Home Buyers in the Driver's Seat

Vancouver, BC - August 12, 2010. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province declined 42 per cent to 5,784 units in July compared to the same month last year. On a seasonally adjusted basis, MLS® residential unit sales in the province declined 19 per cent in July from June 2010. The average MLS® residential price climbed 6 per cent to $491,832 in July compared to the same month last year.

"A relatively large number of homes for sale have created the most favourable supply conditions for home buyers in more than a year," said Cameron Muir, BCREA Chief Economist. MLS® active residential listings were 21 per cent higher in July than at the start of the year on a seasonally adjusted basis. However, with newly listed MLS® residential units now declining, tighter market conditions may emerge this fall.

Year-to-date, Kootenay region residential sales dollar volume increased 17 per cent to $347 million, compared to the same period last year. Residential unit sales rose 14.5 per cent to 1,245 year-to-date, while the average MLS® residential price climbed 2.5 per cent to $278,990 over the same period.

Read the complete report (pdf)