B.C. market activity and the Okanagan area

The British Columbia Real Estate Association (BCREA) reports that Mulltiple Listing Service (MLS) residential unit sales in B.C. declined 14% to 7,187 units in April compared to the same month last year.  The average MLS residential Price climbed 16% to $598,308 compared to April 2010.

.....For individual regions the Okanagan area average price dropped 5.6%, from $395,000 to $372,000 and sale numbers declined 29.6% on the year from 561 to 395.  Decrease of sale activity and average price was similar for many B.C. interior and northern regions......

"B.C. homes sales edged lower in April as the result of home purchases that were pulled forward during the first quarter" said Cameron Muir, BCREA Chief Economist.  "The province's housing markets continue to exhibit a two steps forward, one step back tajectory in tandem with economic and employment growth."

Year-to-date, B.C. residential sales dollar volume increased 14% to $15.4 billion, compared to the same period last year.  Residential unit sales edged back 1% ot 26,334 units, while the average MLS residential price rose 15.5% to $586,466 over the same period.

SOURCE: BCREA May 12, 2011 press release