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Blog by Mario Felicella - Sutton Group Westcoast Realty

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July home sales highest in eight years

Home sales in B.C. soared last month to the highest number for the month of July in eight years, according to the B.C. Real Estate Association.

The association said a total of 7,650 residential sales were recorded on the Multiple Listing Service, up 18 per cent from last July.

The average MLS price in the province was $534,360, up 12.5 per cent from the same month a year ago.

Cameron Muir, chief economist with the association, said on Wednesday that homes sales were the strongest since 2007.

"After six consecutive months of rising consumer demand, it's now clear that B.C. housing markets are recovering from tighter lending regulations introduced last year," he said.

Muir added that many potential home sellers who have been holding off for improved market conditions are expected to put their homes on the market to meet the swelling ranks of buyers.

According to a report released earlier this month from the Real Estate Board of Greater Vancouver, July was the hottest month this year for home sales in Vancouver.

Sales in the region reached 2,946 in July, up 11.5 per cent from the month previous, and up 40.4 per cent from the same month last year.

In Metro Vancouver, the benchmark price in July reached $601,900.

Source: Tiffany Crawford, Vancouver Sun

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