The British
Columbia Real Estate Association (BCREA) reports that a total of 7,650
residential sales were recorded by the Multiple Listing Service® (MLS®) in BC
for July, up 18 per cent from July of 2012. Total sales dollar volume was 32.8
per cent higher than a year ago at $4.09 billion. The average MLS® residential
price in the province was $534,360, up 12.5 per cent from July 2012.
"Home sales in the province posted their strongest
July since 2007,” said Cameron Muir, BCREA Chief Economist. “After six
consecutive months of rising consumer demand, it’s now clear that BC housing
markets are recovering from tighter lending regulations introduced last year,”
added Muir.
"Rising home sales are
unlikely to put any significant upward pressure on home prices,” cautioned
Muir, “as the inventory of homes for sale is expected to keep pace with
demand.” Many potential home sellers that have been holding off for improved
market conditions are expected to put their homes on the market to meet the
swelling ranks of home buyers.
Year-to-date, BC residential
sales dollar volume was down 2.8 per cent to $22.9 billion, compared to the
same period last year. Residential unit sales were down 4 per cent to 42,986
units, while the average MLS® residential price was up 1.3 per cent at
$531,928.
Copyright BCREA - reprinted with permission
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