(March 16, 2015
As forecast in our earlier "Truth About Real Estate" newsletter lower mainland and B.C. totalled 6,661
residential unit sales as recorded by the MLS in February, up 19.4 per cent over February last year and up 52 per cent compared with January, according to a British Columbia Real Estate Association (BCREA) report published March 13.
Take a moment to reflect on the number of times members of the media and special interest interest group's have played the age old, "sky is falling" card.
Now read on.
The average resale home price in BC rose to $639,405 in February, up 4.5 per cent from the same month last year. “Consumer demand remained robust in February on the strength of rock-bottom interest rates and improving economic conditions,” said Cameron Muir, BCREA’s chief economist. “After several years of below-average activity, home sales are now trending above long-term levels.”
The BC figures far outstrip the Canada-wide increase of just 2.7 per cent compared with February last year and meagre 1 per cent rise over January’s nationwide home sales, reported by the Canadian Real Estate Association (CREA) the same day.
Gregory Klump, CREA’s chief economist, said, “Sales came in below the 10-year average for the month of February in two-thirds of all local markets [across Canada]. “That said, the opposite was true in a few large urban markets in British Columbia and Ontario, despite a shortage of listings there, which is fuelling prices higher.”
The associations' reports came on the same day that both the CREA and RBC Economics predicted strong
growth in the BC housing market in 2015.
Whether your considering the purchase or sale of your home or property here on the west coast or anywhere in our beautiful British Columbia, don't hesitate to call our real estate team at THE BC HOME HUNTER GROUP any time, 604-767-6736
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