B.C. home sales rose 20 per cent in November from the previous month on a seasonally adjusted basis, reported the British Columbia Real Estate Association (BCREA).
“Improved economic conditions and low mortgage interest rates have contributed to a 46 per cent increase in home sales since July,” said Cameron Muir, BCREA chief economist. “The inventory of homes for sale has trended lower since last spring, improving market conditions in many areas of the province.”
Vancouver and Victoria climbed back into balanced market conditions last month. Compared to November of last year, home sales for the month were down 21 per cent to 5,647 units. Yet the average residential price rose nine per cent to $523,394 in comparison to November 2009.
Meanwhile, the provincial unemployment rate has dropped to 6.9 per cent, the lowest recorded since January 2009.