BC Experiences Moderate Home Sales in first Quarter

Here is an excerpt from the latest BCREA release with regard to the BC Housing market. You can see more Okanagan information at http://www.OkanaganMarketStats.com

Vancouver, BC – April 13, 2010. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 43 per cent to 7,110 units in March compared to the same month last year. On a seasonally adjusted basis, MLS® residential unit sales in the province increased 6 per cent compared to February 2010. However, home sales in March were 20 per cent lower than December 2009 on a seasonally adjusted basis.   “Home sales have moderated since the beginning of the year,” said Cameron Muir, BCREA Chief Economist. Waning pent-up demand and eroding affordability were key factors in the market. “Despite an improving provincial economy, higher mortgage interest rates and tighter credit conditions for low-equity homebuyers and investors will squeeze some prospective buyers out of the market this spring,” added Muir. The BC residential sales dollar volume increased 95 per cent to $9.22 billion in the first quarter of 2010 compared to the same period last year.  Residential units sales rose 64 per cent to 18,284 units, while the average MLS® residential price climbed 19 per cent to $504,312 over the same period. 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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 Brell ~ Brenda Ellis REALTOR ®

 with TheOkanaganRealEstateHub.com @ Century 21 Executives Realty Ltd 

(250)550-2161 Direct Dial

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Century 21 Executives Realty Ltd.

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Vernon, BC  V1T 5M2

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