Home sales in Vancouver are showing no sign of slowing down, according to British Columbia Real Estate Association (BCREA) data released November 14.
The total dollar value of all units sold in the city in October was almost $2.6 billion – an increase of 22% compared with just under $2.1 billion the same period last year.
The average residential selling price in Vancouver was $819,336 in October, which represents year-over-year growth of 5.6%. The number of units sold also increased year-over-year, with a more than 15% jump to 3,113 units from 2,698 in October 2013.
Year-to-date sales are up 25% from $18.8 billion to $23.5 billion.
Sales surged in most other regions across the province. A total of $4.4 billion in residential real estate was sold in October, compared with $3.6 billion last year. Victoria sales grew more than 30% to $290 million.
The only regions with falling sales in terms of total dollar value were Powell River (down 25.4%) and the South Okanagan (down 11.5%).
B.C.-wide year-to-date sales grew 23% to $41.4 billion.
“Consumer demand for housing continues at an elevated level,” said Cameron Muir, BCREA Chief Economist.
“There were more homes purchased during the first ten months of the year than during all of 2013”.
