BC Home Sales Up 37.6% in March, Prices Up 14%

Many markets across province experiencing sellers’ market conditions as buyer confidence rises, says association

Home for sale sold

As in Vancouver and the Fraser Valley, the province as a whole had a case of spring fever when it came to real estate transactions in March, judging by the British Columbia Real Estate Association (BCREA) figures released April 16.

There were total of 9,101 MLS home sales in March, up 37.6 per cent from the same month last year. Total sales dollar volume was $5.8 billion, an increase of 57.1 per cent compared to a year ago.

The average MLS residential price in BC rose to $641,799, up 14.1 per cent compared with March 2014.

"BC home sales climbed significantly in March," said Cameron Muir, BCREA chief economist. "More homes traded hands last month than any March since 2007. On a seasonally adjusted basis, March posted the most home sales of any month since December of 2009."

In 2015’s first quarter, BC residential sales were up 22.5 per cent year over year to 20,139 units, while the average MLS residential price was up 8.7 per cent at $630,435.

"Rock bottom interest rates and rising consumer confidence have strengthened housing markets in most regions of the province,” added Muir.

"Many board areas are now exhibiting sellers' market conditions with home prices advancing well above the overall rate of inflation."

The report came out the day after the Canadian Real Estate Association (CREA) released its own monthly figures.

According to the national association, nationwide MLS home sales rose 9.5 per cent compared with March 2014 levels and the average sale price rose 9.4 per cent year-over-year basis in March.

However, CREA added that Vancouver and Toronto’s figures had skewed the national average upwards significantly. Excluding Greater Vancouver and Greater Toronto, the average house price increased by 2.4 per cent year over year.

March sales were up from the previous month in nearly two-thirds of all Canada’s markets, led by Greater Vancouver and the Fraser Valley.