Metro Vancouver’s red-hot real estate market pushed housing prices in the province through the roof last month.
The average house price in B.C. climbed 18% to $587,571 in February compared with the same month last year.
This according to the B.C. Real Estate Association (BCREA), which said Monday that multiple listing service residential sales were up 5% in February compared with January.
“The surge in consumer demand in Metro Vancouver continues to propel the provincial statistics higher,” commented Cameron Muir, BCREA’s chief economist.
“Elevated sales activity in Vancouver’s pricier communities has pushed average home prices higher than market conditions would suggest.”
Residential unit sales increased 8% to 6,410 units last month compared with the same month in 2010, while B.C. residential sales dollar volume increased 15% to $6.03 billion year-to-date.