Real Estate Sales Up

Wednesday, November 18, 2009 03:59 AM

There is another sign the economy is on the road to recovery. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®)

residential sales in the province climbed 115 per cent to 8,624 units in October compared to the same month last year.

Last month posted the highest number of MLS® residential sales for the month of October since 2003, when 8,682 units changed hands .

“BC homes sales continued on an upward trend 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 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.”

Year-to-date, MLS® 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 ten months of 2009, up 13 per cent from 2008, while the average MLS® price was up 1 per cent.

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Posted on Wednesday, November 18, 2009 03:59 AM in News by 250 News

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Comments

Posted by: CaringSoul on November 18 2009 8:24 AM

I am never sure if information from these people is propaganda or wishful thinking to get people buying again. I hope things are looking up though. :}

Posted by: kidder on November 18 2009 9:17 AM

These numbers appear to be for the whole province. I think if you looked at just northern BC the numbers would be a lot different. The spin is always spinning

Posted by: He spoke on November 18 2009 9:29 AM

yeah, I kind of agree with CaringSoul, I really have a tough time believing the real estate board. they are always trying to trump things up,even though the whole world is falling apart.

Is any one really buying a rental unit. I would assume when the next CMHC report comes out, it will show that our vacancy rate has shot up. I would assume the renters are going back to Mom and Dad, and hover for a few years and then venture out again. It is said that you need to send each kid out at least three times before they can stand on their own.

Posted by: hammmy on November 18 2009 9:45 AM

Its only because the HST kicks in next year!

Posted by: numbers on November 18 2009 10:32 AM

Well as I am trying to buy a home, it appears that sales are up. I have lost multiple bids with 4 offers being over asking price.

Posted by: hammmy on November 18 2009 11:17 AM

"Taken from another website,
Canada's charities are finding it's a lot more difficult attracting donors these days, as the economic downturn takes its toll on the non-profit sector...But real estate sales are up,funny hey!

Posted by: lmorge on November 18 2009 2:25 PM

I agree with Hammy and caringsoul.

The HST fear will stimulate new home sales only until it kicks in, and the BCREA is promoting the perception is reality thing.

Posted by: EatsBushesShoots&Leaves on November 18 2009 2:40 PM

Thanks, numbers. Nice to hear a comment actually based on first hand experience.

Posted by: Howrd_B_Stern on November 18 2009 3:53 PM

As a landlord I thank my lucky stars for UNBC and CNC students. Without them, I would be sunk. May 1st should be called "renters paradise" as renters can pretty much pick and choose what they want.

Posted by: Runner46 on November 18 2009 10:44 PM

numbers feedback is actual; but as usual those selling are only those priced correctly. Inspite of unit sales down almost 25percent the average selling price in PG as of November 1, is almost as high as two years ago..............FACT not FICTION

Posted by: Waterbed-Willy on November 19 2009 8:58 AM

BCREC just puts out the facts. When things where slowing down they published that too. It would be illegal to publish facts that where in fact false. For a local market report go here:

www.colinbreadner.com/marketreport.pdf