14 May 2009
Housing Market Balancing Out
Vancouver, BC – May 14, 2009. The British Columbia Real Estate Association (BCREA) reports that April was the third consecutive month of increasing home sales in the province, on a seasonally adjusted basis. Consumer demand was bolstered by lower home prices and record low mortgage interest rates. Housing affordability hit a three-year high at the beginning of the month.
“Downward pressure on home prices has eased considerably,” said Cameron Muir, BCREA Chief Economist. “An increase in consumer demand combined with fewer homes for sale has trended the market near balanced conditions.” The number of homes for sale through the Multiple Listing Service (MLS®) fell to a twelve-month low in April, on a seasonally adjusted basis.
Read the complete report
Comment Notification
Subscribe to this post's comments using
Comment Policy: No HTML allowed. URIs and line breaks are converted automatically. Your e–mail address will not show up on any public page.
