BC Real Estate News – Busy start to 2016 across the Province

Vancouver, BC – February 12, 2016. The British Columbia Real Estate Association (BCREA) reports that a total of 5,831 residential unit sales were recorded by the Multiple Listing Service® (MLS®) last month, up 33.2 per cent from January of last year. Total sales dollar volume…

BCREA_LogoStacked_300BlueSmallVancouver, BC – February 12, 2016.

The British Columbia Real Estate Association (BCREA) reports that a total of 5,831 residential unit sales were recorded by the Multiple Listing Service® (MLS®) last month, up 33.2 per cent from January of last year. Total sales dollar volume was $4.39 billion in January, up 69.1 per cent compared to the previous year.

Bc Supply v Demand Feb 2016The average MLS® residential price in the province was up 26.9 per cent year-over-year, to $752,906.

“The BC housing market continues to build on momentum from a very strong 2015,” said Brendon Ogmundson, BCREA Economist. “Heightened demand is being met with the lowest level of supply in a decade, resulting in increased pressure on prices in much of the province.”

The housing market has seen a blistering start to 2016, with housing demand supported by low mortgage rates and rising employment and wage growth in the province. However, MLS® residential sales are forecast to edge lower this year. Total MLS® sales last year were the third highest on record at 102,517. A record 106,310 residential unit sales were recorded in 2005, while the only other year eclipsing 2016 were 2007 when 102,805 unit sales were recorded.

Looking at the numbers as a whole in Kelowna and the Central Okanagan, average Residential Sale prices are up 3% and active listings are down 12.9%.

We should bear in mind that some areas have a more acute shortage than others, and in some areas prices are rising at a higher rate.

Sales to Active listings Jan 2016

Kind Regards

Trish and Tanis

Tel 250 864 1707

 



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Trish & Tanis
trishandtanis@gmail.com
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