BC housing market shows sign of tiredness

BCREA release — The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 21% to 8,385 units in April compared to the same month last year. On a seasonally adjusted basis, MLS® residential unit sales in the province declined 4% from March 2010. The average MLS® residential price climbed 15% to $514,820 in April compared to the same month last year.

“BC home sales have trended on an annual rate of 84,000 to 86,000 units over the past three months, down from the 108,000 unit pace recorded in the fourth quarter of last year,” said Cameron Muir, BCREA Chief Economist. A total of 85,028 MLS® residential unit sales were recorded in 2009. “Higher home prices, particularly in Vancouver, the Fraser Valley and Victoria as well as a recent lift in mortgage interest rates has eroded affordability and had an impact on overall housing demand,” added Muir.

The BC residential sales dollar volume increased 73% to $13.5 billion in the first four months of 2010, compared to the same period last year. Residential units sales rose 47% to 26,669 units year-to-date, while the average MLS® residential price climbed 17% to $507,616 over the same period.

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