$4.6 billion December caps record year for B.C. real estate sales
The British Columbia Real Estate Association says a record number of home sales were recorded in the province for the month of December.
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British Columbia’s hot housing market set more records in December and 2015 overall, according to the B.C. Real Estate Association.
Both the 6,590 residential unit sales and the total sales dollar volume of $4.6 billion set new records in the province for the month of December.
The number of sales was up 29.8 per cent over December 2014, and the sales volume jumped a whopping 55.4 per cent.
BCREA chief economist Cameron Muir said December capped off a strong year that saw total sales exceed 100,000 units (102,517, to be exact) for the third time in the province’s history and set an all-time record of $65.3 billion in sales.
“The 2015 housing market finished in dramatic fashion, with record demand for the month of December,” Muir said in a media release on Friday.
The number units sold in 2015 was up 22 per cent compared to 2014 but still fell short of the record set in 2005, when 106,310 resident units were sold.
The BCREA also reported that the average Multiple Listing Service (MLS) price in the province exceeded $700,000 in December (a 19.7 per cent increase compared to December 2014), which is the highest-ever recorded in British Columbia.
According to the BCREA, the average residential price of a home in greater Vancouver in December was $980,978, up 19.7 per cent from December 2014.
The average residential price in the Fraser Valley was $629,978, up 20.3 per cent.