BC Homes Sales Remain Strong in October

But BC’s year-to-date performance totaled more than $30.6 billion and has already surpassed all of last year’s monthly dollar volume figures combined.
This marks the second consecutive year that BC has set a record for residential dollar volume sales. The previous mark in 2004 was $27.8 billion, which shattered the 2003 totals by more than $3.6 billion, or 15 per cent.

The British Columbia Real Estate Association (BCREA) reports 8,456 homes, worth more than $2.93 billion, were sold in the province on the Multiple Listing Service® (MLS®) in October—a 36.79 per cent increase in dollar volume and a 18.68 per cent hike in the number of units sold during the same month last year.

Compared to last year, October’s figures remained quite strong throughout the province. Ten of the 12 real estate boards reported double-digit percentage increases in dollar volume sales over 2004, with nine boards experiencing at least a 25 per cent boost.

“The autumn months tend to be somewhat slower in the real estate market,” said BCREA President Dave Barclay. “However, despite the slight decline in sales, October’s figures are still well above what we saw a year ago. This is a clear indication of just how strong the market has been in the past few months, which is why we are seeing a new record already in 2005.”

In terms of unit sales, more homes were sold in 2003 than any other year, totaling 96,316. With 92,866 units sold to date in 2005, a new record is expected within the next month.

A study prepared by Clayton Research Associates Limited found the average BC home sold on the MLS® between 2002 and 2004 triggered an estimated $27,873 in additional spending, including legal fees, moving expenses, furniture and appliance purchases and taxes.

(report prepared by British Columbia Real Estate Association)