March 25, 2011

Is Vancouver the Top Housing Market in BC?

We thought we'd share some news from a recent press release from the British Columbia Real Estate Association that stated Vancouver was in the lead for housing markets in British Columbia. Cameron Muir, BCREA Chief Economist said "The surge in consumer demand in Metro Vancouver continues to propel the provincial statistics higher." The Multiple Listing Service (MLS) showed that residential sales in the province went up 5% since January on a seasonally adjusted basis.

There are other signs of strength as reported in the Vancouver Sun earlier this month where they mentioned Canadian resale homes fell in February but the Vancouver housing market helped cushion the fall.  There is speculation that housing may slightly recede after the new mortgage rules go in to effect this month however, the Vancouver market is still expected to remain steady.