9.0% fewer active listing for buyers to choose from in the Fraser Valley market in December this year.

The Fraser Valley Real Estate Board (FVREB) reported that residential property sales through the MLS system in the Fraser Valley declined by -20.5% to 890 sales in December 2011, down from 1,120 sales in November 2011.

This years December sales figure of 890 home sales in the Fraser Valley was on par (-0.6%) with figures from a year ago when there were 895 residential sales in December 2010 but down substantially -29.4% from the 1,260 sales in December 2009.

There were 7,399 total active listing in the Fraser Valley Real Estate market in December 2011, down -9.1% from the 8,139 active listings for the same month a year ago in December 2010.

Fraser Valley Real Estate – FVREB November 2011 home sales down -20.5% (-230 units) to 890 total.

The Fraser Valley Real Estate Board (FVREB) serves the following British Columbia communities:

• North Delta
• Surrey
• White Rock
• Langley
• Abbotsford
• Mission

The following table shows the actual Fraser Valley Real Estate Board (FVREB) total MLS residential sales figures for each month in 2010 along with the 2011 sales figures.

2010-2011 FVREB – Total MLS Residential Sales for Fraser Valley:

This year home sales in the Fraser Valley declined more than last year on a month-over-month basis from November to December. In 2010, sales in December declined by -17.4% from November. In 2011, the situation was very similar however sales declined slightly more, down -20.5% in December from November.

Home sales across the Fraser Valley are usually susceptible to a seasonal decline at the end of the year; therefore a month-over-month sales decline was expected in December. However, this years -20.5% decrease in December 2011 from November 2011 is more than the -17.4% decrease in 2010 and the -17.2% in 2009 over the same period.

Total active MLS listings in the Fraser Valley declined in December 2011, dropping by -21.9% to 7,399 listings from 9,471 in November 2011.

New residential listings for the month of December in the Fraser Valley real estate market increased by +2.6% to 1,133 in December 2011 compared to 1,104 new listings posted for sale last year in December 2010.

With 890 sales and 7,399 total active listings on the MLS in the Fraser Valley real estate market in December 2011, the sales-to-active listing ratio stood at 12.02%, increasing from 11.83% the previous month, which according to the FVREB indicates that the market is in buyer’s market territory.

In December 2011, the average home price for all properties types in the Fraser Valley increased by +13.7% over the same month last year to $506,393 from $445,401 in December 2010.

In their January 4, 2012 news release, the Fraser Valley Real Estate Board stated that:

In December, the benchmark price of a detached home in the Fraser Valley was $522,998, an increase of 3.3 per cent compared to $506,145 in December 2010 and a decrease of 1.7 per cent compared to November.

For townhouses, the benchmark price in December was $315,330, a decrease of 2.1 per cent compared to the same month last year when it was $322,054 and down 3.8 per cent compared to November. The benchmark price of apartments in December was $237,285, a decrease of 1.2 per cent compared to December 2010 and a decrease of 0.5 per cent compared to November.

Total home sales this year are +4.3% ahead of last year’s figures with a total of 15,529 residential MLS home sales in the Fraser Valley from January to December 2011 compared to 14,891 sales over the same period in 2010.

The Fraser Valley Real Estate Board stated that “Overall, Fraser Valley’s real estate market in 2011 was below the 10?year average in property sales and above average in the number of new listings received.”