Residential housing sales in B.C. were up 28.6% in August, compared with the same period last year, the British Columbia Real Estate Association (BCREA) reported this morning.
According to the Multiple Listing Service, there were 6,863 residential home sales last month in B.C. worth a total of $3.66 billion. In dollar terms, that’s a 39.7% increase over August 2012 sales, which totalled $2.62 billion.
“After sitting on the sidelines for much of 2012, home buyers were out in force during the summer months,” said BCREA chief economist Cameron Muir. “Fear of a housing market hard landing has given way to a sense of urgency to lock in a mortgage at a low interest rate.”
Year-to-date, $26.5 billion in home sales represents 1.5% increase over the same period last year.
Although mortgage rates are anticipated to rise, the BCREA predicted the impact on home sales will be offset by employment growth and generally stronger economic conditions.
