Déjà Vu in November Housing Market

Vancouver, BC - December 14, 2011. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential unit sales in the Kootenay area increased 14.6 percent in November compared to the same month last year. A total of 165 units were sold last month compared to 144 units in November 2010. The average MLS® residential price was up 2.8 percent to $275,939 in November compared to $268,500 in the same month last year.

"BC home sales continued to gain ground in November," said Cameron Muir, BCREA Chief Economist. "After waning during the first half of the year, consumer demand has steadily increased since the summer months."

"Low mortgage interest rates remain a key driver in the housing market, heping to maintain affordability and purchasing power," added Muir.

Year-to-date, Kootenay area residential sales dollar volume decrease 5 per cent to $495.9 million, compared to the same period last year. Residential unit sales decreased 3.7 percent to 1,832 units, while the average MLS® residential price decreased 1.4 percent to $270,693 over the same period.

Read the complete report (pdf)