Source: BC Real Estate Association (BCREA)
Cameron Muir, Chief Economist of the BC Real Estate Association (BCREA), gives a quick, yet detailed overview of the May 2015 statistics. Looking at the statistics, seller market conditions are prevailing. In the first time since 2007, MLS residential sales within BC surpassed 10,000 units in the month of May with an astonishing 10,174 residential unit sales recorded. Looking back at the first five months of the year, there has been a 22% increase in home sales and a 35% increase in the dollar volume bringing it to $25.4 billion. In contrast, there has been a 14% decrease in inventory of homes for sale from the previous year at approximately 45,000 units. This is the lowest level for the month of May since 2007.
"Home sales for the month were at an eight year high for the month of May," said Cameron Muir, BCREA Chief Economist. "Strong consumer demand is pushing home sales up in most of the large urban areas of the province."
Average home prices for BC have seen an increase of 12% year over year at $632,000 and the price for a typical home increased over 9% in Vancouver. Moving over to the commercial side of real estate, retail sales have grown more than 8% through the first quarter of 2015. This growth rate has been the highest in the past five years.
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