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.
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Director of Communications and Public Affairs
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.
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