Vancouver area home sales surpass 2006 total in 11 months

BCREA release – British Columbia Real Estate Association reports residential sales volume on the Multiple Listing Service® (MLS®) in BC climbed 26.4% to $3.21b in November, compared to the same month last year.

Residential unit sales increased 11.9% to 7,088 units during the same period. The average MLS® residential price reached $452,755, up 12.9% from November 2006.

"BC home sales have already surpassed the annual total for every year except 2005, and there’s still one month to go," said Cameron Muir, BCREA Chief Economist.

A total of 98,014 homes were sold through MLS® during the first 11 months of 2007, exceeding the 2006 total of 96,671.

"While home sales in the province are unlikely to break the record 106,310 units established in 2005, they are on track to exceed 100,000 units this year, the second highest ever recorded," noted Muir.

"Despite eroding affordability, consumer demand remains strong," added Muir. "Employment growth, rising wages and salaries and population growth buoyed by migration continue to underpin housing demand.

Access to home ownership is also being bolstered by an increasing proportion of relatively affordable condominiums in the housing stock, and many consumers are taking advantage of longer mortgage amortizations which lower their monthly carrying costs."

Year to date, MLS® residential sales volume increased 19.2% to $42.95b compared to the same period last year. Residential sales climbed 6.2% to 98,014 units over the same period. The average residential sales price rose 12.2% to $438,189 January through November.


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