According to BCREA ( British Columbia Real Estate Association, the residential housing sales in B.C. were up by 28.6% in August. The Multiple Listing Service showed there were 6,863 residential homes sales happened last month in B.C. which came to a total of $3.66 billion. This is an increase of 39.7% from August of 2012 sales in dollar term.
Chief economist Cameron Muir noted that during 2012, a lot of home buyers stayed on the sidelines for almost the whole year due to fear of a housing market hard landing, but this year, it's the sense of urgency to lock in a mortgage at a low interest rate that cause a good summer home activity.
BCREA predicted that although mortgage is anticipated to rise, the impact on home sales will offset by the stronger economic conditions and the employment growth.
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