The BCREA Economics team has created the Housing Monitor Dashboard to help REALTORS® monitor BC’s housing market. This dashboard provides up-to-date data on key variables for public education and use. The image and data are available for download under each chart, where possible.
Resale Home Market
Active Listings are the number of listings available for sale on the MLS® system as of the end of each month.
New Listings*
British Columbia, Normalized to Jan 2019 = 100
New Listings are the number of newly listed properties on the MLS® system during a particular month.
Sales by Region*British Columbia, Normalized to Jan 2019 = 100
Home Sales are the number of units sold on the MLS® system during a particular month.
Average Price by Region*
British Columbia, Normalized to Jan 2019 = 100
The Average Sale Price is the average price for all homes sold on the MLS® system during a particular month. In other words, this number is equivalent to the total dollar value of all sales (the sales volume) divided by the number of transactions. This number will change if the price of homes changes, but also if the composition of home sales changes—for instance, if buyers shift towards apartments rather than single-family homes, the Average Sale Price will fall (if all else remains the same).
House Price Index by Region*
British Columbia, Normalized to January 2019 = 100
The Home Price Index (HPI) is an indicator published by the Canadian Real Estate Association (CREA) to estimate an adjusted price for a typical home in a region. Given that the Average Sale Price is vulnerable to shifts in the composition of sales, the HPI adjusts for this by estimating the price of a fixed ‘composite’ unit across time. This removes composition biases and provides a smoother estimate of the price in a region across time.
Sales to Active Listings Ratio by Region
British Columbia
The Sales to Active Listings Ratio (SALR) measures the tightness of a market. It is estimated by dividing the number of sales by the number of active listings. While the typical SALR varies by market, for BC at large, the housing market is considered balanced if the SALR is between roughly 0.15 and 0.25. If the ratio is above this range, the market is in seller’s territory, and if it is below this range, it is in buyer’s territory.
Construction
Home construction, as measured by starts, units under construction, and completions, are crucial variables for the overall housing market. As new homes are added to the provincial housing stock and eventually become part of the resale market, construction data is essential for REALTORS®. Construction is also the primary way that new supply is introduced into the housing market, which in the long run is the only way to keep prices stable and maintain affordability.
A Housing Start is the stage when the concrete has been poured for the whole of the footing around the structure or an equivalent stage where a basement will not be part of the structure. A unit is under construction after the start but prior to completion. The number of units under construction exceeds the number of starts and completions since units remain under construction for a duration before completion.
Starts, Under Construction, & Completions*
British Columbia, Normalized to 2010Q1 = 100
Borrowing Costs
Mortgage rates are one of the most important drivers of housing activity in BC. Changes in mortgage rates and mortgage qualifying costs can cause significant changes in housing market trends. The chart below provides up-to-date data on average fixed and variable mortgage rates available in the Canadian mortgage market.
