Average price rose 1.1 per cent in November compared to November 2010 to $529,000
Housing sales in the province were virtually unchanged in November compared to the same month in 2010, according to a report by the British Columbia Real Estate Association released Wednesday.
A total of 5,640 units were sold in November, while 5,647 units were sold in November 2010.
The average price was also similar, rising 1.1 per cent to $529,140 in November in the one-year period.
“B.C. home sales continued to gain ground in November,” BCREA chief economist Cameron Muir said in a statement. “After waning during the first half of the year, consumer demand has steadily increased since the summer months, bringing home sales within seven units of the November 2010 level.
“Low mortgage interest rates remain a key driver in the housing market, helping to maintain affordability and purchasing power,” added Muir.
Year-to-date, B.C.’s residential sales dollar volume increased 15.5 per cent to $41 billion, compared to the same period last year.
The number of sales increased over that period by 3.2 per cent to 72,632 units.
According to the report, the average price rose 4.2 per cent in Metro Vancouver to $728,000 in November compared to November 2010 and 5.3 per cent to $479,000 in the Fraser Valley.
Prices rose a minuscule 0.8 per cent in Okanagan Mainline – the section of the Okanagan encompassing Kelowna and areas north – to $358,000, while prices dropped 2.3 per cent in Victoria to $499,700 in that period.
Brian Morton, Vancouver Sun