Vancouver, BC – April 15, 2016.
Following on from our report earlier this month (http://realestatenews.trishandtanis.com/2016/04/home-sales-up-23-kelowna-real-estate-sale-report-april-2016/) that the Kelowna Real Estate Market had been very busy in March 2016, BCREA now reports record breaking numbers for BC Real Estate as a whole.
The British Columbia Real Estate Association (BCREA) reports that a record 12,560 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in March, up 38% from March of last year. Home sales last month eclipsed the previous record of 11,683 unit sales in May of 2007. Total sales dollar volume was $9.69 billion in March, up 66.9 % compared to the previous year. The average MLS® residential price in the province was up 20.2 % year-over-year, to $771,620.
“Housing demand has never been stronger in the province,” said Cameron Muir, BCREA Chief Economist. “Most large population centres of the province are now experiencing record levels of housing demand.“
“Strong employment growth, rising wages and a marked increase in net inter-provincial migration is fueling consumer confidence,” added Muir.
Supply imbalances are becoming increasingly common as new residential listings are not keeping pace with consumer demand. As a result, the inventory of homes for sale is at decade-long lows in many regions.
The year-to-date, BC residential sales dollar volume increased 70.1% to $21.59 billion, when compared with the same period in 2015. Residential unit sales climbed by 39.2% to 28,028 units, while the average MLS® residential price was up 22.2% to $770,408.