BC Real Estate Association (BCREA) Chief Economist Cameron Muir discusses the March housing market statistics for 2015 in this recent video.

At Downtown Suites we keep in touch with the latest in housing market statistics. We always appreciate the up to the minute reports that the BCREA sends out, both in their print newsletter to members, and in the video updates that come from Cameron Muir, their chief economist.

The report for March indicates the following Housing Market Statistics:

BC Home Sales Post Strongest March in Eight Years 

Vancouver, BC – April 16, 2015. The British Columbia Real Estate Association (BCREA) reports that a total of 9,101 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in March, up 37.6 per cent from the same month last year. Total sales dollar volume was $5.8 billion, an increase of 57.1 per cent compared to a year ago. The average MLS® residential price in the province rose to $641,799, up 14.1 per cent from the same month last year.

“BC home sales climbed significantly in March,” said Cameron Muir, BCREA Chief Economist. “More homes traded hands last month than any March since 2007. On a seasonally adjusted basis, March posted the most home sales of any month since December of 2009.”

“Rock bottom interest rates and rising consumer confidence have strengthened housing markets in most regions of the province, added Muir. “Many board areas are now exhibiting sellers’ market conditions with home prices advancing well above the overall rate of inflation.”

During the first quarter, BC residential sales dollar volume was up 33.2 per cent to $12.7 billion, compared to the same period last year. Residential unit sales were up 22.5 per cent to 20,139 units, while the average MLS® residential price was up 8.7 per cent at $630,435.

Learn more from BCREA.

Combined with other information sources, these housing market statistics are very helpful as we organize and plan on behalf of our clients, ensuring that they are able to understand how their property values reflect the current conditions of the Vancouver marketplace. Real Estate and housing issues are paramount in an international city such as Vancouver, and you can always rely on Downtown Suites to provide you with the most accurate information.