Home Sales Decline in Vancouver, Surge in Rest of BC

Vancouver, BC – August 14, 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 increased 14.4 per cent to $60.6 million in July compared to the same month last year. A total of 221 MLS® residential unit sales were recorded over the same period, up 22.1 per cent from July 2011. The average MLS® residential price was $274,515, 6.3 per cent lower than a year ago.

"While some potential homebuyers in Vancouver are taking a breather over the summer months, stronger consumer demand continues across the rest of the province,” said Cameron Muir, BCREA Chief Economist. MLS® residential unit sales outside of Vancouver were up 11 per cent in July over a year ago. In contrast, home sales through the Real Estate Board of Greater Vancouver were down 18 per cent over the same period.

Year-to-date, Kootenay area residential sales dollar volume increased 5.8 per cent to $306 million, compared to the same period last year. Residential unit sales increased 3.1 per cent to 1,122 units, while the average MLS® residential price was 2.6 per cent higher at $272,715.

Read the complete report (pdf)