Business

Vancouver, Kelowna lead Canada with 10 per cent home sales growth in 2013

Vancouver
Vancouver's housing market jumped 10 per cent in 2013, expected to top out at 28,000 home sales.
— image credit: Wikimedia Commons (author Thom Quine)

Housing markets in Vancouver and Kelowna rebounded in 2013 to lead the country with a 10 per cent growth in sales, according to Re/Max.

Totals and projections (until the end of 2013) have Vancouver racking up 28,000 over the past 12 months, up from 25,455 homes sold in 2012. Kelowna sold 4,300 units, up from 3,902 in 2012.

(Read Re/Max's full report here...)

Overall, Canada's home sales jumped three per cent in 2013, with 466,000 homes sold this year compared to 453,372 sales last year.

Canadian home prices jumped from $730,064 in 2012 to $765,000 in 2013, as 92 per cent of national housing markets saw price increases, led by Hamilton-Burlington with a 7.5 per cent hike.

Vancouver's home prices rose five per cent this year, and the city was also named Canada's least affordable housing market in 2013, way back in May. The Housing Affordability Study found that (Metro) Vancouverites spent 82.2 per cent of their household income on housing, compared to all of B.C. at 66.4 per cent.

(Prince Rupert was held up in the study as one of the province's most affordable markets, as just 30 per cent of household income goes toward housing.)

In Re/Max's look forward to 2014, Greater Vancouver's home sales are expected to stabilize somewhat, with a two per cent increase to 29,000 units sold. Kelowna's growth in sales is forecast to lead Canada with 10 per cent, just ahead of Calgary at nine per cent.

We encourage an open exchange of ideas on this story's topic, but we ask you to follow our guidelines for respecting community standards. Personal attacks, inappropriate language, and off-topic comments may be removed, and comment privileges revoked, per our Terms of Use. Please see our FAQ if you have questions or concerns about using Facebook to comment.

You might like ...

B.C. oil refinery backers move ahead
 
Partnership all in for Rotary
 
Diesel stays stubbornly high amid crude oil drop
Okanagan Indian Band to municipalities buying CN Rail line: Buyer beware
 
Woman rushed to hospital after train and car collision
 
Site C dam construction to start next summer
Icewine makers welcome cold snap
 
Door-to-door compost pick-up proposed for West Kootenay
 
Nelson Toyota celebrates 45 years

Community Events, December 2014

Add an Event


Read the latest eEdition

Browse the print edition page by page, including stories and ads.

Dec 17 edition online now. Browse the archives.