Tuesday December 15th, 2009 - B.C. real estate market has hottest November since 2005

Things are definitely on the warm side for British Columbia’s active real estate market. Not since 2005 has the province enjoyed such an active sales trend, but it still comes down to location, location, location.

Victoria, Greater Vancouver and the Fraser Valley areas have seen the greatest rebound in sales and currently are experiencing a sellers market. The interior of the province, in areas such as the Kootenays and the Okanagan, are enjoying improved sales figures but are just now finding the market stabilizing.

Average it all out and the numbers are still impressive. Provincial home sales for November of 2009 were 165 percent better than November of 2008. 7, 185 properties were sold, representing the highest number November sales since 2005 when 7,721 homes moved.

The B.C. Real Estate Association is expecting the demand for homes to moderate in 2010, despite near record prices being seen in the hotter markets. 2009, with its low mortgage rates and impressive comeback in sales has proven to be a pleasant surprise. Province wide, in the first 11 months of the year 79,325 residential properties were sold, at an average price of $463,555 per unit. This is a 19 percent increase in volume over 2008 with a 2 percent increase in per unit value. Total sales dollar volume for the time period was $36.8 billion.

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