Market Boom Helping Investors Get Rich

Investors continue to cash in, with this red hot market continuing to break records.

"Housing demand is exceptionally strong across the southern regions of the province,” Cameron Muir, BCREA Chief Economist, said in a release. “Consumers appear to be particularly active in the Vancouver Island, the Fraser Valley and the Thompson/Okanagan regions.”

“Strong employment growth is helping underpin consumer confidence.”

According to the British Columbia Real Estate Association (BCREA), a record 12,969 residential sales were reported in April – a 30.3% increase year-over-year.

Total sales reached $9.64 billion in April, a 52.7% hike. To date, sales volume increased 64.3% this year to $31.2 billion. Total residential sales increased 36.2% to 28,028 units.

The average price, meanwhile, increased 17.2% year-over-year, reaching $743,640.

The BC economy added 78,000 jobs this year, representing a 3.5% year-over-year increase in job creation.

“Strong employment growth is helping underpin consumer confidence,” Muir said.