{"id":1627,"date":"2016-04-17T10:10:27","date_gmt":"2016-04-17T17:10:27","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=1627"},"modified":"2016-04-15T17:59:46","modified_gmt":"2016-04-16T00:59:46","slug":"bc-real-estate-sales-break-another-record-as-demand-soars","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/04\/bc-real-estate-sales-break-another-record-as-demand-soars\/","title":{"rendered":"BC Real Estate Sales Break Another Record as Demand Soars"},"content":{"rendered":"<p style=\"text-align: justify;\">A total of 12,560 homes were sold across the province in March, up 38% year-over-year, according to British Columbia Real Estate Association data released April 15.<\/p>\n<p style=\"text-align: justify;\">This figure shatters the previous record, which was set in May 2007 when 11,683 units were sold in BC.<\/p>\n<p style=\"text-align: justify;\">\u201cHousing demand has never been stronger in the province,\u201d said BCREA chief economist Cameron Muir. \u201cMost large population centres of the province are now experiencing record levels of housing demand.\u201d<\/p>\n<p style=\"text-align: justify;\">Muir credits strong employment growth, increasing wages and growing inter-provincial migration into B.C. for the increase.<\/p>\n<p style=\"text-align: justify;\">Demand is so high, inventory levels are now a decade-lows in some areas across the province.<\/p>\n<p style=\"text-align: justify;\">In Vancouver alone, sales increased 28.3% to 5,301 units, compared with 4,132 units last year. The benchmark price increased 22.6% to $1,093,267, compared with $891,652 last year.<\/p>\n<p style=\"text-align: justify;\">\u201cSupply [in Vancouver] simply can\u2019t keep up with demand, be it domestic or foreign, and the sales-to-new listings ratio remains a sky-high 86%,\u201d said BMO Financial Group senior economist Robert Kavcic.<\/p>\n<p style=\"text-align: justify;\">\u201cIn other words, almost every new listing is getting absorbed within the month.\u201d<\/p>\n<p style=\"text-align: justify;\">Kavcic points out that even condo prices\u2014up 19% year-over-year\u2014are increasing at a rate similar to those for detached homes.<\/p>\n<p style=\"text-align: justify;\">Across Canada, home sales increased 12.2% in the 12 months to March and prices were up 15.7%. This growth is due almost entirely to the market strength in Toronto, where prices increased 12.1% and sales grew 15.5%, and Vancouver.<\/p>\n<p style=\"text-align: justify;\">\u201cWith supply in the two hot markets extremely tight, prices are likely to push even higher through the always-important spring selling season,\u201d Kavcic said.<\/p>\n<p style=\"text-align: justify;\">\u201cThe question is, will policymakers in B.C. and Ontario do anything to quell the fires?\u201d<\/p>\n<p style=\"text-align: justify;\">Kavcic said the data from these two cities is making up for losses in centres in oil-dependent Alberta, most notably Calgary, where home sales fell 11.7%. That city was the only one in Canada to see a drop in prices over the period, although the decrease was small (down 0.5%).<\/p>\n<p style=\"text-align: justify;\">Teranet also released its Home Price Index April 15. This measure showed price increases of 17.3% over the year in Vancouver and 7% across the country. Teranet uses statistics compiled from public land registries using a repeat-sales methodology; this means it looks at sales of homes that have been sold at least twice since 1990.<\/p>\n<p><a href=\"https:\/\/www.biv.com\/article\/2016\/4\/bc-real-estate-sales-break-another-record-demand-s\/\" target=\"_blank\">BC Real Estate Sales Break Another Record as Demand Soars<\/a> by Emma Crawford Hampel | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A total of 12,560 homes were sold across the province in March, up 38% year-over-year, according to British Columbia Real Estate Association data released April 15. This figure shatters the &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/04\/bc-real-estate-sales-break-another-record-as-demand-soars\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-1627","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BC Real Estate Sales Break Another Record as Demand Soars &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2016\/04\/bc-real-estate-sales-break-another-record-as-demand-soars\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BC Real Estate Sales Break Another Record as Demand Soars &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"A total of 12,560 homes were sold across the province in March, up 38% year-over-year, according to British Columbia Real Estate Association data released April 15. 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