What is the average price for a BC home? It’s on the rise again!

BC home sales rose nearly 9% in September compared to the same month last year, with the average price increasing 6% to $524,000, the B.C. Real Estate Association said Friday.

The BCREA reports that multiple listing service sales in the province rose 8.8% to 5,995 units and that sales edged up 3% in September compared to August on a seasonally adjusted basis. A total of 55,616 homes were listed on the multiple listing service at the end of September.

For individual markets, Metro Vancouver saw an average price increase of 10.5% to $751,000 in September compared to September 2010. That compares to Kamloops, which saw an increase of 11% over the same period to $286,000, and Okanagan Mainline, which saw the average price drop 6.6% to $376,000.

“Housing demand last month was bolstered by persistent low mortgage interest rates and a surge in employment,” BCREA chief economist Cameron Muir said in a statement.

Source: Brian Morton, Vancouver Sun

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