Well, if you've been following the Real Estate market in Vancouver and surrounding areas (and really who hasn't!) this likely comes as no surprise. As originally reported on December 14th 2015 by the BC Real Estate Association, sales transactions in Vancouver and surrounding areas have boosted up 34.5% year over year.
They also report that Total sales dollar volume was $5.38 billion, up 56.4 per cent compared to the previous year. The average MLS® residential price in the province rose to $668,317, up 16.3 per cent from November 2014.
"Housing demand last month was the second strongest ever recorded for the month of November," said Cameron Muir, BCREA Chief Economist. "You'd need to look all the way back to the frenetic market of 1989 to find more homes trading hands in November."
The largest increase in consumer demand occurred in the Fraser Valley, where home sales climbed over 60 per cent from November 2014. Vancouver and Chilliwack experienced an increase of over 40 per cent, while Kamloops home sales were up 30 per cent.
Prices are expected continue into a record December and throughout 2016 with interest rates staying relatively low.
If you're even thinking about selling, or more looking to re-finance to use the new found equity in your home for some renovations or consolidation this is the perfect time. Have questions about how buying/selling or re-financing affects your mortgage, give me a call at 604-619-3319.