The Consumer Demand in 2014 was the Strongest in Five Years

The British Columbia Real Estate Association (BCREA) is reporting that a total of 84,049 residential unit sales were recorded by the MLS in 2014, up 15.2 per cent from 2013. After lagging for several years, BC home sales have eclipsed the ten-year average of 82,000 units and the 15-year average of 83,600 units. 

Total sales dollar volume was $47.8 billion, an increase of 21.9 per cent from 2013. With the average MLS residential price in the province of BC rising to $568,405, up 5.8 per cent from the previous year.

BC has experienced a significant increase in housing demand last year. Not since the post-recession rebound of 2009 has the market posted such a turn around. Home buyers were out in full force in nearly every region of the province, with unit sales climbing 8 to 25 per cent in all BC real estate boards, except in Kamloops where the number of transactions dropped nearly 5 per cent. Stronger consumer demand not only pushed down the inventory of homes for sale, but also firmed market conditions throughout the province.

In December, BC residential sales dollar volume was up 18.2 per cent to $2.97 billion, compared to the same month last year. Residential unit sales were up 14.7 per cent to 4,426 units, with the average MLS residential price was up 3 per cent to $585,718.