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Record Home Prices Reported By BCREA

Blog by Nick Swinburne | January 14th, 2011

Residential Sales are down in BC, while residential prices are up, according to recently released figures from the British Colombia Real Estate Association.

Residential sales in B.C. experienced a drop of 12 % to 74,640 units in 2010. The annual average MLS residential price climbed 8.5 % to a record $505,178 in 2010.

“Tighter credit conditions and expended pent-up demand curbed home sales during the first half of 2010,” said Cameron Muir, BCREA Chief Economist. “However, low mortgage interest rates and improved economic conditions buoyed home sales in the latter half of the year.”
Residential unit sales on the MLS showed a drop of 40 % from the early part of 2010- from January through July. Things began to turn around towards the end of the year, when residential unit sales rose 43 % by the end of 2010, on a seasonally adjusted basis.

“The inventory of homes for sale peaked at 53,375 units in May before declining 14 % to 46,000 units by December,” added Muir. “The combination of fewer active listings and increased consumer demand has improved market conditions in many areas.”
With expectation of similar environment in terms of continued low interest rates and  increase in demand, there is hope that this growth will be sustained throughout 2011, much as they did in 2011.

MLS residential sales reported a drop of 25 % to 4,258 units in December- falling from the near record-breaking levels of 5,703 units in December the previous year.

After a 15 per cent increase in unit sales between October and November An additional seasonally adjusted increase of 1% in December built on a 15 % increase in unit sales that happened between October and November. The average MLS residential sales price hit record heights in December- reaching $523,990 – which marks a rise of 6 % from December 2009.

British Colombia Real Estate Association