BC Housing Market Breakthough

The BC housing market had a red-hot April.

British Columbia had its strongest April in more than a decade, according to the British Columbia Real Estate Association (BCREA).

Despite concerns about Alberta’s economic woes spilling over the border, BC’s province-wide sales in April were up to 9,952 transactions, a 28.7 percent increase from the year-ago period.

BC Housing Market

“Last month was the strongest April for home sales in a decade,” writes Cameron Muir, BCREA’s chief economist. “The elevated level of buying activity this spring is now expected to push 2015 home sales to their highest level since 2007.”

Looking at some of the hottest markets, Fraser Valley’s home sales rose 38.1 percent year-over year; Victoria’s home sales were up 26.1 percent from April 2014; and Greater Vancouver’s sales were up 37.7 percent from the same period last year.

While consumers take advantage of rock-bottom interest rates, dwindling inventories combined with competition for detached homes in BC’s large urban markets pushes home prices higher.

Province-wide, the average sale price rose 13 percent in April, to $634,744. In Greater Vancouver, that figure hit $899,178, a 12.2 percent increase over the year-ago period.