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BC Housing Market Exhibits Balanced Conditions

Posted On: 2009-08-14

Regional Differences Persist

Vancouver, BC – August 14, 2009. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 53 per cent to 10,051 units in July 2009 compared to the same month last year. After six consecutive months of rising home sales and declining inventories, the province moved into balanced conditions in July, the first time since April 2008. 

"Record home sales in Metro Vancouver and Victoria propelled the province into balanced conditions last month,” said Cameron Muir, BCREA Chief Economist. “While conditions in many interior markets are getting much better, their reliance on the struggling resource sector and a recent spate of forest fires have contributed to a more gradual pace of improvement."

Year-to-date, MLS® residential sales dollar volume declined 10 percent to $21 billion over the same period last year. A total of 46,380 units were sold in the first seven months of 2009, down 6 percent from 2008, while the average MLS® price declined 4 percent to $451,758.

For more information, please contact: 
Cameron Muir                                                           Damian Stathonikos
Chief Economist                                                       Director of Communications and Public Affairs
Direct: 604.742.2780                                               Direct: 604.742.2793
Mobile: 778.229.1884                                              Mobile: 778.990.1320
Email: cmuir@bcrea.bc.ca                                     Email: dstathonikos@bcrea.bc.ca

 

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