British Columbia Housing Market Update May 2014Posted on May 14, 2014
Real Estate Report for Vancouver and British Columbia
The latest real estate report is out for the month of May. Everything is looking really good! Watch the video from the BCREA or read the transcript below!
Hello and welcome to the British Columbia Real Estate Associations Housing Market update for May 2014. Home sales in the province tended higher in April as a typically robust Spring Market unfolds. Total MLS residential sales increased 12 percent compared to April 2013 or up nearly 5 percent from March on a seasonally adjusted basis. Low mortgage interest rates and increase consumer confidence are key drivers of the market this spring. Total active listings on
the market trended lower again last month down over six percent compared to last year. Rising consumer demand coupled with more homes for sale has most BC regional markets now exhibiting balance conditions, where neither buyers or sellers at the upper hand. However, local markets can vary significantly, so contact your local realtor to identify market conditions in your community. The average home prices adjusted for the province was up a little over six percent year over year in April to $562,000. The MLS home price index for the south coast market stay flat in Victoria increased about 1.5 percent in both the Fraser Valley and Vancouver Island while Vancouver posted a 3.6 percent increase over the past 12 months. Now let’s take a look at market conditions
around the province.