Housing Market Recovers from Summer Doldrums

Vancouver, BC - December 14, 2010. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 20 per cent in November from October 2010, on a seasonally adjusted basis.

Compared to November of last year, Kootenay region MLS® sales dollar volume and residential unit sales both declined 28%. The average MLS® residential price declined 0.1% to $268,500 in November compared to the same month last year. 

"Improved economic conditions and low mortgage interest rates have contributed to a 46 per cent increase in home sales since July," said Cameron Muir, BCREA Chief Economist. Employment in BC eclipsed the July 2008 record by 2,600 jobs last month, while the unemployment rate dipped to 6.9 per cent, the lowest recorded since January 2009.

"The inventory of homes for sale has trended lower since last spring, improving market conditions in many areas of the province," added Muir. Vancouver and Victoria climbed back into balanced market conditions in last month.

Year-to-date, Kootenay region residential sales dollar volume declined 4% to $522 million, compared to the same period last year. Residential unit sales declined 4% to 1,902 year-to-date, while the average MLS^® residential price climbed 0.3% to $274,589 over the same period.

Read the complete report (pdf)