The hottest areas were Chilliwack, Fraser Valley, Greater Vancouver and the Okanagan
Michael Kane
Sun
Home sales across the province have surpassed last year’s record total with a month to spare, the B.C. Real Estate Association reported Tuesday.
Some 7,720 homes worth more than $2.66 billion were sold on the Multiple Listing Service in November, a month when sales traditionally cool, along with the weather.
Those numbers represent a 34-per-cent increase in dollar volume and a 15-per-cent hike in the number of units sold during the same month last year.
It also pushes the year-to-date total of units sold to 100,586, eclipsing the record of 96,314 for all of 2004, and setting a new dollar-volume benchmark of $33.2 billion, up from $27.8 billion for all of last year.
“In the past two months, we’ve seen new yearly records for both unit sales and dollar volume, and we still haven’t reached the end of December,” said BCREA president Dave Barclay.
“Our predictions, along with CMHC [Canada Mortgage and Housing Corporation], are that we will see increases next year, probably in dollar amounts as well as unit sales.”
Ten of the province’s real estate boards reported at least double-digit percentage increases in dollar volumes over 2004, with seven boards reporting a boost of 25 per cent or more.
The hottest areas with significant population include Chilliwack & District — up 56 per cent, the Fraser Valley — up 51 per cent, Greater Vancouver — up 37 per cent, and the South Okanagan — up 28 per cent.
Victoria‘s real estate board reported a 3.3-per-cent decline in unit sales while the Vancouver Island board was down 0.3 per cent, but dollar volumes were up 12 per cent and 15 per cent respectively.
“The Island has slipped a bit, but I think it is just a blip,” Barclay said. “It could be the weather or a lack of supply, anything could slow it down. Realtors still think things are growing on Vancouver Island and they are certainly busy.”
Dollar volumes were also down 1.5 per cent in the Kootenays and 12 per cent in Powell River.
The overall increase in sales is a powerful boost to the province’s economy.
A study by Clayton Research found the average B.C. home sold between 2002 and 2004 triggered an estimated $27,873 in additional spending, including legal fees, moving expenses, furniture and appliance purchases and taxes.
The Greater Vancouver board recently reported that average prices at the end of November hit $609,610 for single-family homes, $388,739 for townhouses and $307,739 for apartments.
© The Vancouver Sun 2005