Hot July for B.C. Home Sales

Full Throttle

July home sales in British Columbia ran at full throttle.

According the BCREA – British Columbia Real Estate Association, “sales dollar volume was $4.65 billion, an increase of 13.8 per cent compared to a year ago. The average MLS® residential price in the province rose to $547,926, up 2.5 per cent from the same month last year.”

2014-08-14_BC-Report-WEB

Confidence

“Strong consumer confidence continues to drive a summer rally of home sales,” said Cameron Muir, BCREA Chief Economist. “While sales were up in all but one BC real estate board area, the Okanagan has posted a meteoric rise in consumer demand, with the most home sales on record for the month of July.”

Relative Balance

“Overall market conditions remain in relative balance in BC,” added Muir, “however, relatively fewer homes for sale have created sellers’ market conditions in some communities.”

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Comparison

“BC residential sales dollar volume was up 24.5 per cent to $28.5 billion, compared to the same period last year. Residential unit sales were up 17.2 per cent to 50,376 units, while the average MLS® residential price was up 6.2 per cent at $565,031.”

Full Report Here Copyright BCREA Reprinted with Permission

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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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