BC Housing Market to End Year with Balanced Conditions

 The British Columbia Real Estate Association reports that there were a total of 5,972 residential unit sales were recorded by the Multiple Listing Service in November, up 8.8 per cent from November 2013. Total sales dollar volume was $3.4 million, an increase of 12.1 per cent compared to a year ago. The average MLS residential price in the province rose to $574,694, up 3.1 per cent from the same month last year.

BC home sales were strong again in November.With improving economic conditions, strong consumer confidence and low mortgage interest rates which are providing a solid foundation for elevated consumer demand. The market conditions have improved province wide, with most regional markets now in the mid to high range of a balanced market. Year-to-date, BC residential sales dollar volume was up 22.1 per cent to $44.8 billion, compared to the same period last year. Residential unit sales were up 15.3 per cent to 78,973 units, while the average MLS residential price was up 6.0 per cent at $567,292.