Just as predicted, the housing market in BC is off to a strong start with 5,831 recorded residential unit sales on MLS which is a 33.2% increase in relation to January 2015. Correlating to those sales was a total sales dollar volume of $4.39 Billion which is a 69.1% increase compared to January 2015. Looking at BC's average MLS residential price, there has been an increase of 26.9% year-over-year. Below you will find two charts with comparative data between January 2016 and January 2015 and their respective percentage changes.
"The BC housing market continues to build on momentum from a very strong 2015. Heightened demand is being met with the lowest level of supply in a decade, resulting in increased pressure on prices in much of the province." -- BCREA Economist, Brendon Ogmundson
Despite the strong housing demand, MLS residential sales are forecasted to see a slight 6.2% decline for 2016. Additional information for this year's projections can be found on our last blog here.
For all your real estate needs, contact Amalia Liapis at amalia@wesellvancouver.ca or alternatively at 604-618-7000.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.