Shifting Regional Demand Produces Similar Results

Vancouver, BC – June 15, 2012. The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through the Multiple Listing Service® (MLS®) in the Kootenay area was  up 40.6 per cent to $58.8 million in May compared to the same month last year. A total of 210 MLS® residential unit sales were recorded over the same period, up 25.7 per cent from May 2011. The average MLS® residential price was $280,242, 11.8 per cent higher than a year ago.

"BC home sales were back on track in April and May compared with last year's performance, after falling short of the unusually strong first quarter of 2011," said Cameron Muir, BCREA Chief Economist.

"Recovery of the BC Interior housing markets continued unabated in May," noted Muir. "Despite a nearly 16 per cent dip in home sales in Vancouver, provincial totals were down just 2 per cent from levels a year ago."

Year-to-date, Kootenay area residential sales dollar volume increased 9.2 per cent to $189 million, compared to the same period last year. Residential unit sales increased 3.1 per cent to 696 units, while the average MLS® residential price was 5.9 per cent higher at $271,808.

Read the complete report (pdf)