BC Housing Residential Sales Statistics

By
Real Estate Agent with The Open Door Team, RE/MAX Vernon

When is the Time to Buy?

             We have been bombarded by media with all sorts of conflicting statistics on what has been happening to the housing market. We ask the question, "When is the time to buy?"  

Here are some statistics for how much of an impact home sales contribute to the economy...

BC recorded 102,892 MLS residential sales for 2007 contributing:

  • $4.3 billion to economic output
  • $2 billion to Provincial gross domestic product
  • 28,800 full time equivalent jobs were needed to service these sales
  • $1.3 billion in BC household income
  • $300 million in federal taxes
  • $680 million in provincial taxes
  • $33 million in municipal taxes

Wow! Let's look at some other statistics for the North Okanagan comparing the first 10 months of 2007 to the first 10 months of 2008.

  Residential sales         2007                            2008

No. of Sales                2023                            1241                            61% of sales

Average Price              $355,519.53                $379,799.40                up 6.8% in average sale price

How about a smaller section and comparing relatively same homes (very few new housing stats) in the sub area of East Hill in Vernon

  Residential sales         2007                            2008

No. of Sales                181                              126                              67% of sales

Average Price              $355,455.80                $395,833.33                up 11% in average sale price

 Now we know that many factors contribute to statistical data but this may offset some of the negative media coverage. We are seeing a number of homes come off the market as we enter the winter season so the balance of sellers to buyers may start to tip back closer to what we have seen in the market for the past few years. It still is a great time for buyers with inventory available and for sellers who are seriously looking to sell.

Barbara Carr

Comments (5)

Everard Korthals
---Preferred Lifestyle Advisors--- - Lancaster, PA
Mountain Realty

 

Welcome to Active Rain. This is a great place to learn and share with others. IF ever you were to have any questions then feel free to contact us and we'll try to help. Please take a look at our blog for links to valuable information in our sidebar that you can use to navigate this extensive network. Subscribing to our blog is also a great way to read our blog straight from your home pages. We also suggest taking a look at the Active Rain Wikipedia group for resources that may be valuable to you. We hope you have a great day in the Rain! All The Best-

Sincerely, Active Castellum ( Castellum Realty llc - Lancaster PA Real Estate )

Jan 14, 2009 04:03 PM
The Trumm Team Omaha Homes for Sale, Real Estate
Keller Williams Greater Omaha - Omaha, NE

Welcome to ActiveRain!

If you would like a few tips on getting the most out of ActiveRain, please visit my blog Welcome to Active Rain.  It has a few simple steps of what to do now that you have joined.

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Jan 15, 2009 12:30 AM
Morris Childs
PEP source - Spartanburg, SC

Welcome to Active Rain. It just gets easier after your first blog. Just write about what interests you. Give us a call or an email if we can be of service to you! We can fix most anything, our rates are reasonable and we show up when promised.

Jan 15, 2009 04:54 AM
Calvin Carr, Shawna Sidhu
The Open Door Team, RE/MAX Vernon - Vernon, BC

Appreciate the encouragement! Will most probably need some help so look forward to seeing what you can offer.

Barbara Carr

Jan 15, 2009 05:51 AM
Jean Terry
Keller Williams Realty Spartanburg, S.C. - Spartanburg, SC

Hi and welcome to Active Rain, a great site to network, share, learn, and have fun. Good Luck.

Jan 15, 2009 10:37 AM