B.C. home sales similar to last year

Housing sales in the province were virtually unchanged in November compared to the same month in 2010, according to a report by the British Columbia Real Estate Association released Wednesday.

A total of 5,640 units were sold in November, while 5,647 units were sold in November 2010.

The average price was also similar, rising 1.1 per cent to $529,140 in November in the one-year period.

“B.C. home sales continued to gain ground in November,” BCREA chief economist Cameron Muir said in a statement. “After waning during the first half of the year, consumer demand has steadily increased since the summer months, bringing home sales within seven units of the November 2010 level.

“Low mortgage interest rates remain a key driver in the housing market, helping to maintain affordability and purchasing power,” added Muir.

Year-to-date, B.C.’s residential sales dollar volume increased 15.5 per cent to $41 billion, compared to the same period last year.

The number of sales increased over that period by 3.2 per cent to 72,632 units.

Source: The Vancouver Sun

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