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 during May, down 0.7 cent from May of 2012. Total sales dollar volume was 2 per cent
higher at $4.1 billion. The average MLS® residential price in the province was $534,013, up 2.7
per cent from a year ago.
"BC home sales continued to trend higher in
May," said Cameron Muir, BCREA Chief
Economist. "In contrast to slowing demand
and moderating prices in 2012, the BC housing
market is turning around." Rising consumer
demand combined with inventory levels that
remain 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 per
cent over the past month, and 1.4 per cent
over the past three months.
Year-to-date, BC residential sales dollar volume was down 12.2 per cent to $14.9 billion,
compared to the same period last year. Residential unit sales were down 10.7 per cent to
28,140 units, while the average MLS® residential price was down 1.7 per cent at $530,936.
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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.
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