More good news from the BC Real Estate Association about market conditions. It seems that 2007 is looking more like 2005 than 2006. Continued strong numbers like this is great news for all involved in the housing market.
Vancouver, BC – October 18, 2007.
British Columbia Real Estate Association (BCREA) reports residential sales volume on the Multiple Listing Service® (MLS®) in BC climbed 20 per cent to $3.42 billion in September, compared to the same month last year. Residential unit sales increased 6.8 per cent to 7,687 units during the same period. The average MLS® residential price reached $445,205, up 12.3 per cent from September 2006.
“Housing demand hasn’t let up after a record-breaking summer,” said Cameron Muir, BCREA Chief Economist. “While the number of homes for sale has increased since last year, the sales-to-active-listings ratio has remained unchanged. This means homebuyers are snapping up additional inventory at the same pace, and upward pressure on home prices is continuing.”
Strong economic conditions are underpinning BC home sales,” noted Muir. “Robust job growth, low unemployment and rising wages and salaries are bolstering consumer demand.” More than 70,000 jobs have been created in the province over the last year, while the unemployment rate hovers near an historic low. The average weekly wage in BC climbed 3.3 per cent in September, compared to the same month last year.
Year to date, MLS® dollar volume increased 18 per cent to $36 billion compared to the same period last year. Residential sales rose 4.9 per cent to 82,627 units, while the average residential price climbed 12.5 per cent to $436,062.