BC Housing Market > Rebound boosts B.C. housing sales

BC Housing Market Rebound

The Vancouver Sun reported on Dec 18, 2007:

A significant November rebound in Metro Vancouver housing re-sales helped push overall activity above 2006 levels, the Canadian Real Estate Association reported.

The association registered 2,952 sales through the Multiple Listing Service, a 22 per cent increase from the same month a year ago.

As of the end of November, Metro Vancouver saw 37,021 units change hands, which is 6.6 per cent more than the number of units that were sold up to the same point in 2006.

The average unit price topped $577,000 in November, up 11.2 per cent from the same month a year ago.

Nationally, 345,577 sales were cleared through MLS by the end of November smashing 2005's record of 336,646 real estate sales.

However, while a tax change in Toronto can help explain a late 2007 surge in sales, the factors pushing up Vancouver are less clear, according to Douglas Porter, deputy chief economist for BMO Capital Markets.

ward double-digit increases.” “‘That’s not a friendly combo for prices looking ahead,’ Porter wrote.”

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