The British Columbia Real Estate Association (BCREA)
reports that a total of 8,493 residential sales were recorded by the Multiple
Listing Service® (MLS®) in July, up 11 per cent from July 2013. Total sales
dollar volume was $4.65 billion, an increase of 13.8 per cent compared to a
year ago. The average MLS® residential price in the province rose to $547,926,
up 2.5 per cent from the same month last year.
“Strong consumer confidence continues to drive a summer
rally of home sales,” said Cameron Muir, BCREA Chief Economist. “While sales
were up in all but one BC real estate board area, the Okanagan has posted a
meteoric rise in consumer demand, with the most home sales on record for the
month of July.”
“Overall market conditions remain in relative balance in
BC,” added Muir, “however, relatively fewer homes for sale have created
sellers’ market conditions in some communities."
Year-to-date, BC residential sales dollar volume was up
24.5 per cent to $28.5 billion, compared to the same period last year.
Residential unit sales were up 17.2 per cent to 50,376 units, while the average
MLS® residential price was up 6.2 per cent at $565,031.
Copyright BCREA – reprinted with permission
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