British Columbia Leads Real Estate Record

British Columbia lead groundbreaking real estate sales in 2016, with 112,209 total residential homes sold, making it an increase of 9.5% yearly.

Cameron Muir, BCREA Chief Economist, stated, “Broad-based consumer demand driven by strong economic conditions, employment growth, consumer confidence, and an expanding population base pushed home sales to record levels in many BC regions last year,” adding, “However, home sales have fallen back from their lofty peaks early last year.”

Overall sales dollar volume surged 18.8% yearly to $77.6 billion and the average price climbed 8.6% to $691,144.

“A total of 4,721 residential unit sales were recorded by the MLS in December, down 28.4 per cent from the same month last year,” the British Columbia Real Estate Association mentioned in a release. “Total sales dollar volume was $3.1 billion last month, a decline of 33.1 per cent compared to the same month the previous year.

“The average MLS residential price in the province was $654,699 in December, a 6.6 per cent decline from December 2015.”