BC Housing Market Recovering From 2012 Slowdown

Vancouver, BC - June 14, 2013.  The British Columbia Real Estate Association (BCREA) reports that a total of 7,664 residential sales were recorded by the Multiple Listing Service® (MLS®) in BC curing May, down 0.7 percent from May of 2012. Total sales dollar volume was 2 percent higher at $4.1 billion. The average MLS® residential price in the Province was $534,013 , up 2.7 percent from a year ago.


"BC home sales continued to trend higher in May" said Cameron Muir, BCREA Chief Economist. "In contrast to shlowing demand and modering prices in 2012, the BC housing market is turning around". Rising consumer demand combined with inventory levels that remian in check has moved the Province's largest markets into balanced territory. "Home prices have edged higher over the past three months in BC's large Lower Mainland market" added Muir. The MLS® Home Price Composite Index for the Lower Mainland was up 0.2 percent over the past month, and 1.4 percent over the past three months.


Year-to-date, BC residential sales dollar volume was down 12.2 percent to $14.9 billion, compared to the same period last year. Residential unit sales were down 10.7 percent to 28,140 units, while the average MLS® residential price was down 1.7 percent at $530,936.


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