May Home Sales jumped to 13.9% in B.C., it was the biggest increase in a number of months since the 2008 recession. The B.C. Real Estate Board Association mentioned that there were 8,729 home sales last month which makes a total of $4.9 billion dollar which is said to be an increase of 20.6% compared to May of 2013.
It also mentioned that there was an increase of 5.8% to the average price of home from last year, the new home average rose now to $565,233. Sales in Greater Vancouver also were at par with the rest of the province, also rose to 13.4%. More increase in sales percentage wise on Chiliwack and Fraser Valley which were 21.9% and 19.7% respectively. It was also the strongest home sales since 2007 where 8,700 homes were sold, although it is still fall short in comparison with 11,000 sales in May prior to recession times in 2006 and 2007.
The 2008 financal crisis brought deep impacts on the global housing market and B.C. Homes sales had fallen significantly during those times in May 2008.