BC Home Sales Post Record Year

(January 12, 2017 , posted in BCREA Monthly Update)

BCREA, Market Update, Tim Wray, Prompton, VancouverThe British Columbia Real Estate Association (BCREA) reports that a record 112,209 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in 2016, an increase of 9.5 per cent from the previous year. Total sales dollar volume was a record $77.6 billion, up 18.8 per cent from 2015. The average MLS® residential price in the province climbed 8.6 per cent to $691,144 on an annual basis in 2016.

“Broad-based consumer demand driven by strong economic conditions, employment growth, consumer confidence, and an expanding population base pushed home sales to record levels in many BC regions last year," said Cameron Muir, BCREA Chief Economist. "However, home sales have fallen back from their lofty peaks early last year." The seasonally adjusted annual rate of sales activity was approximately 92,000 units in December.

A total of 4,721 residential unit sales were recorded by the MLS® in December, down 28.4 per cent from the same month last year. Total sales dollar volume was $3.1 billion last month, a decline of 33.1 per cent compared to the same month the previous year. The average MLS® residential price in the province was $654,699 in December, a 6.6 per cent decline from December 2015.

For the complete news release, including detailed statistics, click here.

My business grows by building strong client-focused relationships. I would welcome the opportunity to answer any questions about the real estate market that you may have.

If you would like to find out how much your home is worth in today's market, to discuss listing your home or buying a new home, please contact me on (604) 781-5692 or via email - tim@timwray.ca

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