The British Columbia Real Estate Association (BCREA)
reports that a total of 5,831 residential unit sales were recorded by the
Multiple Listing Service® (MLS®) last month, up 33.2 per cent from January of
last year. Total sales dollar volume was $4.39 billion in January, up 69.1 per
cent compared to the previous year.
The average MLS® residential price in the province was up
26.9 per cent year-over-year, to $752,906.
“The BC housing market continues to build on momentum
from a very strong 2015,” said Brendon Ogmundson, BCREA Economist. “Heightened
demand is being met with the lowest level of supply in a decade, resulting in
increased pressure on prices in much of the province.”
The housing market has seen a blistering start to 2016,
with housing demand supported by low mortgage rates and rising employment and
wage growth in the province. However, MLS® residential sales are forecast to
edge lower this year. Total MLS® sales last year were the third highest on
record at 102,517. A record 106,310 residential unit sales were recorded in
2005, while the only other year eclipsing 2016 were 2007 when 102,805 unit
sales were recorded.
Copyright BCREA – Reprinted with permission
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