BC Home Sales Pulled Lower by Vancouver & Fraser Valley – December 2012
TheÂ British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through the Multiple Listing ServiceÂ® (MLSÂ®) in BC declined 24.6 per cent to $2.3 billion in November compared to the same month last year. A total of 4,680 MLSÂ® residential unit sales were recorded over the same period, down 17 per cent from November 2011. The average MLSÂ® residential price was $480,861, down 9.1 per cent from a year ago.
“A slower pace of consumer demand in Vancouver and the Fraser Valley contributed to fewer home sales province-wide in November,â€ said Cameron Muir, BCREA Chief Economist. â€œWhile more stringent mortgage credit regulations for low equity borrowers have squeezed some buyers out of the market, the broader slowdown may be a pre-cursor to more elevated activity in 2013, resulting from pent-up demand.”
Year-to-date, BC residential sales dollar volume declined 18.7 per cent to $33.3 billion, compared to the same period last year. Residential unit sales declined 11 per cent to 64,626 units, while the average MLSÂ® residential price was 8.6 per cent lower at $515,611.
If you have any real estate questions or if you are thinking of buying or selling your home, please contactÂ James Louie Chung, Metro Vancouver REALTORÂ® â€” Real Estate AgentÂ atÂ [email protected]Â or call / text ( 6 0 4 ) 7 1 9 â€” 6 3 2 8 today!