This report is an average rule of thumb to what has happened in BC Real Estate compared to last summer. The numbers are inflated due the Detached home sales in Vancouver. The key statistic in this report is the number of sales from last year has risen by 2.6%. That is great news. Due to low mortgage rates and more stable price increases through out the Lower Mainland this has kept product moving and market busy.
I believe with a buyers market just around the corner and mortgage rates at historic lows, we will see more sales in Fall and Winter of 2011-2012 the compared to last year...
Please read and If you have any questions contact The Aziz Group for more Real Estate Advise.
The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential unit sales in the province rose 16.4 per cent to 6,504 units in August compared to the same month last year. The average MLS® residential price climbed 10.7 per cent to $539,953 last month compared to August 2010.
"BC home sales edged up one per cent in August compared to July on a seasonally adjusted basis,” said Cameron Muir, BCREA Chief Economist. “Low mortgage interest rates continued to underpin housing demand in the province last month."
"Total active listings in the province remained elevated in August,” added Muir. “Most regional markets exhibited buyer’s market conditions, meaning little upward pressure on home prices."
Year-to-date, BC residential sales dollar volume increased 17.7 per cent to $31.7 billion, compared to the same period last year. Residential unit sales increased 2.6 per cent to 55,132 units, while the average MLS® residential price rose 14.7 per cent to $574,962 over the same period.