B.C. residential sales down 21 per cent from last year, survey says

However, sales climbed 20 per cent in November from October on a seasonally adjusted basis, and the average price of a home is up nine per cent to $523,394 in November compared to November 2009.

BCREA chief economist Cameron Muir noted that sales are on an overall upward trend.

“Improved economic conditions and low mortgage interest rates have contributed to a 46-per-cent increase in home sales since July,” Muir said in a statement, adding that the unemployment rate in B.C. dipped to 6.9 per cent, the lowest since January 2009.

“The inventory of homes for sale has trended lower since last spring, improving market conditions in many areas of the province,” added Muir.

Year-to-date, the total value of B.C. residential sales dropped four per cent to $35.5 billion, compared to the same period last year. The total number of sales declined 11 per cent to 70,382 over the same period, while the average price climbed nine per cent to $504,042.

For Metro Vancouver, the average price rose 12.3 per cent from November 2009 to November 2010, from $623,000 to $699,000.

For the Fraser Valley, the average price rose 5.4 per cent over the same period, from $432,000 to $455,000.

However, prices in the interior weren’t as strong, with the average price in South Okanagan, for example, dropping 4.9 per cent in November 2010 compared to November 2009, from $329,000 to $313,000.

Source: The Vancouver Sun

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