Morgan Rice

Home Sales Slow After Strong First Quarter

Vancouver, BC – May 12, 2011. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential unit sales in the province declined 14 per cent to 7,187 units in April compared to the same month last year. The average MLS® residential price climbed 16 per cent to $598,308 last month compared to April 2010.

"BC home 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 trajectory in tandem with economic and employment growth."

Year-to-date, BC residential sales dollar volume increased 14 per cent to $15.4 billion, compared to the same period last year. Residential unit sales edged back one per cent to 26,334 units, while the average MLS® residential price rose 15.5 per cent to $586,466 over the same period.

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