Kelowna Real Estate Market News

BC Home Sales were still Busy in 2017 but not a record.

 


British Columbia Real Estate Association (BCREA) issues its final report for Real Estate sales in December 2017, which showed a total of 103,763 residential unit sales were recorded by the Multiple Listing Service® across the province in 2017, a decline of 7.5% from a record 112,211 unit sales in 2016.

 

The average MLS® residential price in BC was $709,579 in 2017, up 2.7% from the previous year. Total sales dollar volume was $73.63 billion, down 5.1% from 2016. “Robust housing demand in 2017 was underpinned by a strong economy, employment growth & rising wages,” said Cameron Muir, BCREA Chief Economist. “Above trend migration, both international and interprovincial, also bolstered housing demand, while broader demographic fundamentals added fuel to condominium sales in urban centers and to all home types in retirement-oriented communities.”

 

The BC housing market ended the year with a strong December. Home sales increased 4% from November, on a seasonally adjusted basis. However, the year-end results were likely pushed higher by some homebuyers advancing their purchases to avoid tougher mortgage qualification rules in the new year.

 

In December, a total of 5,738 residential unit sales were recorded by the MLS® across the province, an increase of 21.5% from the same period last year. Total sales dollar volume was $4.2 billion, up 36.3% from December 2016. The average MLS® residential price in the province was $734,108, up 12.1% from the same month last year.


In the Central Okanagan, the total of active listings in December was 2087, against 2119 in 2016, a drop of 1.5%.


Average sale prices year on year in the valley are reported as $497,604  against $461,791 i 2016 - an increase of 7.8%.


Here are the numbers from across the region.




 

Kind regards

 

Trish Cenci

 

Tel 250 864 1707

 

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