BC Home Sales Edge Lower in July

Vancouver, BC - August 11, 2011. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential unit sales in the Kootenay area rose 8.4 per cent to 181 from 167 units in July compared to the same month last year. The average MLS® residential price climbed 8.5 per cent to $292,899 last month compared to July 2010.

"BC home sales edged down 4 per cent from June to July, on a seasonally adjusted basis," said Cameron Muir, BCREA Chief Economist. "Less frenetic buying activity in Vancouver operated to pull total provincial sales lower."

"The silver lining in the recent global economic uncertainty is that mortgage rates have the potential to reach record lows in the coming weeks as investors flock into bond markets," added Muir. "The increased affordability and added purchasing power from lower mortgage rates will help bolster housing demand."

Year-to-date, Kootenay area residential sales dollar volume decreased 16.8 per cent to $289.1 million, compared to the same period last year. Residential unit sales decreased 12.6 per cent to 1,088 units, while the average MLS® residential price dropped 4.8 per cent to $265,700 from $278,989 over the same period.

Read the complete report (pdf)