News from British Columbia Real estate market- with Marco Pontillo

Real Estate Agent with Sutton West Coast Realty

Marco Pontillo Marketing Properties Presents : Real Estate News for March 2011 in British Columbia, Canada, Your safe real estate haven!

British Columbia Home Sales Surge up 34.16% in March 2011

British Columbia MLS residential home sales continued their upward climb in 2011 by increased 34.16% to 8,600 units in March 2011 from February's 6,410 unit sales. This follows February's 54.94% sales increase over January's 4,137 unit sales on an actual month-over-month basis according to figures released today by the British Columbia Real Estate Association (BCREA).

The 8,600 residential home sales in March 2011 were 20.96% higher than actual year ago figures of 7,110 sales in March 2010. In fact, March 2011 sales surpassed every monthly sales figure from last year. The highest recorded British Columbia home sales in 2010 came in April with 8,385 units sold, sales in March 2011 easily topped that.

The BCREA report indicated that residential sales in the province climbed 11.5% on a seasonally adjusted basis in March 2011 from a year ago in March 2010.

The total BC residential MLS sales of 8,600 units in March 2011 were substantially supported by home sales in the Greater Vancouver and Fraser Valley real estate markets.

A total of 5,867 residential sales came from just two BC areas in March with 4,137 units sold in Greater Vancouver along with the 1,730 units sold in the Fraser Valley. The combined 5,867 sales from the Greater Vancouver and Fraser Valley real estate boards represented 68.22% of the total 8,600 residential units sold in British Columbia in March 2011.

"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 BC markets is expanding at a pace more in- line with overall economic growth," said Cameron Muir, BCREA Chief Economist.

The following table shows the actual British Columbia Real Estate Association (BCREA) total MLS residential sales figures for each month in 2010 along with 2011 sales figures.

According to the BCREA, residential sales dollar volumes in British Columbia increased by 21% to $11.14 billion in March 2011 on a year to date basis compared to the same period last year, which saw a figure of $9.22 billion in 2010.

Residential unit sales volume from January to March 2011 increased by 4.7% to 19,147 units on a year to date basis from 18,284 over the same period in 2010.

"We continue to observe a two-speed market in BC, with surging consumer demand in Metro Vancouver overshadowing more moderate demand in other regions," added Muir.
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