BC Real Estate Association Home Sales Report
The BC Real Estate Association is reporting that the number of residential home sales across the province in February were up almost 25% over February of last year. However, the number of sales has fallen over January of this year.
BCREA has this to say about the market conditions:
“Consumer demand was much stronger in February compared to a year ago, but edged lower compared to January,” said Cameron Muir, BCREA Chief Economist. “Weak employment growth in 2013 has limited home sales so far this year to long-term average levels.”
“Record low mortgage interest rates and population growth continue to underpin the housing market and most regions of the province are at or near balanced market conditions,” added Muir.
Locally, year to date sales in the South Okanagan Real Estate Board, to the end of February, were up by almost 65% over the same period last year. Also significant is a reduction in inventory from 1526 active residential listings as at February 28, 2013 compared to 1436 at the end of February this year.