BC real estate ended in a high note

British Columbia Real Estate Association just released it's Housing Market Update January 2015 saying: 

"The year ended on a high note with residential MLS sales up +15% from a year ago and up 11% from November on a seasonally adjusted basis.  2014 marked the largest year over year increase in residential sales since the post-recession rebound of 2009.

Prior to that you need to look back to the 2001 and 2002 period to find a larger year-over-over percentage gain in housing demand.  However, home sales climbed over 15% to 84,000 units that tally was not record setting, it just barely eclipsed the 15 year average of 82,000 unit sales.

The inventory for homes for sale was down to 11% just under 34, 000 units in December, the lowest level for the month of December since 2007.

Active listings were also down 1 ½% in November on a seasonally adjusted basis. The combination of rising home sales and declining inventory has pushed market conditions to a strong balanced position with home prices rising above the rate of inflation in some regions.  However local markets can vary significantly so contact your local REALTOR to identify market conditions in your community.

The average home price statistic for the province was up 3% year-over-year in December to a little over $585,000.

Over the past 12 months the MLS home price composite index increased nearly 6% in Vancouver and 3% in the Fraser Valley and near 2% in Victoria and Vancouver Island.

Now let's take a look at market conditions around the province:

Did you know…
  • ·        A total of 2,348,200 individuals were employed in the Province last month while 134,200 were unemployed.
  • ·        BC’s commodity exports fell 5.3% by value in November compared to October on a seasonally adjusted basis.
  • ·        BC is the 4th province after Alberta, Saskatchewan and Ontario to observe a family day in February.
(Text & Graphs: British Columbia Real Estate Association)