The British Columbia Real Estate Association (BCREA)
reports that a total of 8,729 residential sales were recorded by the Multiple
Listing Service® (MLS®) in May, up 13.9 per cent from May 2013. Total sales
dollar volume was $4.9 billion, an increase of 20.6 per cent compared to a year
ago. The average MLS® residential price in the province rose to $565,233, up
5.8 per cent from the same month last year.
“Consumer demand was noticeably stronger last month, with
unit sales posting their highest level for the month of May since 2007,” said
Cameron Muir, BCREA Chief Economist. “Rock bottom mortgage rates are inducing many
would-be home buyers to enter the market this spring.”
“With most BC markets now in balanced conditions, home
prices are up in nine of 11 board areas,” added Muir.
During the first five months of the year, BC residential
sales dollar volume was up nearly 26 per cent to $18.8 billion, compared to the
same period last year. Residential unit sales were up almost 17 per cent to
32,894 units, while the average MLS® residential price was up 7.7 per cent at
$571,648.
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