The province’s real estate market continues to improve from the dramatic decline in sales in the first half of the year, according to data from the BC Real Estate Association.
Residential sales on the multiple listing service (MLS) have climbed 20% in November from October sales levels, resulting in a 46% increase in home sales since July.
Cameron Muir, BCREA’s chief economist, said improved economic conditions and low mortgage rates have contributed to the increase in the second half of the year.
Despite the sales increase, levels have not returned to last year’s near-record levels. The number of unit sales in B.C. is down 11.3% to 70,382 units from 79,325 units in the same period last year.
B.C.’s biggest markets have seen the steepest declines, with the number of units sold falling 13.3% in Metro Vancouver and 9.8% in the Fraser Valley. Unit sales fell in nine of the 12 regional real estate boards, with some of the largest declines outside of the Lower Mainland in Victoria (-19.3%), Vancouver Island (-8.8%), Okanagan Mainline (-13.4%) and Kamloops (-6.9%).
Despite the decline in activity, prices continued to rise in nine of the 12 regional markets in B.C. Prices rose the most in the Lower Mainland, with a 14.3% increase in Metro Vancouver and a 6.5% increase in the Fraser Valley.
“The inventory of homes for sale has trended lower since last spring, improving market conditions in many areas of the province,” said Muir. “Vancouver and Victoria markets, in particular, have climbed back into balanced market conditions in November.”