Average Metro price rose 12 per cent to $681,000 in August, compared to the same month last year
Housing sales dropped 35 per cent this August compared to last year, to 5,590 units, according to a report released Tuesday by the B.C. Real Estate Association.
But sales increased seven per cent in August on a seasonally adjusted basis compared to July 2010.
The average price of a B.C. home climbed 3.6 per cent to $487,804 in August compared to the same month last year. “August home sales posted the first month-to-month increase since March of this year,” said BCREA chief economist Cameron Muir in a statement. “Lower mortgage interest rates and an improving labour market are inducing additional consumer demand. The number of new residential listings in the province has fallen 30 per cent since April,” added Muir. “With fewer new listings, total active listings are now on the decline, signalling that an end to the buyers’ market may be on the horizon.”
Year-to-date, B.C. residential sales’ dollar volume has increased eight per cent to $26.9 billion, compared to the same period last year. Residential unit sales rose two per cent to 53,717 year-to-date, while the average residential price climbed 10 per cent to $501,226 over the same period…
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Written by: Brian Morton, Vancouver Sun
Date: September 15, 2010