BC home sales and prices are up in July

Home sales in British Columbia rose 12.9 per cent to 6,533 units in July compared to July 2010, while the average price climbed 10 per cent to $540,877, the British Columbia Real Estate Associate reported Thursday.


However, sales in the province fell four per cent from June, fueled by “less frenetic buying activity in Vancouver,” Cameron Muir, BCREA chief economist said in a news release.


Housing demand in the near future could be bolstered in the future by low interest rates as investors flock to bonds and bank analysts predict the Bank of Canada will keep its overnight target rate steady in light of the U.S. Federal Reserve saying it expected that an increase in rates would not be warranted, given the state of the U.S. Economy, until 2013.


“The increased affordability and added purchasing power from lower mortgage rates will help bolster housing demand," Muir said.


Year-to-date, B.C. residential sales dollar volume increased 16.5 per cent to $28.2 billion, compared to the same period last year. Residential unit sales increased one per cent to 48,628 units, while the average residential price for houses sold through the multiple listings service rose 15.3 per cent to $579,645, BCREA said.


Source: Vancouver Sun


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