February home sales strong despite olympic fervor
“Home sales continued to moderate in February after the record pace of the fourth quarter.” said Cameron Muir, BCREA Chief Economist. “However, February’s performance was better than expected considering many households were preoccupied with Olympic gold."
The BC residential sales dollar volume increased 91 per cent to $2.96 billion in February compared to the same period last year. The average MLS® residential price climbed 17 per cent to $497,807 over the same period.
"Low mortgage interest rates are continuing to underpin consumer demand and fuel first-time homebuyer activity,” added Muir. “Improving economic conditions are expected to bolster consumer confidence over the coming months.”