B.C. home sales skyrocket
Trend expected to moderate in coming months
Last Updated: Tuesday, November 17, 2009 | 5:07 PM PT
CBC News
B.C. hasn't seen as hot an October for real estate sales since 2003. (CBC) The B.C. real estate market continued to heat up in October, with sales and prices rising dramatically from 2008.
Home sales across the province climbed 115 per cent to 8,624 units in October, compared with the same month last year, according to figures released by the B.C. Real Estate Association on Tuesday.
It was the highest number of sales in B.C. for the month of October since 2003, when 8,682 units changed hands.
The average residential sale price in the province climbed 17 per cent to $493,328, from $420,259 in October 2008.
One real estate expert did not expect the trend to continue for long.
"Despite a lacklustre economy, low mortgage interest rates have induced many potential buyers into the market," said Cameron Muir, the association's chief economist.
"However, the recent phenomenal pace of home sales is expected to moderate in the coming months as pent-up demand dissipates and eroding affordability begins to impact the purchasing power of households," said Muir.
This graph provided by the B.C. Real Estate Association shows the dramatic jump in sales. (BCREA) Year-to-date, residential sales dollar volume increased 14 per cent to $33.3 billion over the same period last year. A total of 72,146 units were sold in the first 10 months of 2009, up 13 per cent from 2008.
