The British Columbia Real Estate Association reported a total of 12,560 residential home sales in March – a 38% year-over-year increase.
"Housing demand has never been stronger in the province,” Cameron Muir, BCREA Chief Economist, said in a release. “Most large population centres of the province are now experiencing record levels of housing demand."
“Strong employment growth, rising wages and a marked increase in net inter-provincial migration is fuelling consumer confidence.”
Home sales in March surpassed the previous record of 11,683, which was set in May 2007.
Total sales reached $9.69 billion in March – a 66.9% year-over-year increase.
The average home price increased 20.2% year-over-year to $771,620.
B.C. home sales – along with sales in Greater Toronto – helped sales reach a record for March across the nation.
“Single family home sales in the Lower Mainland of BC and the GTA set new records for the month of March in the range between a-half and one-million dollars – as did sales above a million dollars,” Gregory Klump, CREA’s chief economist, said. “Meanwhile, sales below a half-a-million dollars, which were not subject to recently tightened mortgage regulations, are being increasingly restrained in these markets by a short supply of listings. If current sales and listings trends persist, price gains may pick up further this spring.”
A record-setting month in one hot market means agents have had their fair share of deals – and that trend is expected to continue.