The B.C. Real Esate Market Is Hot! November Sales Are Up 165% Over The Same Month Last Year.

Some great news! Interest rates are definitely helping. What do you think will happen when interest rates inevitably go up?

VANCOUVER — B.C. home sales in November climbed 165 per cent over the same month last year to 7,182 units, the B.C. Real Estate Association (BCREA) reported Wednesday.

The month reflected the highest number of residential sales for November since 2005, when 7,721 units changed hands.

“Since the beginning of the year, we’ve seen a dramatic rebound in sales in the province, led by Greater Vancouver, Victoria and the Fraser Valley,” BCREA chief economist Cameron Muir said in an interview.

“It’s been driven by first-time buyers getting into the market due to increased affordability and low mortgage rates. A lot of it is because of the pent-up demand that welled up last fall and winter.”

Muir said the elevated sales level in November was largely regional.

“There’s a dichotomy in the province, [with] significant regional differences. There was a very strong seller’s market on the coast, with upward pressure on prices. But in the Okanagan and the Kootenays, the market is now just trending towards balanced conditions, meaning stabilized prices.

“Prices today [in Greater Vancouver, Victoria and the Fraser Valley] are beginning to scratch record levels, but certainly not elsewhere in the province.”

Muir also said that despite the high sales numbers, the BCREA expects consumer demand to moderate in the new year as pent-up demand is largely expended and higher costs erode affordability.

“Going forward, sales levels [in Greater Vancouver, Victoria and the Fraser Valley] will come off their lofty heights as pent-up demand is drawn down. In 2010, sales will more closely reflect the moderate recovery.”

According to a BCREA news release, the year-to-date MLS residential sales dollar volume increased 21 per cent to $36.8 billion over the same period last year. A total of 79,325 units were sold in the first eleven months of 2009, up 19 per cent from 2008, while the average price increased two per cent to $463,555.

Greater Vancouver saw a 252-per-cent increase in the number of units sold compared to November 2008, from 889 to 3,133; the Fraser Valley a 192-per-cent increase, from 483 to 1,409; the Okanagan Mainline a 104-per-cent increase, from 219 to 447; and Victoria a 165-per-cent increase, from 2,707 to 7,182.

 

Featured Property: 2586 Glenview Avenue, Brocklehurst, Kamloops, B.C. $304,900

Home For Sale Kamloops Real Estate 2586 Glenview This great family home has 3+1 bedrooms and 1 bathroom with over 1700 square feet of living space. It is located on a huge 1/3 of an acre lot. Recent updates include paint, flooring, furnace and baseboards. There is a detached shop with power in the back and an attached single car carport.  This home is located on a very quiet street in Brock. Priced at $304,900.

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Kamloops Real Estate Open House Weekend: Sunday, December 6, 2009: North Kamloops & Westmount

This weekend’s open houses will be held in North Kamloops and Westmount.

444 McGowan Ave Front of Home for sale Kamloops Real Estate

Sunday December 5, 2009: 444 McGowan Ave, North Kamloops, 11:30am-1:00pm

3+1 bedrooms & 2 bathrooms. Hardwood floors, large open kitchen and spacious rooms. Fully finished basement with a spacious rec room. There is a single oversized garage with lane access. Large lot with tons of fenced yard space. This is a great family home! $319,900

Baywood Crescent, Westmount Front of Home for Sale

Sunday December 5, 2009: 550 Baywood Crescent, Westmount: 1:30pm-3:00pm

This fantastic family home is located in a quiet cul-de-sac in Westmount. There are 3 bedrooms and 2 full bathrooms with over 2,100 square feet of living space. Recent updates include the roof, furnace, flooring, insulation and all windows. This home is located on a 9,512 square foot fenced lot. There is a single car carport with extra parking. The basement has a separate entrance making it easy to suite. $324,900

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Featured Property: #306-751 Grandview Terrace, South Kamloops, B.C. $149,900

Guerin Creek Kamloops Real Estate For Sale

Fantastic South Kamloops west end apartment. Over 600 square feet of living space with a private south facing patio. Many recent reno’s including: kitchen, bathroom, flooring, light fixtures and paint. Very quiet location close to the Thompsons Rivers University, transportation and shopping. Great for the first time home buyer, investor or student. Priced at $149,900. Call or email to book a private viewing.

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Kamloops and District Real Estate Associations Statistics For November 2009

The Kamloops and District Real Estate Association released their latest statistics for the Kamloops real estate market for November 2009. Residential sales are up significantly over the same month last year. Click on the images below to enlarge.

Kamloops Real Estate Comparative Analysis by Property Type November 2009

Kamloops Real Estate Comparative Analysis by Property Type November 2009

Kamloops Real Estate Sales by Subarea November 2009

Kamloops Real Estate Sales by Subarea November 2009

Kamloops Real Estate MLS Activity November 2009

Kamloops Real Estate MLS Activity November 2009

Featured Property: 517 Garden Terrace, South Kamloops, B.C. $459,900

View from Garden Terrace Patio South Kamloops Home For Sale 

Garden Terrace Vaulted Ceiling Kamloops Real Estate

 Large custom built home in the South Kamloops West End. 5 bedrooms & 4 bathrooms. There is a two bedroom in-law suite with a separate entrance. Main floor has an open floor plan with vaulted ceilings. Huge master suite with a five piece ensuite. There is over 3,400 square feet of living space. Single car heated gar with tons of extra parking and RV parking. Beautiful views & located in a cul-de-sac. 517 Garden Terrace Kitchen South Kamloops West EndShopping, schools & transit within walking distance. Priced at $459,900. Call or email to book your private viewing.

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Click here to view all homes for sale in Kamloops & area.