B.C. Home Sales at 8-year High, for May 2015
It's an 8-year high, in May 2015, when 10,174 residential units were sold in B.C. which translates into $6.4B in Real Estate transactions. (information courtesy of BCREA (B.C. Real Estate Association)). Please also note of the aforementioned figures, 4,145 were sold in Greater Vancouver, where a whopping $3.75B in sales was recorded. That is a 16.6% rise from May 2014.
For the Month of May,
a residential property in BC's average price was $632,182 (+11.8% vs 2014).
In Greater Vancouver, the average price was $905,701 (+11.2% vs. 2014)
“Strong consumer demand is pushing home sales up in most of the large urban areas of the province,” the BCREA’s chief economist Cameron Muir said in a press release.
“A dwindling inventory of homes for sale in the face of strong demand is putting upward pressure on home prices in many regions, with the single-detached market segment experiencing most of the gains. We haven’t experienced inventories this low since prior to the financial crisis.”
So far this year, residential real estate sales worth a total of $25.5B have been recorded in this province (+35.5% vs 2014). Meanwhile, the Canadian Real Estate Association (CREA) confirms that sales in May through its MLS system were up 3.1% from April, marking the fourth consecutive month-over-month increase.
CREA chief economist Gregory Klump says a rebound in sales in Calgary and Edmonton suggests uncertainty stemming from low oil prices could be easing.
The association also revised its outlook for the full year upwards, to reflect better-than-expected sales in British Columbia.
CREA now anticipates that national home sales will climb to 487,200 units this year (+1.3% vs 2014).
Compared with a year ago, sales across the country in May were +2.7%, with the cities of Vancouver, Toronto and Montreal leading the way.
CREA president Pauline Aunger says news that CMHC will be increasing mortgage default insurance premiums for home buyers with less than a 10% down payment effective June 1 could have impacted home sales.
"Some buyers may have jumped off the fence and purchased in May to beat the increase," Aunger said in a statement.
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