BC Real Estate Wraps Up with a Balanced Year

One Word

According to our good friend Cameron Muir over at the British Columbia Real Estate Association the 2014 provincial real estate market is wrapped in one word – balanced.

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Balanced

As of December 12, 2014 5,972 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November, up 8.8 per cent from November 2013. Total sales dollar volume was $3.4 billion, an increase of 12.1 per cent compared to a year ago. The average MLS® residential price in the province rose to $574,694, up 3.1 per cent from the same month last year.

Robust

BC home sales were robust in November, said Cameron Muir, BCREA Chief Economist. “Improving economic conditions, strong consumer confidence and persistently low mortgage interest rates are providing a solid foundation for elevated consumer demand. Market conditions have improved province-wide, with most regional markets now in the mid to high range of a balanced market.

Year to Date

Year-to-date, BC residential sales dollar volume was up 22.1 per cent to $44.8 billion, compared to the same period last year. Residential unit sales were up 15.3 per cent to 78,973 units, while the average MLS® residential price was up 6.0 per cent at $567,292.

Board By Board

You can find BC individual real estate board numbers 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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