The British Columbia Real Estate results of 2011 finished on a strong note. The number of homes sold in 2011 surpassed 2010. The benchmark for price of an average home in British Columbia also went up by 11.1 per cent. The average number of homes sold in 2011 fell short of the 10 year average.
The British Columbia Real Estate market will grow moderately in 2012. With interest rates continuing to stay at low levels and the Canadian Economy slowly increasing the Real Estate market in Vancouver should stay with in last years averages.
Read more stats and details from BCREA...
The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through Multiple Listing Service® (MLS®) in BC climbed 14.3 per cent to $43.1 billion in 2011. A total of 76,817 homes were sold in BC in 2011, up 2.9 per cent from 2010. The average annual MLS® residential price climbed 11.1 per cent to $561,026 over the same period.
"Low mortgage interest rates and gradually improving economic conditions contributed to a moderate increase in consumer demand last year," said Cameron Muir, BCREA Chief Economist. "BC home sales came in about on par with their 15-year average, but fell well below their ten-year average of over 88,000 units."
Vancouver, the Fraser Valley and the North experienced the largest percentage increase in unit sales last year, while consumer demand edged lower in Victoria and on Vancouver Island.
BC residential unit sales in December dipped 1.7 per cent to 4,186 units, while the average MLS® residential price was 2.8 per cent lower than in December 2010.