Average Price of B.C. home up 15% from last year!

(April 20, 2011)

The average price of a home in British Columbia rose 15 per cent from March of last year to March 2011, the B.C. Real Estate Association reported in a news release today. The BCREA release said Multiple Listing Service residential sales in the province were up 11.5 per cent compared to March of 2010.Sales in March amounted to 8,600 units. The average price in March was $594,157. 
"We continue to observe a two-speed market in BC, with surging consumer demand in Metro Vancouver overshadowing more moderate demand in other regions," Cameron Muir, BCREA chief ecconomist, said in the release.
"Vigorous consumer demand drove Greater Vancouver to its most active March since 2004, while the Fraser Valley had its strongest March in four years."Conversely, sales activity in other B.C. markets is expanding at a pace more inline with overall economic growth."