The British Columbia Real Estate Association (BCREA) reports that a total of 4,501 residential sales were recorded by the Multiple Listing Service (MLS) in BC during February, down 23.6 per cent compared to February 2012. Total sales dollar volume was down 29.9 per cent to $2.39 million. The average MLS residential price in the province was $514,134, up 3.1 per cent from January, but down 8.1 per cent from a year ago.
"BC home sales continued at a modest pace in February," said Cameron Muir, BCREA Chief Economist. "Despite improved affordability, many potential buyers and sellers remain in a holding pattern. With pent up demand now becoming latent in the market, it's not a matter of if, but when home sales rise above their current pace."
"An unusual spike in the average MLS residential price in February 2012 is largely responsible for the year-over-year percentage change," added Muir. "Most BC markets have experienced relatively stable price levels during the first two months of the year."
Year-to-date, BC residential sales dollar volume declined 24.6 per cent to $4.1 billion, compared to the same period last year. Residential unit sales dipped 19.6 per cent to 7,911 units, while the average MLS residential price was down 6.2 per cent at $523,117.