Housing Market Favours Buyers

Vancouver, BC - July 15, 2010. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province declined 23 per cent to 7,722 units in June compared to the same month last year. On a seasonally adjusted basis, MLS® residential unit sales in the province declined 5 per cent in June from May 2010. The average MLS® residential price climbed 8 per cent to $499,908 in June compared to the same month last year.  

"Market conditions have shifted from balanced conditions at the start of the year to a buyers' market this summer," said Cameron Muir, BCREA Chief Economist. In June, there was 9.3 months of supply on the market given current sales activity, up from 5.6 months in January 2010. "Tighter credit conditions for homes with secondary suites and low equity home buyers have moderated consumer demand," added Muir.

Year-to-date, Kootenay residential sales dollar volume increased 34 per cent to $302 million, compared to the same period last year. Kootenay residential unit sales rose 28.6 per cent to 1,078 year-to-date, while the average MLS® residential price climbed 4.2 per cent to $280,393 over the same period.

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