CAM TV February Market Update

Sales Edge Lower

The British Columbia Real Estate Association (BCREA) reports that a total of 5,578 residential sales were recorded by the Multiple Listing Service® (MLS®) in February, up 24.9 per cent from February 2013. Total sales dollar volume was $3.4 billion, an increase of 43.1 per cent compared to a year ago. The average MLS® residential price in the province rose to $611,688, up 15.4 per cent from the same period last year.

Muir’s Thoughts

Cameron Muir is BCREA’s Chief Economist

2014-02chart
  • consumer demand was much stronger in February compared to a year ago, but edged lower compared to January
  • weak employment growth in 2013 has limited home sales so far this year to long-term average levels
  • record low mortgage interest rates
  • population growth continue to underpin the housing market
  • most regions of the province are at or near balanced market conditions

Year-To-Date

BC residential sales dollar volume was up 40.4 per cent to $5.8 billion, compared to the same period last year. Residential unit sales were up 24.2 per cent to 9,822 units, while the average MLS® residential price was up 13.1 per cent at $591,530.

CAM TV

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*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
**Numbers provided may vary as they are dynamically posted by the REBGV.

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