The unrelenting pace of MLS® home resales in BC in October was the driving force in the national increase, according to data released November 17 by the Canadian Real Estate Association (CREA).
Figures release November 14 by the BC Real Estate Association (BCREA) revealed that a total of 7,648 residential unit sales were recorded in October, up 14.6 per cent from October 2013. Total sales dollar volume was $4.4 billion, an increase of 22 per cent compared with a year ago. The average MLS® residential price in the province rose to $575,504, up 7.1 per cent from the same month last year.
“Consumer demand for housing continues at an elevated level,” said Cameron Muir, BCREA chief economist.
Comparing this with the national picture, the CREA said November 17 that actual (not seasonally adjusted) activity in October stood 7 per cent above the same month last year, led by Greater Vancouver, the Fraser Valley and Victoria, as well as Calgary and Greater Toronto.
The CREA added that combined sales in these five markets accounted for almost 40 per cent of national sales activity, and nearly 60 per cent of the year-over-year increase in national sales this month.
The actual (not seasonally adjusted) national average price for homes sold in October 2014 was $419,699, up 7.1 per cent from the same month last year.
The CREA said that the national average price continues to be pulled upward by sales activity in Vancouver and Toronto, which are Canada’s most active and expensive housing markets. Excluding these two markets from the calculation, the average price is $330,596 and the year-over-year increase shrinks to 5.4 per cent.
Read the full CREA report here.