Today, B.C. real estate sales posts a record high, at the same time reconfirming the housing demand has never been stronger in the province.
Residential sales in March dwarfed the previous record set in May 2007 by more than 1,000 units, according to the BC Real Estate Association (BCREA).
March proved to be a banner month with 12,560 residential units being sold, which is a 38 per cent jump in sales in comparison to March of last year.
Average prices in the province have also been on the rise with a 20 per cent year-over-year increase, sitting at $771,620.
“Housing demand has never been stronger in the province,” said BCREA Chief Economist Cameron Muir in a statement.
“Most large population centres of the province are now experiencing record levels of housing demand. Strong employment growth, rising wages and a marked increase in net inter-provincial migration is fueling consumer confidence.”
However, while demand is high, supply is low and the imbalances are becoming increasingly common.
As a result, the inventory of homes for sale is at a decade-long low in many areas.
March 2016 average residential price vs. March 2015 residential average price
BC NORTHERN: $260,505 (2016) — $249,913 (2015) 4.2% change
CHILLIWACK: $384,356 (2016) — $319,434 (2015) 20.3% change
FRASER VALLEY: $720,521 (2016) — $558,357 (2015) 29% change
GREATER VANCOUVER: $1,093,267 (2016) — $891,652 (2015) 22.6% change
KAMLOOPS: $338,647 (2016) — $315,676 (2015) 7.3% change
KOOTENAY: $258,693 (2016) — $272,393 (2015) -5% change
OKANAGAN MAINLINE: $429,226 (2016) — $391,713 (2015) 9.6% change
POWELL RIVER: $263,531 (2016) — $229,393 (2015) 14.9% change
SOUTH OKANAGAN: $331,122 (2016) — $317,582 (2015) 4.3% change
NORTHERN LIGHTS: $227,763 (2016) — $291,388 (2015) -21.8% change
VANCOUVER ISLAND: $376,049 (2016) — $328,396 (2015) 14.5% change
VICTORIA: $575,858 (2016) — $508,807 (2015) 13.2% change
PROVINCIAL TOTALS: $771,620 (2016) — $641,799 (2015) 20.2% change
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