Monday, February 16, 2009

B.C. Home Sales Expected to Increase In Spring

BC Home Sales Start
with a Whimper in 2009

British Columbia Real Estate Association (BCREA) reports residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC declined 61 per cent to $873 million in January, compared to the same month last year. Residential unit sales fell 57 per cent to 2,115 units during the same period. The average MLS® residential price in the province was $412,934 in January, down 9 per cent from January 2008.

“Home sales were sluggish in January, reflecting an overall malaise in consumer confidence and a weakening provincial economy,” said Cameron Muir, BCREA Chief Economist.

“Reports of an increasing number of consumers shopping for a home have yet to materialize in the sales statistics,” added Muir. “The large selection of homes for sale in January likely reduced any sense of urgency for potential homebuyers to commit to a purchase.”

Improving home affordability resulting from lower mortgage rates and home prices is expected to elevate sales activity in the province this spring.

To view more complete statistics use this Nanaimo Info LINK to see complete PDF document.

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