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Home Sales in BC Post Strongest March in Eight Years

The British Columbia Real Estate Association reported that a total of 9,101 residential unit sales were recorded by the Multiple Listing Service in March, up 37.6 per cent from the same month last year. Total sales dollar volume was $5.8 billion, an increase of 57.1 per cent compared to a year ago.

The average MLS residential price in the province rose to $641,799, up 14.1 per cent from the same month last year. BC home sales climbed significantly in March and  more homes traded hands last month than any March since 2007.

On a seasonally adjusted basis, March has posted the most home sales of any month since December of 2009. Great news! With rock bottom interest rates and rising consumer confidence having strengthened housing markets in most regions of BC.

Many of the board areas are now exhibiting a seller's market conditions with home prices advancing well above the overall rate of inflation. During the first quarter, BC residential sales dollar volume was up 33.2 per cent to $12.7 billion, compared to the same period last year.

Residential unit sales were up 22.5 per cent to 20,139 units, while the average MLS residential price was up 8.7 per cent at $630,435.

Back on the Market at a New Price 949,000.00

INCREDIBLE LAKE & CITY VIEWS. Large Lot with Room for Pool. Park your RV & Boat. Only a few minutes to Downtown. Custom Built Home with Suite. Surrounded by Executive Million Dollar Homes. Priced below Assessment. Please provide reasonable notice for tenants. This property has one of the most amazing views around. Lake views during the day, city lights at night. Call or Text Steve Higgins at RE/MAX for personal viewing. 250-864-7893

Here is a Spring Cleaning Checklist for the Exterior of your Home.

• Inspect the exterior walls of your entire home. Look for signs of winter damage such as splitting wood, peeling paint, mold, etc.

• Do you have brick? It should be cleaned and checked for water damage once a year. If there is mold, mildew, or moss, wash with a solution of 1cup of bleach mixed with 4L of water. Use a natural or synthetic bristle brush. Wire brushes leave traces of steel behind that will rust and discolor the bricks.

• Clean your windows. And If you use storm windows, remove them.

• Use screens? Make sure they are dust-free and sparkling clean before putting them up.

• Check the driveway for cracks or winter damage.

• Clean the steps & driveway with a spray nozzle hose. If moss is visible, pour vinegar on it and scrub.

• Inspect the gutters around the house. Remove debris.

• Inspect the roof, looking for damage and missing or loose shingles.

• Get your deck ready for use. Clean it with oxalic acid, which will penetrate the wood and kill microorganisms. Once dry (24 hours), treat the deck with a sealant.

• Prepare outdoor furniture for use. If you kept the furniture out during the winter months, you need to scrub the surfaces clean. If you stored your furniture, bring it outside and make sure it’s clean.

• The first step to a beautiful, clean garden is to remove weeds. It is important to leave a few, however, as they do have a purpose; they are food for insects and create a covered landscape for little critters.

• Give your garden a filled-in appearance until it grows in. Sprinkle mulch around shrubs, trees, and flowerbeds.say

OUR STRONG SPRING MARKET CONTINUES

Real estate activity in March just continued where February left off with unit sales up almost 29% over March of last year with 516 properties of all types changing hands. That means year to date our market is up 23.5% over last year. Our listing inventory is now starting to build as 1,205 new properties came on to the market in March for a total listing inventory of 3,551 which is still about 300 fewer listings than last year at this time but is up about 280 more than in February.

Percentage wise for March, townhouses had the greatest gain in sales at 44% increase over last year with condos following closely behind at 42%. Single family homes, which make up the bulk of the sales, were up over 30%. As far as average price goes, single family homes have held steady at $487,700 year to date but the median price is up 4% at $462,500. Condos and townhouses have maintained a relatively flat median price but condos are starting to show possible gains.

So far the price of oil has had very little effect on our market but it may be too early to conclude that it won’t. Alberta is now making up about 12% of the buyers, down from 18%, but the biggest jump in purchases is from our own local area where they make up about 65% of all purchases, up about 10% from before. The very low interest rates have definitely helped first time home buyers get into the market and overall consumer confidence is strong. Recently, a BC economist stated that if one is not associated with the oil industry, the BC economy is very good for everyone else. With the resurgence of the US economy demand for BC resources and soft wood lumber is increasing. Tourism is expected to increase with our weaker dollar, particularly with the Americans and one would be pretty hard pressed to find a better tourist destination than the Okanagan valley right now.

As we move into April and May, traditionally two of the busiest months, it will be interesting to see this strong trend continue and how it will be affecting housing prices. As we all know, if the listing inventory cannot keep up with the demand, we will see prices continue to climb. So, if you have been sitting on the fence trying to decide whether to make your first purchase or move up into another home, now might be the best time to actually do it.