Real Estate in Vancouver Recovering from 2012 Slowdown
According to reports by the BCREA (British Columbia Real Estate Association) home sales in BC and specifically Vancouver, BC are continuing to trend higher.
During May of 2013 a total of 7,664 sales were recorded throughout British Columbia. While this figure was down 0.7% from the same month a year earlier, sales $ volume was up 2% currently sitting at $4.1bn for the month. Average price across the whole of the province was $534,013, which represents a 2.7% increase year on year.
“BC home sales continued to trend higher in May,” said Cameron Muir, BCREA Chief Economist. “In contrast to slowing demand and moderating prices in 2012, the BC housing market is turning around.” Rising consumer demand combined with inventory levels that remain in check has moved the province’s largest markets into balanced territory. “Home prices have edged higher over the past three months in BC’s large Lower Mainland market,”