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$7.5 Billion In Home Sales Make February Record Breaking Month For BC

$7.5 Billion In Home Sales Make February Record Breaking Month For BC

Coming off a record-breaking year, British Columbia’s housing market continues to blaze as over $7.5 billion in sales were generated in February 2016, making it a record-breaking month for our province.

According to a new report by the British Columbia Real Estate Association (BCREA), a total of 9,637 residential unit sales were recorded by the MLS last month, which highlights a 44.7 per cent from February of last year.

“Housing demand is now at a break-neck pace,” said Cameron Muir, BCREA Chief Economist. “Home sales last month were not only a record for the month of February, but on a seasonally adjusted basis, demand has never been stronger in the province.”

The report adds that February 2016 “smashed” the previous record of 8,157 homes sold in February of 1992.

The volume of total sales dollars increased to $7.51 billion in February, showing a 76.4 per cent increase compared to the previous year. The average MLS residential price in the province was up 21.9 per cent year-over-year, to $779,419.

Despite the increasing number of sales, the issue of homes sitting unoccupied for months or even years on end has become a major concern in Vancouver.

Do you believe there’s a cool down in sight for the B.C. home market? Let us know why or why not in the comments below!

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