reports that a total of 5,972 residential unit sales were recorded by the Multiple Listing Service®
(MLS®) in November, up 8.8 per cent from November 2013. Total sales dollar volume was $3.4
illion, an increase of 12.1 per cent compared to a year ago. The average MLS® residential price
in the province rose to $574,694, up 3.1 per cent from the same month last year.

“BC home sales were robust in November,” said Cameron Muir, BCREA Chief Economist. “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.

Year-to-date, BC residential sales dollar volume was up 22.1 per cent to $44.8 billion, compared to the same period last year. Residential unit sales were up 15.3 per cent to 78,973 units, while the average MLS® residential price was up 6.0 per cent at $567,292.

Source: BCREA Dec 2014

BCREA 2014 Fourth Quarter Housing Forecast

Vancouver, BC – November 18, 2014. The British Columbia Real Estate Association (BCREA) released its 2014 Fourth Quarter Housing Forecast today.

"Consumer demand has ratcheted up this year and is expected to remain at a more elevated level through 2015,” said Cameron Muir, BCREA Chief Economist. “While historically low mortgage rates support demand, the housing market is also being underpinned by a more robust economy and associated job growth, strong net migration and consumer confidence."

BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 15.1 per cent to 83,900 units this year. Stronger economic conditions are expected to be somewhat offset by higher interest rates later next year, and keep home sales from advancing much further. As a result, MLS® residential sales are forecast to edge up a further 1.2 per cent to 84,900 units in 2015. The 15-year average is 80,400 unit sales and a record 106,300 MLS® residential sales were recorded in 2005.  

The average MLS® residential price for the province is forecast to increase 6 per cent to a record $569,800 this year and a further 1.2 per cent to $574,300 in 2015. “New construction activity is generally keeping pace with population and household growth, keeping supply in line with consumer demand,” added Muir. BC housing starts are forecast to increase 4.6 per cent to 28,300 units this year and a further 1.4 per cent to 28,700 units in 2015.

Source: BCREA (British Columbia Real Estate Association

“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”. To the end of October, 73,001 homes have traded hands in the province compared to 72,936 for all of last year."

“Strong year-over-year increases in housing demand were experienced in Chilliwack (up 31 per cent), Victoria (up 21.9 per cent) and the Kootenay (up 19.4 per cent) market areas. Vancouver, Vancouver Island, the Fraser Valley and Okanagan Mainline also posted a marked increase in sales activity last month."

Year-to-date, BC residential sales dollar volume was up 23 per cent to $41.4 billion, compared to the same period last year. Residential unit sales were up 15.8 per cent to 73,001 units, while the average MLS® residential price was up 6.2 per cent at $566,687.

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Hey Vancouver.... it's time to vote. The November Civic elections are an important opportunity to shape how our city looks in the coming years.

Check out the candidates and make your choice.

Vancouver has a miserable record when it comes to municipal elections. Voter turnout has been the lowest of any major Canadian City. Check out the web site below for details on all the candidates and get out there and  vote! 

http://www.govotevancouver.ca/pledge