Friday, April 17, 2015
Copyright BCREA - reprinted with permission
Thursday, April 16, 2015
The British Columbia Real Estate Association (BCREA) reports that a total of 9,101 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in March, up 37.6 per cent from the same month last year. Total sales dollar volume was $5.8 billion, an increase of 57.1 per cent compared to a year ago. The average MLS® residential price in the province rose to $641,799, up 14.1 per cent from the same month last year.
"BC home sales climbed significantly in March," said Cameron Muir, BCREA Chief Economist. "More homes traded hands last month than any March since 2007. On a seasonally adjusted basis, March posted the most home sales of any month since December of 2009."
"Rock bottom interest rates and rising consumer confidence have strengthened housing markets in most regions of the province, added Muir. "Many board areas are now exhibiting sellers' market conditions with home prices advancing well above the overall rate of inflation."
During the first quarter, BC residential sales dollar volume was up 33.2 per cent to $12.7 billion, compared to the same period last year. Residential unit sales were up 22.5 per cent to 20,139 units, while the average MLS® residential price was up 8.7 per cent at $630,435.
In BC, employment increased by 5,700 jobs in March, though all in part-time work. Full-time employment fell by approximately 5,700 while part-time employment was up 11,300. The provincial unemployment rate declined 0.2 points to 5.8 per cent.
Construction intentions were mixed in BC's four census metropolitan areas (CMA). Permits in the Abbotsford-Mission CMA fell 3.3 per cent on a monthly basis but were 20.8 per cent higher year-over-year. In the Kelowna CMA, permits declined 47.8 per cent from January and were 21.6 per cent lower year-over-year. In the Victoria CMA, permit activity was up 11.6per cent on a monthly basis and was 72 per cent higher year-over-year. In the Vancouver CMA, permits recovered from a weak January, jumping 50.9 per cent on a monthly basis and 16.6 per cent year-over-year