Monday, 16 March 2015

BC Housing Demand Remained Elevated in February

The British Columbia Real Estate Association (BCREA) reported that a total of 6,661 residential unit sales were recorded by the Multiple Listing Service in February, up 19.4 per cent from the same month last year. Total sales dollar volume was $4.3 billion, a nice increase of 24.8 per cent compared to last year. The average MLS residential price in the province rose to $639,405, up 4.5 per cent from the same month last year. 

Consumer demand remained robust in February. After several years of below-average activity, home sales are now trending above long-term levels. The total active listings on the market were down 7.5 per cent from a year ago, with fewer homes for sale, combined with elevated consumer demand has the housing market firmly in balanced conditions. 

Year-to-date, BC residential sales dollar volume was up 18 per cent to $6.9 billion, compared to the same period last year. Residential unit sales were up 12.4 per cent to 11,038 units, while the average MLS residential price was up 5.0 per cent at $621,065.

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