Home sales in B.C. soared last month, the highest number for the month of July in eight years, according to the British Columbia Real Estate Association.
The association on Wednesday said a total of 7,650 residential sales were recorded on the Multiple Listing Service, up 18 per cent from July of 2012.
The average MLS price in the province was $534,360, up 12.5 per cent from July 2012.
Cameron Muir, chief economist with the association said homes sales were the strongest since 2007.
“After six consecutive months of rising consumer demand, it’s now clear that B.C. housing markets are recovering from tighter lending regulations introduced last year,” he said.
Muir added that many potential home sellers that have been holding off for improved market conditions are expected to put their homes on the market to meet the swelling ranks of home buyers.
According to a report released earlier this month from the Real Estate Board of Greater Vancouver, July was the hottest month this year for home sales in Vancouver.
Sales in the region on the MLS reached 2,946 in July, up 11.5 per cent from the month previous, and up 40.4 per cent from July 2012.
In Metro Vancouver, the benchmark price for all homes in the board’s region was $601,900 in July, --The Vancouver Sun