BCREA Housing Update for April 2014
Vancouver, BC May 13, 2014.The British Columbia Real Estate Association (BCREA) reports that a total of 7,730 residential sales were recorded by the Multiple Listing Service (MLS®) in April, up 12 per cent from April 2013. Total sales dollar volume was $4.3 billion, an increase of 19 per cent compared to a year ago. The average MLS® residential price in the province rose to $561,613, up 6.3 per cent from the same month last year.
"BC home sales trended higher in April as the typically robust spring market unfolds," said Cameron Muir, BCREA Chief Economist. "Rising consumer demand coupled with fewer homes for sale has most BC housing markets now exhibiting balanced conditions, where neither buyers nor sellers have any particular advantage."
"Housing affordability improved last month as intensifying completion for new business by financial institutions pushed the posted five-year fixed mortgage rate to a record low of 4.79 per cent" added Muir.
During the first four months of the year, BC residential sales dollar volume was nearly 28 per cent to $13.9 billion, compared to the same period last year. Residential unit sales were up 18 per cent to 24,165 units, while the average MLS® residential price was up 8.3 per cent at $573,965.
BC Real Estate Association April 2014 sales statistics
Vancouver, BC – May 15, 2014.BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 5.2 per cent to 76,700 units this year, before increasing a further 6.7 per cent to 81,800 units in 2015. The five-year average is 75,400 unit sales, while the ten-year average is 84,800 unit sales. A record 106,300 MLS® residential sales were recorded in 2005.
“BC Home sales are expected to trend higher this year and in 2015, as stronger economic conditions both at home and abroad bolster consumer demand,” said Cameron Muir, BCREA Chief Economist. “While historically low mortgage interest rates are a key market driver, population growth led by a strong upturn in net migration and more robust employment growth are expected to generate additional housing demand.”
The average MLS® residential price for the province is forecast to increase 4.3 per cent to $560,500 this year and a further 2 per cent to $571,500 in 2015. Increasing consumer demand combined with fewer homes for sale has created balanced market conditions in most BC regional markets, resulting in home price appreciation more in line with overall consumer price inflation.
For the complete report, see BCREA Q2 Housing Forecast.
