BCREA Housing Market Update (December 2015)
BC Real Estate Association (BCREA) Chief Economist Cameron Muir discusses the November 2015 statistics. Here is the link to the article distributed by the BC Real Estate Association.
Author: Kirsten Mason
November Home Sales Second Strongest on Record, BCREA
Vancouver, BC – December 14, 2015. The British Columbia Real Estate Association (BCREA) reports that a total of 8,032 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November, up 34.5 per cent from the same month last year. Total sales dollar volume was $5.38 billion, up 56.4 per cent compared to the previous year. The average MLS® residential price in the province rose to $668,317, up 16.3 per cent from November 2014.
“Housing demand last month was the second strongest ever recorded for the month of November,” said Cameron Muir, BCREA Chief Economist. “You’d need to look all the way back to the frenetic market of 1989 to find more homes trading hands in November.“
The largest increase in consumer demand occurred in the Fraser Valley, where home sales climbed over 60 per cent from November 2014. Vancouver and Chilliwack experienced an increase of over 40 per cent, while Kamloops home sales were up 30 per cent.
The year-to-date, BC residential sales dollar volume increased 35.4 per cent to $60.7 billion, when compared with the same period in 2014. Residential unit sales climbed by 21.5 per cent to 95,927 units, while the average MLS® residential price was up 11.4 per cent to $632,209.
Housing Market Update (November 2015), BCREA
The BC Real Estate Association recently released their November 2015 housing market update.
Robust Housing Demand Continues in October, BCREA
Vancouver, BC – November 12, 2015. The British Columbia Real Estate Association (BCREA) reports that a total of 8,725 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October, up 14.1 per cent from the same month last year. Total sales dollar volume was $5.8 billion, up 32.3 per cent compared to the previous year. The average MLS® residential price in the province rose to $667,480, up 16 per cent from October 2014.
“Consumer demand continued at a heightened pace in October,” said Brendon Ogmundson, BCREA Economist. “Market conditions have diverged significantly in the province as very low supply and a near record pace of home sales in the metro-Vancouver area is offsetting resource sector driven weakness in northern markets.“
“There was a four month supply of residential inventory province wide in October, with markets in the Lower Mainland and Victoria closer to three months of supply. A balanced market typically exhibits a five to eight month supply of homes for sale.
The year-to-date, BC residential sales dollar volume increased 33.6 per cent to $55.3 billion, when compared with the same period in 2014. Residential unit sales climbed by 20.4 per cent to 87,895 units, while the average MLS® residential price was up 11 per cent to $628,909.