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2014 a Banner Year for BC Home Sales, Up 15%: BCREA

Joannah Connolly
January 13, 2015

A total of 84,049 home sales were recorded by the Multiple Listing Service (MLS®) in 2014, up 15.2 per cent from 2013, according to a British Columbia Real Estate Association (BCREA) report issued January 13.

The report, compiled from the combined monthly reports of the province’s 12 real estate boards, said that after lagging for several years, BC home sales “eclipsed” the 10-year average of 82,000 units and even surpassed the 15-year average of 83,600 units.

Transaction dollar volume was $47.8 billion in 2014, an increase of 21.9 per cent from 2013. The average MLS® residential price in BC rose to $568,405, up 5.8 per cent from the previous year.

“BC experienced a significant increase in housing demand last year,” said Cameron Muir, BCREA chief economist. “Not since the post-recession rebound of 2009 has the market posted such a turnaround."

Unit sales climbed 8 to 25 per cent in all BC real estate boards, except Kamloops where the number of transactions fell nearly 5 per cent, said the report.

In December, sales dollar volume was up 18.2 per cent to $2.97 billion, compared with December 2013. Residential unit sales were up 14.7 per cent to 4,426 units, while the average resale home price was up 3 per cent to $585,718.

The figures come a week after reports from the Real Estate Board of Greater Vancouver and the Fraser Valley Real Estate Board revealed similarly strong growth in December and 2014 as a whole.

UPDATE: Home sales activity in December across Canada rose 7.9 per cent year over year, according to Canadian Real Estate Association (CREA) figures released January 14.

Sales for the month were up from year-ago levels in about two-thirds of all local markets, led by Greater Vancouver and the Fraser Valley, the Greater Toronto Area and Montreal.

The national MLS® house price index rose by 5.38 per cent on a year-over-year basis in December. As in recent months, Calgary (+8.80 per cent), Greater Toronto (+7.89 per cent) and Greater Vancouver (+5.82 per cent) posted the biggest year-over-year increases.

Joannah Connolly
Joannah Connolly is editorial director of Glacier Real Estate, Glacier Media's real estate division. Joannah writes and curates real estate news for Glacier Media's local newspaper websites, including the Vancouver Courier, North Shore News, Burnaby Now, Tri-City News and others. She also oversees editorial content in Real Estate Weekly Homes, West Coast Condo, Western Investor and Glacier's special real estate publications. A dual Canadian-British citizen, Joannah has 22 years of journalism and editing experience in Vancouver and London, with a background in construction, architecture, healthcare and business media. Joannah has appeared on major local TV outlets as a real estate commentator, has moderated and spoken on various industry panels, and spent two years hosting the Real Estate Therapist radio show on Roundhouse Radio.