BC Housing Residential Sales Statistics

When is the Time to Buy?

We have been bombarded by media with all sorts of conflicting statistics on what has been happening to the housing market. We ask the question, "When is the time to buy?"

Here are some statistics for how much of an impact home sales contribute to the economy...

BC recorded 102,892 MLS residential sales for 2007 contributing:

• $4.3 billion to economic output
• $2 billion to Provincial gross domestic product
• 28,800 full time equivalent jobs were needed to service these sales
• $1.3 billion in BC household income
• $300 million in federal taxes
• $680 million in provincial taxes
• $33 million in municipal taxes

Wow! Let's look at some other statistics for the North Okanagan comparing the first 10 months of 2007 to the first 10 months of 2008.

Residential sales 2007 2008

No. of Sales 2023 1241 61% of sales

Average Price $355,519.53 $379,799.40 up 6.8% in average sale price

How about a smaller section and comparing relatively same homes (very few new housing stats) in the sub area of East Hill in Vernon

Residential sales 2007 2008

No. of Sales 181 126 67% of sales

Average Price $355,455.80 $395,833.33 up 11% in average sale price

Now we know that many factors contribute to statistical data but this may offset some of the negative media coverage. We are seeing a number of homes come off the market as we enter the winter season so the balance of sellers to buyers may start to tip back closer to what we have seen in the market for the past few years. It still is a great time for buyers with inventory available and for sellers who are seriously looking to sell.

Barbara Carr