According to the British Columbia Real Estate Association (BCREA), this year featured the busiest May they’ve seen since 2007. Chief economist for the BCREA, Cameron Muir, explained, “Rock bottom mortgage rates are inducing many would-be home buyers to enter the market this spring.” In May 2014, there were 8,729 residential sales, which was up from 13.9 percent in May 2013. There was also a total sales volume of $4.9 billion – an increase of 20.6 percent from a year prior. From January to May 2014, the dollar volume on BC residential sales was $18.8 billion, an increase of a whopping 26 percent from the same time frame in 2013, and there were 32,894 residential units sold (up 17 percent). In May 2013, the average home price was $534,013, while in May 2014, it went up 5.8 percent to $565,233. It’s not just in British Columbia that the real estate market has taken a turn for the better, but all over Canada. Muir also stated, “With most BC markets now in balanced conditions, home prices are up in nine of 11 board areas.” According to the Canadian Real Estate Association (CREA), the number of home sales rose from 5.9 percent between April and May, which is the largest month-over-month hike in four years. According to the CREA president, Beth Crosbie, “The monthly increase in May activity was widespread among local housing markets, with some 80 per cent of them reporting stronger sales compared to April.” In order to be considered a balanced market, the national sales-to-new ratio should be within the 40 to 60 percent range. In March and April it was at 52 percent, and in May, it went up to 53.1 percent. The key to gaining more ground in the real estate market may be on catering to the Generation Y set as they make up 27 percent of the population. According to Melanie Reuter, the director of research for the Real Estate Investment Network, “If you don’t pay attention to what this generation wants, regardless if you agree or not, you won’t have a business soon because they are such a large cohort that they do have spending power.” Deemed by Western Investor as one of the 5 hottest housing markets in British Columbia, South Delta has been getting a lot of attention within the past year or so, especially in one little historic fishing village. Ladner real estate has picked up quite a bit, and local Realtor, Jamie Hooper, has already sold 20 properties this year in the town of around 21,000 residents. In Ladner, as of 2012, the average price for a house is $686,384, the average for a condo is $344,493, and the average for a townhouse is $477,688. The real estate market in British Columbia (and elsewhere) may be slow to come back from the huge financial crisis, but according to the numbers as of late, it’s well on its way. If you’re looking for homes for sale in Ladner, you can contact Jamie Hooper at jhooper1@aol.com, or by calling 604-240-1540.