The British
Columbia Real Estate Association (BCREA) reports that a total of 3,410
residential sales were recorded by the Multiple Listing Service® (MLS®) in BC
during January, up 1.8 per cent from December on a seasonally adjusted (SA)
basis, but down 13.6 per cent compared to January 2012. Similarly, total
sales volume increased 3.8 per cent SA, but declined 16 per cent from the same
month last year. The average MLS® residential price in the province was
$514,134, up 3.2 percent from December, however, down 2.7 per cent from a year
ago.
"Despite
a modest uptick in consumer demand last month, home sales have remained
relatively stable at a noticeably lower level since last August,” said Cameron
Muir, BCREA Chief Economist. “Continuing low mortgage interest rates combined
with an easing back of home prices in some areas is expected to trend home
sales higher during the spring and summer months."
“The ratio of home sales to new listings is indicative of a
balanced market at 42 per cent,” added Muir. “However, there remains a backlog
of existing home listings to either sell or be pulled off the market before
supply and demand can be considered in check.”
Dramatic swings in average price statistics caused by a surge
and subsequent pullback in luxury home sales appear to be near an end. The
year-over-year change in average prices now more closely reflects the home
price indices in Vancouver and the Fraser Valley.
Copyright BCREA - reprinted with permission
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