I have been quite encouraged in the outlook for Real Estate in B.C. over the last week, having read the CMHC outlook last week and the BCREA report for October 2011.
I have attached the details below.
Tel 250 864 1707
The average MLS® residential price was up 2.6 per cent to $535,695 last month compared to October 2010.“BC home sales rose three per cent in October compared to September on a seasonally adjusted basis,” said Cameron Muir, BCREA Chief Economist.
“While consumer demand in Vancouver edged lower last month on a year-over year basis, strong increases were recorded in the Fraser Valley, Kamloops, Kootenay, the North and on Vancouver Island.”
“Total active residential listings in the province declined by 3,360 units in October from September. However, active listings were up 6.9 per cent from October 2010,” added Muir.
“Market conditions remained slightly in favour of home buyers last month.” Year-to-date, BC residential sales dollar volume increased 16.8 per cent to $38 billion, compared to the same period last year. Residential unit sales increased 3.5 per cent to 66,922 units, while the average MLS® residential price rose 12.9 per cent to $566,925 over the same period.
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