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Porter Ramsay Blog

British Columbia leads in real estate sales numbers

On Behalf of | Dec 30, 2019 | Real Estate Law |

Real estate numbers are up in the country thanks, in part, to the west coast. A recovery in the real estate market in British Columbia has increased overall numbers across the country. The Canadian Real Estate Association (CREA) statistics for November show a marked hike in property sales. CREA says most of the good news can be attributed to a rallying market after last year’s dismal numbers.

Those buying properties are increasing in volume. All major markets across the country — save for three — saw encouraging numbers at this point over the same time last year. CREA said, overall, there were more than 37,000 unadjusted sales in November — or an increase of more than 11% from the previous year. CREA says that demand is continuing to develop.

In British Columbia, the Vancouver area saw the real estate market rally the most with an increase of nearly 60% in sales over last year. Up until now, the area has seen multi-year lows. Sales, however, are still not as rampant as they were three or so years ago.

With more British Columbia residents looking to buy or sell real estate, there is likely an increased need to get legal advice about these transactions. A lawyer experienced in real estate law is able to assist a client in a myriad of ways — from looking over contractual agreements, making adjustments prior to closing and actually closing a deal. There are many things involved with the changing of property owners and these must follow the letter of the law. A lawyer is able to ensure that they do.