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 Jun 21, 2008 BC housing sales slow British Columbia Real Estate Association… reports residential sales dollar volume on the Multiple Listing Service in B.C. declined 27 per cent to $3.85 billion in May, compared to May 2007. Residential unit sales fell 31 per cent to 8,101 units during the same period. The average MLS residential price in the province reached $475,656, up six per cent from May 2007. “Rising fuel and food prices are impacting the housing market, as many potential homebuyers take a wait and see approach out of concern for their household budgets,” said Cameron Muir, BCREA chief economist. “Despite strong demographic fundamentals, amenity markets in the province are bearing the brunt of reduced demand as second home purchases by recreation and investor buyers are more easily delayed,” added Muir. “However, higher inventory levels may soon edge lower as homes priced in relation to the accelerating conditions of the past are either pulled off the market or repriced and sold according to today's market realities.” (Source: Vancouver Sun) Go Back To The Market Updates Page Questions? No problem! For more information, please feel free to contact June Conway toll free at +1.888.657.7123. Of course, you could always just email June Here . |
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