| BC Home Sales Sizzle at Record Pace |
Vancouver, BC – March 14, 2016. The British Columbia Real Estate Association (BCREA) reports
that a total of 9,637 residential unit sales were recorded by the Multiple Listing Service® (MLS®)
last month, up 44.7 per cent from February of last year. This smashed the previous record of
8,157 unit sales for the month of February recorded in 1992. Total sales dollar volume was
$7.51 billion in February, up 76.4 per cent compared to the previous year. The average MLS®
residential price in the province was up
21.9 per cent year-over-year, to $779,419.
"Housing demand is now at a break-neck
pace," said Cameron Muir, BCREA Chief
Economist. "Home sales last month were
not only a record for the month of
February, but on a seasonally adjusted
basis, demand has never been stronger in
"Downward pressure on active listings has created significant upward pressure on home prices
in some regions, particularly in Vancouver and the Fraser Valley," added Muir. "While home
builders have responded with a record pace of housing starts for BC last month, the supply isn't
expected alleviate the imbalance in these markets in the near term."
The year-to-date, BC residential sales dollar volume increased 73.6 per cent to $11.9 billion,
when compared with the same period in 2015. Residential unit sales climbed by 40.1 per cent
to 15,468 units, while the average MLS® residential price was up 23.9 per cent to $769,424.
For more information, please contact:
|Cameron Muir ||Damian Stathonikos |
|Chief Economist ||Director, Communications and Public Affairs |
|Direct: 604.742.2780 ||Direct: 604.742.2793 |
|Mobile: 778.229.1884 ||Mobile: 778.990.1320 |
|Email: email@example.com ||Email: firstname.lastname@example.org |
The British Columbia Real Estate Association (BCREA) is the professional association for over 19,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province's 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.
To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better 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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