The following article put out by the BC Real Estate Association give us a broader picture of the market in BC as a whole. On Salt Spring we seem to be reflecting the same results. While one month’s statistics is not definitive, it does give us an indication of the direction things are going. In January 2015 there were 12 sales on Salt Spring. For the month of January of 2014 there were 5, in January of 2013 there were 6. I won’t put average values on these sales as one high end sale can skew the the numbers completely. The number of sales does show a positive direction.
BC Home Sales Start 2015 in Positive Territory
Vancouver, BC – February 13, 2015. The British Columbia Real Estate Association (BCREA) reports that a total of 4,377 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in January, up 3.1 per cent from the same month last year. Total sales dollar volume was $2.6 billion, an increase of 8.3 per cent compared to a year ago. The average MLS® residential price in the province rose to $593,155, up 5.0 per cent from the same month last year.
“Last month was the strongest January for BC home sales in five years,” said Cameron Muir, BCREA Chief Economist. “However, consumer demand did edge down from December on a seasonally adjusted basis."
Low mortgage interest rates, strong population growth and improving labour market conditions are underpinning housing demand in the province. However, weakening economic conditions in Alberta are limiting home sales in the Okanagan, Kootenay and BC Northern market areas.
MLS® residential sales in British Columbia are forecast to rise 2.4 per cent to 86,050 units this year and a further 3.9 per cent to 89,400 units in 2016. The ten-year average is 82,100 unit sales. A record 106,300 MLS® residential sales were recorded in 2005.