BC Housing Market Gains Momentum

realestategraph
The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 68 per cent to 8,576 units in September compared to the same month last year. The average MLS® residential sales price in the province climbed 15 per cent to $474,169 from $412,149 in September “Upward momentum in consumer demand continued unabated in September,” said Cameron Muir, BCREA Chief Economist. “Low mortgage interest rates and renewed confidence in real estate assets has propelled BC home sales to a level not seen in two years.” September posted the highest number of BC MLS® residential sales for that month since September 2005, and the third highest ever recorded for the month of September. “While Victoria and the Lower mainland are exhibiting strong sellers’ market conditions with rising prices, housing markets in the rest of the province are experiencing a more gradual recovery,” added Muir. Year-to-date, MLS® residential sales dollar volume increased 6 per cent to $29 billion over the same period last year. A total of 63,521 units were sold in the first nine months of 2009, up 6 per cent from 2008, while the average MLS® price declined 1 per cent to $457,389. The housing market is heating up fast! If you’re looking to buy or sell real estate in Burnaby, New Westminster, Vancouver or anywhere in the lower mainland, now is the time to do it. Apartment, townhouse & detached house prices are on the move. Call me or email me today, I’ll send you a market snapshot of your area, where you can see homes for sale, sold homes, pricing differences and other data to give you a better idea of the market in your area.