“After declining nearly 12 per cent in 2012, home sales posted steady growth through last year,” said Cameron Muir, BCREA Chief Economist. “Greater Vancouver, Kamloops and Okanagan Mainline board areas posted the most significant changes, with home sales rising between 12.5 and 14 per cent. Stronger consumer demand combined with fewer homes listed for sale improved market conditions in most regions last year.”
In December, BC residential unit sales rose 47 per cent to 4,426 units, compared to December 2012. Total dollar volume was 67.7 per cent higher at $2.5 billion, while the average MLS® residential price rose 14.1 per cent to $568,416.
“Large year-over-year changes in December reflect relatively weak activity the previous year rather than evidence of an accelerating market,” added Muir.
Reprinted by permission. BCREA represents 11 member real estate boards and their approximately 18,500 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education.