Hot in BC

The British Columbia Real Estate Association said this week that residential resales climbed 118% to 4,619 units in January, compared with the same month last year. On a seasonally adjusted basis, MLS residential sales in B.C. fell 16% last month, compared with December 2009.

BCREA chief economist Cameron Muir attributed the easing to "waning pent-up demand and eroded afford-ability.

"While low mortgage rates will continue to entice many home buyers through the spring market, consumer demand is expected to moderate from its frenetic year-end pace."

The average MLS residential price climbed 19% to $491,571 over the same period.

"Upward pressure on prices, particularly in Victoria, Vancouver and the Fraser Valley, is beginning to slow as fewer home sales and a larger inventory reduce the chance of multiple offers," Mr. Muir said in a release.

(Source: National Post)