Residential sales in British Columbia have soared over the past year, according to British Columbia Real Estate Association (BCREA) data released May 14.
The number of sales in April was so high, in fact, it reached levels not seen at that time of year in 10 years.
“Last month was the strongest April for home sales in a decade,” said BCREA chief economist Cameron Muir. “The elevated level of buying activity this spring is now expected to push 2015 home sales to their highest levels since 2007.”
The number of units sold across the province increased 28.7% to 9,952 in April, while the total dollar volume of sales reached $6.3 billion – up 45.5% compared with the same period last year.
In Greater Vancouver alone, 4,254 units changed hands during the month – an increase of 37.7% compared with 3,090 in the same period last year. The total dollar volume of sales jumped 54.5% to $3.8 billion.
The Fraser Valley also posted strong gains, with 1,925 units sold – up 38.1% compared with last year – and a 52.1% jump in the dollar volume to $1.1 billion.
Muir said British Columbians are taking advantage of record-low interest rates and are showing strong confidence in the housing market.
“However, dwindling inventories combined with competition for detached homes in the province’s large urban markets is pushing home prices higher.”
The data released by the BCREA differs from the information released yesterday by Teranet , which uses statistics compiled from “repeat sales methodology.”
