Home Sales Slow After Strong First Quarter

Vancouver, BC – May 12, 2011. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential unit sales in the Kootenay area declined 17.6 per cent to 155 units in April compared to the same month last year. The average MLS® residential price declined 6.4 per cent to $289,001 last month compared to April 2010.

"BC home sales edged lower in April as the result of home purchases that were pulled forward during the first quarter,” said Cameron Muir, BCREA Chief Economist. “The province’s housing markets continue to exhibit a two steps forward, one step back trajectory in tandem with economic and employment growth."

Year-to-date, Kootenay area residential sales dollar volume decreased 26.6 per cent to $131.4 million, compared to the same period last year. Residential unit sales edged back 22.3 per cent to 508 units, while the average MLS® residential price declined 5.5 per cent to $258,653 over the same period.

Read the complete report (pdf)