August Rounds Out Summer of Scorching Home Sales Across BC

Resale transactions across province up 20 per cent year over year, prices up 10.6 per cent, reports association

Home for sale sold

Residential real estate sales in August completed a summer characterized by hot weather in the province and an even hotter market, according to the latest statistics issued September 11 by the British Columbia Real Estate Association (BCREA)

There were 8,811 residential unit sales 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 on August 2014. This jump is due to the average MLS residential price in the province rising to $619,881, up 10.6 per cent year over year.

“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 2015 than in the whole of 2012.” A total of 67,637 BC homes were sold on the MLS in 2012, compared with 70,617 year-to-date in August 2015.

South Okanagan and the Fraser Valley were two boards in the province to see the highest sales growth, both up 33.1 per cent compared with last August.

The BC Northern region was the only board in BC to see an annual decline in unit sales, down 0.7 per cent year over year. However, this is a huge improvement on last month’s 12.5 per cent annual drop.

The Northern Lights board registered the province’s largest annual price drop, with the average price of a home in that region falling 9.2 per cent in August compared with the same month in 2015.

Greater Vancouver’s reported annual price rise of 12.2 per cent was the largest in BC, and its sales-to-active-listings ratio was the province’s highest, meaning that Greater Vancouver is currently deepest into sellers’ market territory.


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