Rising sales and limited listings have returned Canada to a "seller's market," with total B.C. home sales this year up nearly seven per cent compared to 2008, according to a Global Real Estate Trends report released Thursday by Scotia Economics.
"In terms of trends, sales in B.C. have been picking up since January," Adrienne Warren, senior economist at Scotia Economics, said in an interview. "And it's been increasing steadily since. For prices the low point was in April."
However, the average price of a home sold in B.C. is slightly down to $433,017 compared to $454,599 last year.
We have record sales numbers, but not a large number of new listings coming up on the mls system. If the listings were higher than they are now you would see a little easing on price increases.
Globally, the report notes that real estate markets are showing tentative but growing signs of stabilization, with firmer pricing evidence of growing confidence in the sustainability of the global economic recovery
With the bank of canada keeping the low interest rates it has never been cheaper to buy a home in todays market as it is now!
Sellers might take a little less now than a few years ago but will make up for it, if they are purchasing another property in the long run!
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By Sean jordan @ One Percent Realty