Friday, 15 June 2012

BCREA Reports Shifting Regional Real Estate Demand Produces Similar Results - June 2012

Vancouver, BC – June 15, 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 14.5 per cent to $4.0 billion in May compared to the same month last year. 

A total of 7,715 MLS® residential unit sales were recorded over the same period, down 1.8 per cent from May 2011. The average MLS® residential price was $519,923, 12.9 per cent lower than a year ago.“BC home sales were back on track in April and May compared with last year’s performance, after falling short of the unusually strong first quarter of 2011,” said Cameron Muir, BCREA Chief Economist.   

“Recovery of the BC Interior housing
markets continued unabated in May,” noted Muir. “Despite a nearly 16 per cent dip in home sales in Vancouver, provincial totals were down just 2 per cent from levels a year ago.”

Year-to-date, BC residential sales dollar volume declined 15.5 per cent to $17 billion, compared to the same period last year. Residential unit sales dipped 7.9 per cent to 31,497 units, while the average MLS® residential price was 8.3 per cent lower at $540,270.

With regard to the Okanagan Active Listings have shown a fall of 0.2% on this time last year and the Sales to Active Listing ratio is now 9.1% from 7.3% last year.This is a good sign for Sellers as we are gradually moving towards a more balanced market.

The biggest change on this time last year is that MLS sales are up 24.4% in May 2012 compared to this time last year.

To read the full report please view http://www.bcrea.bc.ca/docs/news-2012/2012-05.pdf

Kind Regards

Trish Cenci

Tel 250 864 1707

Email trishcenci@shaw.ca

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