Sales Activity Down in January, But House Prices Continue to Rise

In the VIREB coverage area, 196 single-family homes sold on the MLS® system in January 2015. This represents an 8% decrease from the 212 sales recorded in January 2014 and a 23% decrease from last month, which posted 257 sales.

BCREA’s chief economist, Cameron Muir, states that despite January’s numbers showing a decline from last year, it is too early to predict whether they indicate initial signs of uncertainty in the market.

“Although sales in January are down across the province, the recent reduction in interest rates could have a positive impact on the housing market," said Muir.  “As well, affordability in most communities remains strong. Job losses from falling oil prices aside, the economic outlook is encouraging.”