The British Columbia Real Estate Association (BCREA) reports
that a total of 8,725 residential unit sales were recorded by the Multiple
Listing Service® (MLS®) in October, up 14.1 per cent from the same month last
year. Total sales dollar volume was $5.8 billion, up 32.3 per cent compared to
the previous year. The average MLS® residential price in the province rose to
$667,480, up 16 per cent from October 2014.
“Consumer demand continued at a heightened pace in
October,” said Brendon Ogmundson, BCREA Economist. “Market conditions have
diverged significantly in the province as very low supply and a near
record pace of home sales in the metro Vancouver area is
offsetting resource sector driven weakness in northern markets.“
There was a four month supply of residential inventory
province wide in October, with markets in the Lower Mainland and Victoria
closer to three months of supply. A balanced market typically exhibits a five
to eight month supply of homes for sale.
The year-to-date, BC residential sales dollar volume
increased 33.6 per cent to $55.3 billion, when compared with the same period in
2014. Residential unit sales climbed by 20.4 per cent to 87,895 units, while
the average MLS® residential price was up 11 per cent to $628,909.
Copyright BCREA – reprinted with permission
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