The B.C. Real Estate Association says housing sales continue to sizzle in this Province, with a record breaking February on the books.
Association economist Cameron Muir….
“So overall home sales in the province in February were a record for the month of February but when we adjust that seasonal influences, seasonally-adjusted data, it actually points out that the pace of home sales right now in the province is at a record level.”
9,637 unit sales were recorded – that number up 44.7% from February of 2015.
It also smashed the previous record of 8,157 unit sales recorded in February of 1992.
As for the number of sales dollars recorded last February: $7.51 billion.
That value is up about 76% from the same time last year.
Muir says demand is strong all around the province.
“The Okanagan is doing exceptionally well, Chilliwack’s doing well, the Island is doing extremely well in terms of overall home sales, and of course Vancouver and the Fraser Valley are doing extremely well in terms of overall consumer demand. In fact, when we look in the Fraser Valley, unit sales in February were up 73% compared to a year ago”.
And Muir says while home builders have responded with a record pace of housing starts for BC last month, the supply isn’t expected to alleviate the imbalance in these markets in the near term.