Skyrocketing sales defy 'soft landing'

by Jennifer Paterson16 Apr 2015
A total of 9,101 residential unit sales were recorded in Vancouver in March, up 37.6 per cent year-over-year, according to new figures.

With home sales at their highest level since 2007, many market analysts are left wondering if the possibility of a soft landing is more of a pipe dream than a reality.

“B.C. home sales climbed significantly in March," said Cameron Muir, chief economist of the British Columbia Real Estate Association. “More homes traded hands last month than any March since 2007.”

The BCREA reported that the total sales dollar volume was $5.8 billion, an increase of 57.1 per cent compared to a year ago.
The average MLS residential price in the province rose to $641,799, up 14.1 per cent from the same month last year.
While it may prove challenging to get into this hot market, those with properties might do well to consider selling.

“Rock bottom interest rates and rising consumer confidence have strengthened housing markets in most regions of the province,” added Muir. “Many board areas are now exhibiting sellers' market conditions with home prices advancing well above the overall rate of inflation.”

The BCREA also reported that the residential sales dollar volume was up 33.2 per cent to $12.7 billion, compared to the same period last year.

Residential unit sales were up 22.5 per cent to 20,139 units, while the average MLS residential price was up 8.7 per cent at $630,435.
 

COMMENTS

  • by 4/16/2015 12:33:05 PM

    Busy Real Estate Agent who Actually closes lots of deals.

    I am curious what the author meant buy no soft landing. This is great news and these doom and gloom "Economists" and others writing articles on real estate activities have certainly been silenced. The truth is that the market in major centers in Canada Toronto and Vancouver continue to have demand. The west coast market seems to a bit more volatile than Toronto, but the demand is there.

    People always ask me if we are in a bubble, I can't speak for the west coast, but for Toronto the answer is no. We have seen steady demand and price increases over the last almost 20 years. If that's not a solid market, the idea doesn't exist.

  • by Karen Tereck 4/16/2015 12:49:43 PM

    Rumour has that it is not Canadian consumers supporting the bc real estate market but the chinese are the vast majority of buyers

  • by Dan 4/16/2015 2:02:26 PM

    So real estate doesn't go in cycles any more and Vancouver will just keep rising in to perpetuity??? Hmmm

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