Hottest April in a Decade for Home Sales in BC: BCREA

Date
14.05.2015
Hottest April in a Decade for Home Sales in BC: BCREA hero image
Sales dollar volume up 45.5 per cent year over year and house prices across province up 13 per cent, says association

A total of 9,952 residential unit sales were recorded by the Multiple Listing Service in April, up 28.7 per cent from the same month last year, according to British Columbia Real Estate Association (BCREA) data released May 14.

Total sales dollar volume was $6.3 billion, a 45.5 per cent increase compared with April 2014. The average MLS® residential price in the province rose to $634,744, a 13 per cent increase since last April.

“Last month was the strongest April for home sales in a decade,” said Cameron Muir, BCREA chief economist. “The elevated level of buying activity this spring is now expected to push 2015 home sales to their highest level since 2007.”

“Consumers are taking full advantage of rock-bottom interest rates and are demonstrating significant confidence in the housing market.

“However, dwindling inventories combined with competition for detached homes in the province’s large urban markets is pushing home prices higher.”

During the first four months of 2015, BC residential sales dollar volume rose 37.1 per cent to $19 billion, compared with the same period in 2014. Residential unit sales increased by 24.5 per cent to 30,091 units, and the average MLS® residential price rose 10.1 per cent to $631,860.

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