JACK KEATING
Province
B.C.’s housing market, particularly in Greater Vancouver and Victoria, has made a “dramatic” rebound in the past year, according to statistics released Thursday by the the province’s real-estate association.
Residential sales in the province were 68 per cent higher than in September 2008.
The the average Multiple Listing Service sale price climbed 15 per cent to $474,169 from $412,149 in September of last year.
“The Vancouver and Victoria housing market have posted a dramatic rebound in home sales,” said Cameron Muir, chief economist for the B.C. Real Estate Association.
“We’re seeing sales in Vancouver now that we haven’t seen since the heady days of 2005 or 2007.”
The average sale price for a house in Greater Vancouver jumped to $610,576 in September from $435,598 at the same time last year.
The average residential sales price for a house in Victoria jumped to $502,208 in September from $477,421 at the same time last year.
The Real Estate Board of Greater Vancouver includes the City of Vancouver, North and West Vancouver, Burnaby, Richmond, Coquitlam, Port Moody, Maple Ridge and Pitt Meadows.
“In Vancouver and Victoria over the last few months it would have to be characterized as sellers’ markets, in which the playing field is tilted more in favour of home sellers than home buyers,” said Muir.
Muir said September posted the highest number of B.C. MLS residential sales for that month since 2005, and the third highest ever recorded for the month of September.
“Low mortgage interest rates and renewed confidence in real-estate assets has propelled B.C. home sales to a level not seen in two years,” said Muir.
