July Home Sales Highest Since 2009
Vancouver, BC – August 14, 2013. The British Columbia Real Estate Association (BCREA)
reports that a total of 7,650 residential sales were recorded by the Multiple Listing Service®
(MLS®) in BC for July, up 18 per cent from July of 2012. Total sales dollar volume was 32.8 per
cent higher than a year ago at $4.09 billion. The average MLS® residential price in the province
was $534,360, up 12.5 per cent from July 2012.
“Home sales in the province posted their
strongest July since 2009,” said Cameron Muir,
BCREA Chief Economist. “After six consecutive
months of rising consumer demand, it’s now
clear that BC housing markets are recovering
from tighter lending regulations introduced last
year,” added Muir.
“Rising home sales are unlikely to put any
significant upward pressure on home prices,”
cautioned Muir, “as the inventory of homes for
sale is expected to keep pace with demand.”
Many potential home sellers that have been holding off for improved market conditions are
expected to put their homes on the market to meet the swelling ranks of home buyers.
Year-to-date, BC residential sales dollar volume was down 2.8 per cent to $22.9 billion,
compared to the same period last year. Residential unit sales were down 4 per cent to 42,986
units, while the average MLS® residential price was up 1.3 per cent at $531,928.
-30- For more information, please contact:
Director of Communications and Public Affairs
BCREA represents 11 member real estate boards and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education (cpe).
To demonstrate the profession’s commitment to improving Quality of Life in BC communities, BCREA supports policies that encourage economic vitality, provide housing opportunities, respect the environment and build communities with good schools and safe neighbourhoods.
For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada’s real estate boards to ensure maximum exposure of properties listed for sale.
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