Home Buying Heats Up Over the Summer Months

Vancouver, BC – August 14, 2014.  The British Columbia Real Estate Association (BCREA) reports that a total of 8,493 residential sales were recorded by the Multiple Listing Service® (MLS®) in July, up 11 per cent from July 2013. Total sales dollar volume was $4.65 billion, an increase of 13.8 per cent compared to a year ago. The average MLS® residential price in the province rose to $547,926, up 2.5 per cent from the same month last year.

“Strong consumer confidence continues to drive a summer rally of home sales,” said Cameron Muir, BCREA Chief Economist. “While sales were up in all but one BC real estate board area, the Okanagan has posted a meteoric rise in consumer demand, with the most home sales on record for the month of July.”

“Overall market conditions remain in relative balance in BC,” added Muir, “however, relatively fewer homes for sale have created sellers’ market conditions in some communities."

Year-to-date, BC residential sales dollar volume was up 24.5 per cent to $28.5 billion, compared to the same period last year. Residential unit sales were up 17.2 per cent to 50,376 units, while the average MLS® residential price was up 6.2 per cent at $565,031.


For more information, please contact: 

Cameron Muir

Damian Stathonikos

Chief Economist

Director of Communications and Public Affairs

Direct: 604.742.2780

Direct: 604.742.2793

Mobile: 778.229.1884

Mobile: 778.990.1320

Email: cmuir@bcrea.bc.ca

Email: dstathonikos@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 18,500 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.

For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada's real estate boards to ensure maximum exposure of properties listed for sale.

Paige Gregson

Paige Gregson

CENTURY 21 Executives Realty Ltd.
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