The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through the Multiple Listing Service® (MLS®) in BC declined 25.4 per cent to $2.6 billion in August compared to the same month last year. A total of 5,337 MLS® residential unit sales were recorded over the same period, down 17.9 per cent from August 2011. The average MLS® residential price was $491,145, 9.0 per cent lower than a year ago.
demand continued to trend lower in August," said Cameron Muir, BCREA Chief
Economist. "Tighter mortgage credit conditions introduced in July appear
to be taking a toll on an already tentative market. However, with home sales
slower than improving economic conditions suggest, a rebound may be in store
Year-to-date, BC residential sales dollar volume declined 17.5
per cent to $26.2 billion, compared to the same period last year. Residential
unit sales dipped 9.1 per cent to 50,131 units, while the average MLS®
residential price was 9.3 per cent lower at $521,599.
Copyright BCREA reprinted with permission