$6.3 billion worth of British Columbia real estate was sold in April, making the month the hottest April for home sales in a decade.
The British Columbia Real Estate Association reported Thursday morning a 45.5 per cent increase from April 2014 in the total sales dollar volume and a 28.7 per cent increase in number of home sales.
“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.”
January, February, March and April of 2015 were banner months for real estate sales in B.C. with sales dollars rising over 37 per cent to $19 billion when compared to the same period in 2014.
Residential unit sales also increased by 24.5 per cent to 30,091 sold listings during the first four months of 2014. April alone saw almost 10,000 MLS® sales.
“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.”
In Vancouver, B.C.’s hottest real estate market, there were 4,179 residential MLS® sales in April, according to the Real Estate Board of Greater Vancouver.
The average MLS® residential price in B.C. in April was $631,860 while Vancouver’s remained slightly higher at $673,000.