Home Sales Continue at Torrid Pace
Vancouver, BC – September 18, 2007. British Columbia Real Estate Association (BCREA) reports residential sales volume on the Multiple Listing Service® (MLS®) in BC climbed 25.9 per cent to $4.33 billion in August, compared to the same month last year. Residential unit sales increased 12.6 per cent to 9,833 units during the same period. The average MLS® residential price hit $439,931, up 11.8 per cent from August 2006.
BC home sales rebounded over the summer months, climbing 14 per cent June through August, compared to the same period last year. Year to date, BC home sales are up 4.7 per cent to 74,939 units.
“Despite eroding affordability, home sales are on a near record pace,” said Cameron Muir, BCREA Chief Economist. “Preferred retirement locations, such as Vancouver Island, the Okanagan and Kootenays, have experienced the largest increases in home sales this year.”
Muir noted that, while home sales are up, the average home price across the province is climbing at a year-over-year rate of 12 per cent, down from a high of 21 per cent in June 2006. “Barring any unforeseen shock in the market, such as rapidly rising interest rates or a meltdown of the BC economy, less upward pressure on home prices is expected over the next 24 months,” added Muir.