Housing demand has been vigorous over the summer months, August was no exception. Home sales across the province were up 20 per cent to 8,800 units last month compared to year ago levels. On a seasonally adjusted basis, home sales were unchanged from July, albeit edging back by just 20 transactions. Through the first eight months of the year, home sales are up over 22 per cent compared to last year.
Active residential listings in the province are down 17 per cent from a year ago and continue to be at their lowest level since 2007. The combination of robust consumer demand and fewer homes for sale has pushed home prices higher in many regions. The average residential price was up 10-12 per cent on a year over year basis in Victoria, Vancouver, the Fraser Valley and Chilliwack. Market conditions, however, can vary significantly between individual neighbourhoods and communities so contact your local realtor to identify market conditions in the area.
The average home price statistic for the province was up 10.6 per cent year-over-year in August at nearly $620,000. Over the past 12 months, the MLS Home Price Composite Index, the price for a typical home, increased more than 12 per cent in Vancouver, over 7 per cent in the Fraser Valley and approximately 5 per cent in Victoria and on Vancouver Island.
Courtesy 2015 Real Estate Board of Greater Vancouver / British Columbia Real Estate Association.