Elevated Home Sales Point to Strong Consumer Confidence

(August 13, 2015 , posted in BCREA Monthly Update)

BCREA, Tim Wray, Prompton Real Estate, VancouverThe British Columbia Real Estate Association (BCREA) reports that a total of 10,247 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in July, up 20.7 per cent from the same month last year. Total sales dollar volume was $6.2 billion, a 33.9 per cent increase in comparison to the previous year. The average MLS® residential price in the province rose to $608,294, an 11 per cent increase since last July.

“Consumer confidence is brimming in the fastest growing economy in the country,” said Cameron Muir, BCREA Chief Economist. “Broad-based consumer demand continues to push BC home sales higher in every region except the more resource dependent northern markets.”

“Tighter market conditions are driving home prices higher as supply struggles to keep up with demand,” added Muir. The Fraser Valley experienced the strongest average price growth, climbing 13.5 per cent year-over-year to $571,700 on the strength of strong demand in the single-detached market. 

BCREAThe year-to-date, BC residential sales dollar volume increased 36.4 per cent to $38.8 billion, when compared with the same period in 2014. Residential unit sales climbed by 22.7 per cent to 61,806 units, while the average MLS® residential price rose 11.1 per cent to $628,025.

For the complete news release, including detailed statistics, 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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