Home Sales Climb for Fifth Consecutive Month

October Homes Sales Highest - in Six Years.

Vancouver, BC - November 17 2009. The British Columbia Real Estate Association (BCREA) reports that Multiple Listings Service (MLS) residential sales in the province climbed 11.5 % to 8,624 units in October compared to the same month last year. Last month posted the highest number of MLS residnetial sales for the month of October since 2003, when 8682 units changed hands. The average MLS residential sales price in the province climbed 17% to $493,328 from $420,259 in October 2008.

"BC homes sales continued on an upward climb in October," said Cameron Muir, BCREA Chief Economist.  "Despite a lackluster economy, low mortgage interest rates have induced many potential buyers into the market. However, the recent phenomenal pace of homes sales is expected to moderate in the coming months as pent up demand dissipates and eroding affordability begins to impact purchasing power of households."

Year-to-date, MLS residential sales dollar volume increased 14% to $33.3 billion over the same period last year. A total of 72,146 units were sold in the first ten months of 2009, up to 13% from 2008, while the average MLS price was up 1% to $461,694.

source: BCREA