Scott Simpson
Sun
REAL ESTATE I B.C.’s residential real estate market cooled slightly in October, but not enough to stop the province from reaching its second consecutive year for record dollar volume sales.
The B.C. Real Estate Association reported that sales dipped under $3 billion for the first time in eight months — but year-to-date performance totalled $30.6 billion and “has already surpassed all of last year’s monthly dollar volume figures combined.”
The association is also predicting by year’s end, B.C. will set a record for number of units sold.
The 2004 mark was $27.8 billion. As with this year, the 2004 total was about $3 billion better than the year previous.
The association reported 8,456 homes were sold in B.C. on the Multiple Listing Service in October, with a value of $2.93 billion.
That’s a cool-off from September but it represents a 36.79 per cent increase in dollar volume compared to 2004 — and is accompanied by an 18.68 per cent boost in the number of units sold versus the same period a year earlier.
Growth was strong in most areas of the province.
“Ten of the 12 real estate boards reported double-digit percentage increases in dollar volume sales over 2004, with nine boards experiencing at least a 25 per cent boost.
“The autumn months tend to be somewhat slower in the real estate market,” said BCREA president Dave Barclay. “However despite the slight decline in sales, October’s figures are still well above what we saw a year ago.
“This is a clear indication of just how strong the market has been in the past few months, which is why we are seeing a new record already in 2005.”
The most homes sold, 96,316, was in 2003. Through October 2005, 92,866 units have been sold and the association predicts the 2003 record will fall when this month’s sales are tallied.
Not surprisingly, Greater Vancouver recorded the greatest dollar volume of residential sales in October, $1.53 billion, representing a 33.86 per cent volume increase and 19.6 per cent growth in the number of units sold.
The Fraser Valley was second, with $563 million representing a 66.25 per cent increase.
2005: Another record buster
B.C. has set another record in residential dollar volume sales, surpassing 2004’s high-water mark.
