The British Columbia Real Estate Association has reported that a record 12,560 residential unit sales were recorded by the MLS in March,that is up 38 per cent from March of last year. Home sales last month have eclipsed the previous record of 11,683 unit sales in May of 2007. Total sales dollar volume was $9.69 billion in March, up 66.9 per cent compared to the previous year.
The average MLS residential
price in the province was up 20.2 per cent year-over-year, to $771,620.
Housing demand has never been stronger in the province. Most large
population centres of the province are now experiencing record levels of
housing demand. This being true in Kelowna. With a strong employment
growth, rising wages and a marked increase in net inter-provincial
migration is fueling the consumer confidence. Supply imbalances are
becoming increasingly common as new residential listings are not keeping
pace with consumer demand. As a result, the inventory of homes for sale
is at decade long lows in many regions.
The year-to-date, BC
residential sales dollar volume has increased 70.1 per cent to $21.59
billion, when compared with the same period in 2015. Residential unit
sales climbed by 39.2 per cent to 28,028 units, while the average MLS
residential price was up 22.2 per cent to $770,408.