BC Home Sales Pulled Lower by Vancouver/Fraser Valley
Vancouver, BC – December 13, 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 24.6 per cent to $2.3 billion in November compared to the same month last year. A
total of 4,680 MLS® residential unit sales were recorded over the same period, down 17 per
cent from November 2011. The average MLS® residential price was $480,861, down 9.1 per
cent from a year ago.
"A slower pace of consumer demand in
Vancouver and the Fraser Valley contributed to
fewer home sales province-wide in November,"
said Cameron Muir, BCREA Chief Economist.
"While more stringent mortgage credit
regulations for low equity borrowers have
squeezed some buyers out of the market, the
broader slowdown may be a pre-cursor to more
elevated activity in 2013, resulting from pent-up
Year-to-date, BC residential sales dollar volume
declined 18.7 per cent to $33.3 billion, compared
to the same period last year. Residential unit sales declined 11 per cent to 64,626 units, while
the average MLS® residential price was 8.6 per cent lower at $515,611.
-30- For more information, please contact:
Director of Communications and Public Affairs
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 encourage economic vitality, provide housing opportunities, respect the environment and build 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.
To subscribe to receive BCREA publications such as this one, or to update your email address or current subscriptions, click here.