Vancouver Sep 2007 home prices surge another 10.4%

BCREA release – British Columbia Real Estate Association (BCREA) reports residential sales volume on the Multiple Listing Service® (MLS®) in BC climbed 20% to $3.42 billion in September, compared to the same month last year. Residential unit sales increased 6.8% to 7,687 units during the same period. The average MLS® residential price reached $445,205, up 12.3% from September 2006.

“Housing demand hasn’t let up after a record-breaking summer,” said Cameron Muir, BCREA Chief Economist. “While the number of homes for sale has increased since last year, the sales-toactive-listings ratio has remained unchanged. This means homebuyers are snapping up additional inventory at the same pace, and upward pressure on home prices is continuing.”

“Strong economic conditions are underpinning BC home sales,” noted Muir. “Robust job growth, low unemployment and rising wages and salaries are bolstering consumer demand.” More than 70,000 jobs have been created in the province over the last year, while the unemployment rate hovers near an historic low. The average weekly wage in BC climbed 3.3% in September, compared to the same month last year.

Year to date, MLS® dollar volume increased 18% to $36 billion compared to the same period last year. Residential sales rose 4.9% to 82,627 units, while the average residential price climbed 12.5% to $436,062.

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