August Market Report.

The British Columbia Real Estate Association (BCREA) has reported that a total of 7,341 residential sales were recorded by the Multiple Listing Service (MLS) in August, were up 7 per cent from August 2013. Total sales dollar volume was $4.1 billion, an increase of 12.4 per cent compared to August 2013. The average MLS residential price in the province rose to $560,318, up 5 per cent from the same month last year. Consumer demand remained relatively busy in August.

The Okanagan and Chilliwack board areas posted the strongest year-over-year gain of 22 to 25 per cent in unit sales, while Victoria and Vancouver increase was lower around 10 per cent. Home sales last month were the highest for the month of August since 2009. With low mortgage rates, increased net-migration and improving economic conditions continue to drive housing demand in the province. Year-to-date, BC residential sales dollar volume was up 22.8 per cent to $28.5 billion, compared to the same period last year. Residential unit sales were up 15.8 per cent to 57,715 units, while the average MLS residential price was up 6.1 per cent at $564,466.

BC Home Sales Decline in 2012

The British Columbia Real Estate Association (BCREA) reports that a total of 67,637 residential sales were recorded by the Multiple Listing Service in BC during 2012, a decline of 11.8 per cent compared to 2011. Total sales dollar volume also declined 19.1 per cent to $34.8 billion over the same period. The annual average MLS residential price in the province was $514,836 in 2012, down 8.3 per cent from 2011.

A noticeable drop in consumer demand in Vancouver and Fraser Valley during 2012 was more than enough to offset the increases in home sales in the Okanagan, Kootenays and BC Northern regions.

At least half of the 8 per cent decline in the BC average home price was the result of fewer luxury homes selling in Vancouver and fewer overall Vancouver home sales relative to the rest of the province in 2012. However, there were more luxury homes sold in Kelowna this year.

In December, BC residential sales dollar volume was down 28.6 per cent to $1.5 billion, compared to December 2011. Residential unit sales declined 26.4 per cent to 3,011 units, while the average MLS

residential price was down 3 per cent to $498,205 over the same period.