Home Sales Rise Outside Lower Mainland

Vancouver, BC – February 15, 2012. The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through Multiple Listing Service® (MLS®) in the Kootenay area increased 4.0 per cent to $29.2 million in January compared to the same month last year. A total of 105 properties traded hands on the MLS® over the same period, up 2.9 per cent. The average MLS® residential price was 1.0 per cent higher at $275,864 compared to January 2011.

"Increased market activity outside the Lower Mainland in January was offset by fewer sales in Vancouver and the Fraser Valley,” said Cameron Muir, BCREA Chief Economist. MLS® Residential sales rose 7 per cent to 1,620 units outside the Lower Mainland, while declining 10 per cent to 2,356 units in Vancouver and the Fraser Valley.

"While provincial sales activity was down in January from year ago levels, consumer demand has posted modest improvement since last fall, driven by low mortgage interest rates and gradually improving economic conditions,” added Muir.

Read the complete report (pdf)