Home sales and prices continue to rise
“A dwindling inventory of homes for sale in the face of strong demand is putting upward pressure on home prices in many regions…. We haven’t experienced inventories this low since prior to the financial crisis,” noted Cameron Muir, Chief Economist for BC’s Real Estate Association (BCREA).
A second quarter BCREA report shows – provincially - an increase of 16.6 per cent (year over year) in total residential unit sales, and an 11.8 per cent increase in sales price, and forecast this trend will continue.
Home Sales in Kamloops remain steady while prices rise
Kamloops & District Real Estate Association (KADREA) shows the number of sales remaining steady over the same time last year, but a 16 per cent increase in residential sales prices of 16 per cent.
We’ll discuss more on this idea next time in, “Investing in Real Estate – Flip or Hold”.
BCREA predicts BC may well be on it’s way to position itself to lead national economic growth, while many parts are still feeling the effects of falling oil prices, crediting a healthier US economy combined with a favourable exchange rate, helping to push BC exports higher and reignite tourism.