June 15, 2010
According to the British Columbia Real Estate Association (BCREA), MLS residential sales in BC have declined 4 per cent to 7,950 units in May, as compared to the same period last year.
But, average MLS prices climbed 7 per cent to $498,294 in May, as compared to the same month last year.
“A slower pace of home sales combined with an increase in the inventory of homes for sale has quelled upward pressure on home prices,” said Cameron Muir, BCREA Chief Economist.
The BCREA states:
“Year-to-date, BC residential sales dollar volume increased 50 per cent to $17.5 billion, compared to the same period last year. Residential unit sales rose 31 per cent to 34,619 year-to-date, while the average MLS® residential price climbed 14 per cent to $505,468 over the same period.”