Total home sales in Greater Vancouver grew by 57% in February compared with one year ago, according to the British Columbia Real Estate Association (BCREA).
The dollar value of Vancouver homes sold in February was $2.2 billion, up from $1.4 billion in February 2013. The number of units sold over the same period increased 41%, from 1,822 to 2,570.
The average price of homes in Vancouver sold jumped 11.3% to $846,978 year-over-year.
Across the province, the dollar value of home sales grew 43% year-over-year to $3.4 billion, with 5,578 units sold – a 24% increase compared with February 2013.
The provincial average price of homes was $611,688 – up 15.4% year-over-year from $529,922.
Cameron Muir, chief economist at the BCREA, told Business in Vancouver that most of this growth occurred in the first three quarters of 2013, and that sales have essentially plateaued due to last year’s weak economy and lack of job growth in the market.
“In the winter of 2012-13, home sales were at a cyclical low, so when we are comparing year-over-year, we see some growth last year and now we are at a higher level,” he said.
“The numbers look quite large in terms of percentage growth year-over-year, but that’s because the winter of last year was a fairly low level of home sales.”
Muir said most regions of B.C. are at near or balanced market conditions.
“Record low mortgage interest rates and population growth continue to underpin the housing market,” he said.
B.C. home sales were up 10.1% year-to-date in terms of dollar volume to $36.7 billion, compared with the same period in 2013. Unit sales were up 6% to $68,510 units over the same period.
