The British Columbia Real Estate Association (BCREA)
reports that a total of 6,661 residential sales were recorded by the Multiple
Listing Service® (MLS®) in March, up 16.8 per cent from March 2013. Total sales
dollar volume was $3.7 billion, an increase of 21.5 per cent compared to a year
ago. The average MLS® residential price in the province rose to $562,316, up 4
per cent from the same period last year.
"While home sales are up from a year ago, consumer
demand in the province has largely been treading water over the first quarter,”
said Cameron Muir, BCREA Chief Economist. “However, fewer homes for sale means
that most BC markets are moving into balanced conditions, which signals no
particular advantage to either home buyers or sellers."
"Low mortgage interest rates are a key driver in the
market, this spring,” added Muir. “It’s unlikely that mortgage rates will be at
their current low level a year from now."
During the first quarter, BC residential sales dollar
volume was up 32.4 per cent to $9.5 billion, compared to the same period last
year. Residential unit sales were up 21.1 per cent to 16,435 units, while the
average MLS® residential price was up 9.3 per cent at $579,775.
Copyright BCREA – reprinted with permission
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