The British Columbia Real Estate Association says that a total of 8,553 residential unit sales were recorded by the MLS in September, up 12 per cent from the same month last year.
The average MLS residential price in the province rose to $605,258, up 5.3 per cent from September 2014. The inventory level fell to five months of supply, the lower limit of a balanced market.
“Strong consumer demand has pulled down the inventory of homes for sale to its lowest level in eight years,” said Cameron Muir, BCREA's chief economist.
“Market conditions are favouring home sellers in some board areas, while contributing to relative balance between buyers and sellers in others.”
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Strong demand for housing in British Columbia has pushed inventory levels to an eight-year low.