2014-03 Statistical Release
News and Publications » News Room » News Releases » 2014-03 Statistical Release
Share on Facebook
Share on Twitter

For the complete news release, including detailed statistics, click here.

For immediate release

Low Mortgage Rates Key Driver in Spring Housing Market

Vancouver, BC – April 15, 2014. The British Columbia Real Estate Association (BCREA) reports that a total of 6,661 residential sales were recorded by the Multiple Listing Service® (MLS®) in March, up 16.8 per cent from March 2013. Total sales dollar volume was $3.7 billion, an increase of 21.5 per cent compared to a year ago. The average MLS® residential price in the province rose to $562,316, up 4 per cent from the same period last year.

“While home sales are up from a year ago, consumer demand in the province has largely been treading water over the first quarter,” said Cameron Muir, BCREA Chief Economist. “However, fewer homes for sale means that most BC markets are moving into balanced conditions, which signals no particular advantage to either home buyers or sellers.”

“Low mortgage interest rates are a key driver in the market, this spring,” added Muir. “It’s unlikely that mortgage rates will be at their current low level a year from now.”

During the first quarter, BC residential sales dollar volume was up 32.4 per cent to $9.5 billion, compared to the same period last year. Residential unit sales were up 21.1 per cent to 16,435 units, while the average MLS® residential price was up 9.3 per cent at $579,775.

-30-

For more information, please contact: 

Cameron Muir
Chief Economist
Direct: 604.742.2780
Mobile: 778.229.1884
cmuir@bcrea.bc.ca

Damian Stathonikos
Director of Communications and Public Affairs
Direct: 604.742.2793
Mobile: 778.990.1320
bogmundson@bcrea.bc.ca

BCREA represents 11 member real estate boards and their approximately 18,500 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education.

To demonstrate the profession’s commitment to improving Quality of Life in BC communities, BCREA supports policies that encourage economic vitality, provide housing opportunities, respect the environment and build communities with good schools and safe neighbourhoods.

For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada’s real estate boards to ensure maximum exposure of properties listed for sale.

To subscribe to receive BCREA publications such as this one, or to update your email address or current subscriptions, click here.

Share:
  Facebook   Twitter   LinkedIn