BC Home Sales Edge Lower in May

Vancouver, BC - June 15, 2011. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential unit sales in the Kootenay area declined 19.7 per cent to 167 units in May compared to the same month last year. The average MLS® residential price declined 4.6 per cent to $250,701 last month compared to May 2010's $262,670.

"Tighter mortgage rules, tepid employment growth and advance buying during the first quarter kept BC home sales on a lower note in May," said Cameron Muir, BCREA Chief Economist. "However, recent downward pressure on mortgage interest rates is expected to provide some incentive to consumers over the summer months."

Year-to-date, Kootenay area residential sales dollar volume decreased 25.9 per cent to $173 million, compared to $234 million the same period last year. Residential unit sales declined 21.7 per cent to 675 units, while the average MLS® residential price declined 5.3 per cent to $256,685 from $271,113 over the same period.

Read the complete report (pdf)