It was yet another record breaking month for home sales in B.C. More than 12,500 homes sold for the month of March, a 38% year-over-year increase, according to the latest figures from the BC Real Estate Association.
That number shattered the previous record of 11,683 units sold in May of 2007. Beyond that, total sales reached nearly $10 billion, up 67% since last year.
“Housing demand has never been stronger in the province,” says BCREA Chief Economist Cameron Muir in a release. “Most large population centres of the province are now experiencing record levels of housing demand.”
Part of the issue, according to the BCREA is that demand outstrips supply. Inventory in certain regions has reached decade-long lows.
“Strong employment growth, rising wages and a marked increase in net inter-provincial migration is fuelling consumer confidence,” says Muir.
Indeed, it seems migrating Albertans might be partially to blame for the low inventory of housing in the province. A recently released Royal LePage report suggests they’re coming here to seek refuge from a poor economy.
“Redistribution of labour across the country is further reinforcing disparities among housing markets, as the broader impacts of the oil recession on Alberta’s economy take hold. For the first time in many years, we are witnessing an out-migration trend in the province, as economic conditions and employment prospects dim,” says CEO of Royal LePage Phil Soper.