BC Real Estate Market Update


Blog by Arnold Shuchat | July 12th, 2012


 

BC Home Sales Lower through June, Stronger  Second Half Expected
Vancouver, BC – July 12, 2012. The British Columbia Real Estate  Association (BCREA) reports that during the first half of 2012, BC residential  sales dollar volume declined 17.1 per cent to $20.4 billion, compared to the  same period last year. Residential unit sales dipped 9 per cent to 38,312  units, while the average Multiple Listing Service® (MLS®) residential price was  8.9 per cent lower at $533,681.
BC Home Sales Lower through June, Stronger  Second Half Expected
Vancouver, BC – July 12, 2012. The British Columbia Real Estate  Association (BCREA) reports that during the first half of 2012, BC residential  sales dollar volume declined 17.1 per cent to $20.4 billion, compared to the  same period last year. Residential unit sales dipped 9 per cent to 38,312  units, while the average Multiple Listing Service® (MLS®) residential price was  8.9 per cent lower at $533,681.

 "The pace of home  sales slowed during the first half of the year,” said Cameron Muir, BCREA Chief  Economist. “However, the downturn is likely to be temporary as population  growth, persistently low mortgage rates and encouraging employment figures  suggest a stronger second half of 2012."
"The 5-year  conventional mortgage rate remains within 5 basis points of its 20 year monthly  low. BC’s population is growing by approximately 45,000 individuals a year.  Full-time employment climbed 3 per cent during the first half of 2012 at the  expense of part-time employment, which declined 1.9 percent."

 The dollar volume of  homes sold through the MLS® in BC declined 24.1 per cent to $3.4 billion in  June compared to the same month last year. A total of 6,815 MLS® residential unit  sales were recorded over the same period, down 13.8 per cent from June 2011.  The average MLS® residential price was $503,232, 12.0 per cent lower than a  year ago.