BC Homes Sales Edge Lower in July

The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service (MLS) residential unit sales in the provinice rose 12.9% to 6,533 units in July compared to the same month last year.  The average MLS residential price climbed 10% to $540,877 last month compared to July 2010.


"BC homes sales edged down 4% from June to July, on a seasonally adjusted basis"  said Cameron Muir, BCREA Chief Economist.  "Less frenetic buying actitivity in Vancouver operated to pull total provincial sales lower."


"The silver lining in the recent global economic uncertainty is that mortgage rates have the potential to reach record lows in the coming weeks as investors flock into bond markets," added Muir.  "The increased affordability and added purchasing power from lower mortgage rates will help bolster housing demand."


Year to date, BC residential sales dollar volume increased 16.5 % to $28.2 billion, compared to the same period last year.  Residential unit sales increased 1% to 46,628 units, while the average MLS residential price rose 15.3% to $579.645 over the same period. 


No comments

Post Your Comment:

Your email will not be published
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.