Hottest April for Home Sales in a Decade for The Province

Posted by Vince Cavaliere on Tuesday, May 26th, 2015 at 3:56pm

Hello all, it’s that time of the week again. Since joining Team Cavaliere and River City Realty I have been told constantly from Vince and his team that we will get busier and busier. Well I can now say that, that time is here and it’s true. Over the past few weeks, I have noticed not only how busy our team and agents have been, but the market in general. The Kamloops Market, as of today, currently has 795 single family homes for sale, with it peaking just over 800 single family homes for sale last week. The homes around $400,000 continue to still be the most active. The Kamloops Market is quite strong, and our Team at River City Realty sees it remaining on the up slope as summer is just right around the corner. I did a little bit of researching and came across the post below from the BCREA (British Columbia Real Estate Association) that states that this past April was the hottest month for sales in a decade in the province.

Until next time, Cheers.

Travis Herlein

Marketing and Customer Service Coordinator

Vancouver, BC – May 14, 2015. The British Columbia Real Estate Association (BCREA) reports that a total of 9,952 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in April, up 28.7 per cent from the same month last year. Total sales dollar volume was $6.3 billion, a 45.5 per cent increase in comparison to the previous year. The average MLS® residential price in the province rose to $634,744, a 13 per cent increase since last April.

"Last month was the strongest April for home sales in a decade," said Cameron Muir, BCREA Chief Economist. "The elevated level of buying activity this spring is now expected to push 2015 home sales to their highest level since 2007."

"Consumers are taking full advantage of rock bottom interest rates and are demonstrating significant confidence in the housing market," added Muir. "However, dwindling inventories combined with competition for detached homes in the province`s large urban markets is pushing home prices higher."

During the first four months of 2015, BC residential sales dollar volume rose 37.1 per cent to $19 billion, when compared with the same period in 2014. Residential unit sales increased by 24.5 per cent to 30,091 units, while the average MLS® residential price rose 10.1 per cent to $631,860.

Copyright British Columbia Real Estate Association.  Reprinted with permission.

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