The number of residential sales in British Columbia surged 44.7 per cent in February with 9,637 units sold through the BCREA’s MLS system. The total beat the previous record set back in 1992 when 8,157 units were sold in the month.
Average MLS price was up 21.9 per cent to $779,419 and the total dollar value of all sales was $7.51 billion, up 76.4 per cent compared to February 2015.
"Housing demand is now at a break-neck pace," said Cameron Muir, BCREA Chief Economist. "Home sales last month were not only a record for the month of February, but on a seasonally adjusted basis, demand has never been stronger in the province."
Year-to-date sales are up 40.1 per cent and prices are up 23.9 per cent compared to the same period in 2015.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: