BC Home Sales Up 8.8% in November, Prices Up 3%

The increase in BC home sales in both unit numbers and dollar volume is continuing unabated, according to a British Columbia Real Estate Association (BCREA) report released December 12.

The report, compiled from the combined monthly reports of the province’s 12 real estate boards, found that the number of units sold in BC rose 8.8 per cent year over year to 5,972 units, and the dollar volume of sales province-wide totalled $3.4 billion, up 12.1 per cent compared with November 2013.

The average MLS residential price in BC rose to $574,694, up 3.1 per cent from the same month last year.

“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.”

Only three regional boards posted a decrease in unit sales in November. These were northern BC (down 6.8 per cent), Kamloops (down 5.2 per cent) and Kootenay (down 1.1 per cent).

Year to date, BC residential unit sales are up 15.3 per cent to 78,973 units, and residential sales dollar volume is up 22.1 per cent to $44.8 billion, compared with the same period last year. The average MLS residential price is up 6 per cent at $567,292 year to date.

UPDATE: Sales activity across Canada in November stood 2.7 per cent above levels reported in the same month last year, according to Canadian Real Estate Association statistics released December 15.

November sales were up from year-ago levels in about half all regional markets, led by Greater Vancouver and the Fraser Valley, Calgary and Greater Toronto.

Nationwide year-to-date sales activity in November was 5 per cent above levels in the first 11 months of 2013. It was also slightly 2.4 per cent above the 10-year average for year-to-date sales.

The nationwide Aggregate Composite MLS house price index rose by 5.19 per cent on a year-over-year basis in November.

The average price for Canadian homes sold in November 2014 was $413,649, up 5.7 per cent from the same month last year.

The CREA said, "The national average home price continues to be raised considerably by sales activity in Greater Vancouver and Greater Toronto, which are among Canada’s most active and expensive housing markets. Excluding these two markets from the calculation, the average price is a relatively more modest $331,743 and the year-over-year increase shrinks to 5 per cent."

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