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Market Update: Shifting Regional Demand Produces Similar Results


Blog by Century 21 Amos Realty | June 16th, 2012


Just recieved a market update from BCREA (British Columbia Real Estate Association). Talking about the market flucutations in price and sales. See below for more information.




Vancouver, BC – June 15, 2012.
The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through the Multiple Listing Service® (MLS®) in BC declined 14.5 per cent to $4.0 billion in May compared to the same month last year. A total of 7,715 MLS® residential unit sales were recorded over the same period, down 1.8 per cent from May 2011. The average MLS® residential price was $519,923, 12.9 per cent lower than a year ago.

"BC home sales were back on track in April and May compared with last year’s performance, after falling short of the unusually strong first quarter of 2011,” said Cameron Muir, BCREA Chief Economist."

"Recovery of the BC Interior housing markets continued unabated in May,” noted Muir. “Despite a nearly 16 per cent dip in home sales in Vancouver, provincial totals were down just 2 per cent from levels a year ago."

Year-to-date, BC residential sales dollar volume declined 15.5 per cent to $17 billion, compared to the same period last year. Residential unit sales dipped 7.9 per cent to 31,497 units, while the average MLS® residential price was 8.3 per cent lower at $540,270.

 

For more information, please contact: 

Cameron Muir

Damian Stathonikos

Chief Economist

Director of Communications and Public Affairs

Direct: 604.742.2780

Direct: 604.742.2793

Mobile: 778.229.1884

Mobile: 778.990.1320

Email: cmuir@bcrea.bc.ca

Email: dstathonikos@bcrea.bc.ca

BCREA represents 11 member real estate boards and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education (cpe).

To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.

For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada's real estate boards to ensure maximum exposure of properties listed for sale.