The British Columbia Real Estate Association (BCREA)
reports that a total of 6,673 residential sales were recorded by the Multiple
Listing Service® (MLS®) in BC during October, up 26.5 per cent from October
2012. Total sales dollar volume was 34.5 per cent higher than a year ago at
$3.6 billion. The average MLS® residential price in the province was $540,432,
up 6.3 per cent from October 2012.
"The fall housing market is shaping up to be the
most active in four years,” said Cameron Muir, BCREA Chief Economist.
“Persistently low mortgage interest rates and an element of pent-up demand have
driven home sales higher in the province’s large Lower Mainland and Vancouver
Island markets."
"While the rebound in consumer demand has been
significant, home sales are trending near the long-term average and any
continued acceleration will depend on stronger economic and employment growth,”
added Muir.
Year-to-date, BC residential sales dollar volume was up
8.2 per cent to $33.6 billion, compared to the same period last year.
Residential unit sales were up 5.1 per cent to 63,020 units, while the average
MLS® residential price was up 2.9 per cent at $533,321.
Copyright BCREA – Reprinted with permission
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