July 2013 Real Estate Sales Highest Since 2009

The BC Real Estate Association just released a report titled “July Home Sales Highest Since 2009.” July 2013 home sales were up 18% as compared to July 2012 and the average residential price in BC was $534,360, up 12.5% from July last year.

Cameron Muir, the Chief Economist of BC Real Estate Association said “After 6 consecutive months of rising consumer demand, it’s now clear that BC housing markets are recovering from tighter lending regulations introduced last year.”

Muir added that the rising home sales are unlikely to cause home prices to increase significantly because there is a healthy pool of home inventory currently available on the market. Many home sellers are waiting for improved market condition before they put their homes up for sale which will then meet the demand of increased buyers.

For the complete report, please click here.

Click on the picture below to see Richmond Real Estate Market Statistics as of July 30, 2013