Low mortgage rates and improving employment numbers continued to bolster the already hot B.C. real estate market last month, putting home sales and prices back on an upward trend after experiencing some slight softening, on a month-to-month basis, during the summer.
B.C. home sales processed through the Multiple Listings System rose 8.8% to 5,995 transactions in September compared to the same month last year, while the average residential price rose 6% to $523,568 on a year-over-year basis.
On a seasonally adjusted basis, however, sales were up just 3%, said Cameron Muir, BCREA chief economist.
"Despite a modest gain in unit sales, total active residential listings in the province remained elevated in September,” Muir said. More than 55,600 home were listed in the province at the end of September.
On a year-to-date basis, the total value of residential sales in the province increased 17.5% to $34.8 billion, compared to the same period last year, while the volume of residential sales increased 3.2% to 61,127 units. The average residential price continued to outpace the national average, rising 13.9% $569,922 over the same period.
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