Home sales across Greater Vancouver are continuing to climb, the British Columbia Real Estate Association (BCREA) announced December 12.
A total of $2.06 billion in residential sales was recorded in November – an increase of 11% compared with November 2013.
A total of 2,567 units were sold in the month – up 7.4% from 2,390 units in November 2013. The average home sold for $801,450 in November – up 3.4% from $774,932 in the same period last year.
Total dollar sales province-wide were $3.4 billion, up 12.1% compared with the same period last year.
The number of units sold increased 8.8% to 5,972 across the province. Only three regions saw a drop in sales – northern B.C. (down 6.8%), Kamloops (down 5.2%) and Kootenay (down 1.1%).
“B.C. home sales were robust in November,” said BCREA chief economist Cameron Muir. “Improving economic conditions, strong consumer confidence and persistently low mortgage interest rates are providing a solid foundation for elevated consumer demand.
“Market conditions have improved province-wide, with most regional markets now in the mid to high range of a balanced market,” added Muir.
The number of units sold in Victoria and the Fraser Valley jumped year-over-year, 14.4% and 14.5%, respectively.
