The BCREA cited fewer active listings and increased consumer demand in a news release this morning. “Tighter credit conditions and expended pent-up demand curbed home sales during the first half of 2010,” Cameron Muir, BCREA chief economist, said in the release.
BC Average Homes Price Hits Record High in 2010
January 14, 2011
BC homes…doesn’t it seem like they’re always increasing in value? I mean, sure, for a while there during 2008 they weren’t doing so hot– but the entire world economy was paralyzed by indecision. And now they’re back on the rise.
In 2010, the average price of a BC home increased to $505,178 which represents a record for the province. That’s especially impressive considering home sales overall fell 12 per cent in 2010 to 74,640.
According to the Vancouver Sun:
He goes on to note that in the latter half of the year improved economic conditions and lower mortgage rates sustained a higher sales level. Inventory peaked at 53,375 units in May and declined to 46,000 units in December (I think we’re all wondering how many of those units are at the failed Millennium Water project alone).
Anyway, that decrease in inventory means that buyers were on the prowl and, so, prices increased! It alllll makes sense.
So is BC the best place on earth? I can say that if you’re a real estate investor that got into the market ten years ago– then probably, yes.