B.C. home sales, prices up in July
B.C. home sales increased 12.9 per cent to 6,533 units in July compared to the same month last year, according to the British Columbia Real Estate Association.
Prices were on the rise as well, with the average residential price climbing up 10 per cent to $540,877 in July.
The rise in purchasing comes after a four per cent decline in sales between the months of June and July.
"Less frenetic buying activity in Vancouver operated to pull total provincial sales lower," said Cameron Muir, BCREA Chief Economist.
And for people looking to buy in Vancouver, there is a silver lining. According to Muir, the current global economic uncertainty brings the potential of record low mortgage rates as investors "flock into bond markets."
"The increased affordability and added purchasing power from lower mortgage rates will help bolster housing demand," Muir said.
Year-to-date, B.C. residential sales dollar volume increased 16.5 per cent to $28.2 billion, compared to the same period last year.
Residential unit sales increased 1 per cent to 48,628 units, while the average residential price rose 15.3 per cent to $579,645 over the same period, said BCREA.