Vancouver, BC – November 12, 2015.
The British Columbia Real Estate Association (BCREA) reports that a total of 8,725 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October, up 14.1 per cent from the same month last year. Total sales dollar volume was $5.8 billion, up 32.3 per cent compared to the previous year. The average MLS® residential price in the province rose to $667,480, up 16 per cent from October 2014.
“Consumer demand continued at a heightened pace in October,” said Brendon Ogmundson, BCREA Economist. “Market conditions have diverged significantly in the province as very low supply and a near record pace of home sales in the metro-Vancouver area is offsetting resource sector driven weakness in northern markets.“
“There was a four month supply of residential inventory province wide in October, with markets in the Lower Mainland and Victoria closer to three months of supply. A balanced market typically exhibits a five to eight month supply of homes for sale.
The year-to-date, BC residential sales dollar volume increased 33.6 per cent to $55.3 billion, when compared with the same period in 2014. Residential unit sales climbed by 20.4 per cent to 87,895 units, while the average MLS® residential price was up 11 per cent to $628,909″.
Looking specifically at the Kelowna Real Estate Market and Central Okanagan area, the Average Residential Sales Price are up 2.5% from $399,476 to $409,525, Sales in the area are up 5.1% from 6656 to 6996, and active listings are down 8.6% from 4319 to 3947.
These growth levels are broadly what the BC Real Estate Association were forecasting for our area this year, but with inventory falling to the current low levels, we are likely to continue to see upward price pressure in some areas of the market.
Trish and Tanis
Tel 250 863 8989