BC lion

Now here's a crazy swing of the pendulum. The British Columbia Real Estate Association says 2009 "came in like a lamb and went out like a lion. The year began with home sales trending at a 25-year low and ended at a 20-year high." Cameron Muir, BCREA chief economist attributed it to "low mortgage interest rates, pent-up demand and improving economic conditions."

MLS sales climbed 132% to 5,703 homes in December compared with the same month the year before. More homes were sold last month than in any December on record except 1989, when 6,014 units were sold.

The residential sales dollar volume increased 26% to $39.6-billion last year, while the average MLS residential price increased 2% to $465,725 on a 23% gain in sales.

"Considerable momentum in the housing market is expected to carry through the first quarter of 2010," Mr. Muir said, "before home sales begin to moderate as a result of eroding affordability and less pent-up demand.

Source: National Post