BC Real Estate Market Soaring
The BC real estate market has made a comeback: a big comeback. Riding the wave of increased property sales in the southern and coastal regions of BC, the entire province was lifted to a strong real estate showing at the end of 2009. In total, the province recorded 5,703 homes sold through the MLS in December which constitutes an increase of 132 per cent over December of 2008. Indeed, this is the second busiest real estate December on record.
Over the year, BC real estate agents completed 85,028 sales, up nearly 25 per cent from 2008. Moreover, average home prices over the year climbed to $465,725 in 2009 which is a 2 per cent improvement over the previous year. Surprisingly, the year begun with housing prices and sales figures near a 25-year low and ended with the same figures hitting a 20-year high.
Most experts agree that the drastic cut to mortgage rates is what spurred this surprising growth. Deflated prices and favourable interest rates prompted many first-time buyers to delve into the market in search of killer deals. Buyers were indeed attracted to affordable mortgages and this created momentum in the market that has yet to cease.
The first quarter of 2010 is likely to continue to benefit from higher sales. There still is a high demand from buyers as higher prices are pushing some people out of the market. In addition, many potential buyers probably want to take advantage of low mortgage rates while they last.
Still, gains in real estate markets were not even across the board. Sales in the Lower Mainland and Victoria were much stronger than those in the Okanagan or interior. Take sales in Vancouver as a prime example: they were up nearly 45 per cent compared to 2008. Likewise, Victoria benefitted from a 30 per cent jump in sales. Meanwhile, sales in the BC Northern Real Estate region dropped approximately 10 per cent and sales throughout the rest of Vancouver Island grew only a moderate 7 per cent.
Over the year, BC real estate agents completed 85,028 sales, up nearly 25 per cent from 2008. Moreover, average home prices over the year climbed to $465,725 in 2009 which is a 2 per cent improvement over the previous year. Surprisingly, the year begun with housing prices and sales figures near a 25-year low and ended with the same figures hitting a 20-year high.
Most experts agree that the drastic cut to mortgage rates is what spurred this surprising growth. Deflated prices and favourable interest rates prompted many first-time buyers to delve into the market in search of killer deals. Buyers were indeed attracted to affordable mortgages and this created momentum in the market that has yet to cease.
The first quarter of 2010 is likely to continue to benefit from higher sales. There still is a high demand from buyers as higher prices are pushing some people out of the market. In addition, many potential buyers probably want to take advantage of low mortgage rates while they last.
Still, gains in real estate markets were not even across the board. Sales in the Lower Mainland and Victoria were much stronger than those in the Okanagan or interior. Take sales in Vancouver as a prime example: they were up nearly 45 per cent compared to 2008. Likewise, Victoria benefitted from a 30 per cent jump in sales. Meanwhile, sales in the BC Northern Real Estate region dropped approximately 10 per cent and sales throughout the rest of Vancouver Island grew only a moderate 7 per cent.
Labels: British Columbia Real Estate, Greater Vancouver Homes
posted by VancouverResidence
