British Columbia saw a total of 6,673 residential sales in October, up 26.5 per cent from that same month last year.
According to the latest data from the British Columbia Real Estate Association (BCREA), the average residential price in the province hit $540,432, a 6.3 per cent jump from October 2012. (Tweet this stat)
“The fall housing market is shaping up to be the most active in four years,” said Cameron Muir, BCREA Chief Economist. “Persistently low mortgage interest rates and an element of pent-up demand have driven home sales higher in the province’s large Lower Mainland and Vancouver Island markets.”
The Greater Vancouver region itself saw 2,698 residential home sales last month, a 37 per cent increase from the total in October 2012. The average home price in the region climbed 5.3 per cent to $775,542 in the same 12-month period. (Tweet this stat)
The dollar volume of sales was also up in the Vancouver area, jumping 44.2 per cent from $1.5 billion in October 2012 to $2.1 billion in October 2013.
The regional breakdown of BCREA’s 11 member markets in chart form: