BC Real Estate Association March 2013 Market Overview
April 16, 2013
The British Columbia Real Estate Association (BCREA) reports that a total of 5,661 residential sales were recorded by the Multiple Listing Service (MLS) in BC during March, up 6.6 per cent from February on a seasonally adjusted basis, but down 17.7 per cent compared to March 2012.
Total sales dollar volume was down 18.5 per cent to $3.06 billion. The average MLS residential price in the province was $540,662, up 2 per cent from February, but down 1 per cent from a year ago.
"BC home sales in March posted the largest seasonally adjusted month-to-month increase since January 2011," said Cameron Muir, BCREA Chief Economist. "However, home sales per capita continue to remain near a cyclical low, suggesting that pent-up demand may be beginning to grow in the housing market."
Year-to-date,BC residential sales dollar volume declined 22.1 per cent to $7.2 billion, compared to the same period last year. Residential unit sales dipped 18.8 per cent 13,572 units, while the average MLS residential price was down 4.0 per cent at $530,435.
BCREA Economist Cameron Muir has more details on the March housing market: