The British Columbia Real Estate Association said Vancouver home sales in November shot up 40 per cent year over year.
Provincially, home sales for the month of November climbed more than 34 per cent since 2014, with a total of 8,032 residential units sold last month.
“You’d need to look all the way back to the frenetic market of 1989 to find more homes trading hands in November,” said BCREA Chief Economist Cameron Muir in a release.
The largest increase occurred in the Fraser Valley. Home prices in that region climbed to over 60 per cent since November of 2014, while Chilliwack, like Vancouver, saw a 40 per cent increase. Kamloops was up 30 per cent.
The price of homes in Vancouver reflects the hot market. For 2016, the average home price in Metro Vancouver is expected to surpass the million dollar mark. RE/MAX broker Cory Raven told Vancity Buzz homes are becoming increasingly out of reach for the middle class and incentivizing developers to create affordable housing won’t help.
“It does nothing to help the middle class, which are the people that are increasingly getting squeezed out of the market because there’s no incentives that I know of to take market housing and make it more affordable.”
The BCREA used data from the Multiple Listings Service to compile the information.