BC Real Estate sales just beat the previous month slightly on a seasonally adjusted basis.. Which sounds a bit confusing, but also sounds more positive than them being 36% lower than a year ago.
“Market conditions have improved, with the months of supply declining from 11.1 in June to 8.9 in September,” association chief economist Cameron Muir said in a news release. “A balanced market typically exhibits five to seven months of supply.”
That means fewer sellers are putting homes on the market reducing the potential that supply will overwhelm demand.
Muir added that declining mortgage rates, which have fallen back to near all-time lows, should also bolster some housing demand “as consumers take advantage of a second opportunity to secure near record low interest rates.”
In his report, Muir said the average B.C. home price hit $493,846 in September, which was four per cent higher than the same month a year ago, and almost one per cent higher than B.C.’s August average price.
Did you read that last bit? prices are up almost one percent in one month. If you draw a line through those two months and extend it out to infinity that’s almost 12% gain in one year.
Read the full article in the Vancouver Sun Sports/Real Estate section.