British Columbia real estate for February breaks a 24 year record by 18%.
Property prices for homes in Vancouver have seen 26% year over year growth and it has no sign of slowing down.
According to British Columbia Real Estate Association data released March 14, 2016, in February, B.C broke all records for sale for residential units in the province.
A total of 9,637 residential units were sold, which broke the previous record set 24 years ago in 1992. Month of February is hot moth for sales, even in 1992 record was set in the same month, when 8, 157 units were sold. The new record is 18% higher than the one in 1992. The sales saw a strong momentum throughout the year and continues to grow, the percentage increase was 44.7% higher in February 2016, compared to the same period in 2015.
BCREA chief economist Cameron Muir said, “Housing demand is now at a break-neck pace, Home sales last month were not only a record for the month of February, but on a seasonally adjusted basis, demand has never been stronger in the province. “
Looking at Greater Vancouver where the price to income ratio is more than 12 and demand for luxury residential units is high, the number of units sold increased almost 37% over the past year, with 4,254 units sold in February, despite a 37% drop in active listings.
The average price has also been growing strong and has grown around 26%, the current average price in Greater Vancouver is $1,104,133, compared with $879,069 last year.
“Downward pressure on active listings has created significant upward pressure on home prices in some regions, particularly in Vancouver and the Fraser Valley,” Muir said.
“While home builders have responded with a record pace of housing starts for B.C. last month, the supply isn’t expected to alleviate the imbalance of these markets in the near term.”
According to Philip Huynh a real estate agent with Rick Clarke Team in Vancouver,
“ It is clear from the BCREA report and what we are seeing in the market, Housing numbers from the month of February clearly show that the spring real estate season is starting even earlier this year.”