Homes sales in British Columbia increased by 24% year-over-year in September according to new figures from the province’s real estate association.
BCREA says 6,938 sales were completed through the MLS in the month, while the total sales dollar volume was $4.84 billion, a 26.5% increase from the same month last year.
Total active listings were up 4% year-over-year to 39,117 and were essentially flat month-over-month on a seasonally adjusted basis. The sales-to-active-listings ratio was around 18%.
“Markets across BC built on momentum from the summer,” said BCREA Chief Economist Brendon Ogmundson. “While the year-over-year increase in provincial sales was quite strong, home sales in most areas are simply returning to historically average levels.”
Year-to-date sales volume was down 12.4% compared to the same period of 2018, to $39.7 billion.
The average MLS® residential price in the province was $697,943, an increase of 2.1% from September 2018 while it was down 3.9% year-to-date at $687,530.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate