August saw BC home sales remain stable with 6,504 MLS residential unit sales occurring, up 16.4 per cent from August 2010. Sales were also up 1 per cent when compared with July’s figure.

The average sale price rose 10.7 per cent from August 2010 to $539, 953.

These figures came from the always-reliable BC Real Estate Association, who said that these increases were due to low mortgage rates and high numbers of active listings.

In a statement accompanying the release of this data, BCREA economist Cameron Muir said “Low mortgage interest rates continued to underpin housing demand in the province last month… Most regional markets exhibited buyer’s market conditions, meaning little upward pressure on home price.”

To contextualize these month-to-month stats in the bigger picture, BC home sales value at $31.7 billion this year, up 17.7 per cent from 2010.

That’s a big number… Then again, BC is a hot market so maybe it’s not so surprising. Check out the report in PDF form for a bunch of fancy charts and things of that nature.

Developments featured in this article

More Like This

Facebook Chatter