Vigorous Housing Demand Unabated in August, BCREA
Vancouver, BC – September 11, 2015. The British Columbia Real Estate Association (BCREA) reports that a total of 8,811 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in August, up 20 per cent from the same month last year. Total sales dollar volume was $5.5 billion, a 32.8 per cent increase in comparison to the previous year. The average MLS® residential price in the province rose to $619,881, up 10.6 per cent from August 2014.
“Housing demand continued at an elevated level in August,” said Cameron Muir, BCREA Chief Economist. “More homes were sold in BC during the first eight months of the year than in the entire 12 months of 2012.” A total of 67,637 residential transactions were recording in 2012, compared to 70,617 year-to-date in August.
“Many BC regions are now exhibiting sellers’ market conditions, with home prices rising well above the overall consumer price index,” added Muir. Eight of the 11 BC real estate boards recorded a higher average home price than a year ago.
The year-to-date, BC residential sales dollar volume increased 35.9 per cent to $44.3 billion, when compared with the same period in 2014. Residential unit sales climbed by 22.4 per cent to 70,617 units, while the average MLS® residential price was up 11.1 per cent to $627,008.
Housing Market Update (September 2015)
For only the third time in BC, Multiple Listing Service® (MLS®) residential sales are expected to reach 100,000 units in 2015. Housing demand has not been this robust since 2007 when 102,800 homes traded hands. A record 106,300 MLS® residential sales were recorded in 2005.
“Consumer confidence is brimming in the fastest growing economy in the country,” said Cameron Muir, BCREA Chief Economist. “Broad-based consumer demand continues to push BC home sales higher in every region except the more resource dependent northern markets.”
