Vancouver, BC – May 14, 2009. The British
Columbia Real Estate Association (BCREA) reports that April was the third
consecutive month of increasing home sales in the province, on a seasonally
adjusted basis. Consumer demand was bolstered by lower home prices and record
low mortgage interest rates. Housing affordability hit a three-year high at the
beginning of the month.
“Downward pressure on home prices has eased considerably,” said
Cameron Muir, BCREA Chief Economist. “An increase in consumer demand combined
with fewer homes for sale has trended the market near balanced conditions.” The
number of homes for sale through the Multiple Listing Service (MLS®) fell to a
twelve-month low in April, on a seasonally adjusted basis.
MLS® residential sales dollar volume in BC declined 25
per cent to $3.1 billion in April, compared to the same month last year.
Residential unit sales declined 20 per cent to 6,918 units during the same
period. The average MLS® residential price in the province was $449,372 in
April, down 6 per cent from April 2008. Year-to-date, MLS® residential sales
dollar volume was down 41 per cent to $7.8 billion over the same period last
year. A total of 1,889 units were sold in the first four months, down 35 per
cent from 2008, while the average MLS® price declined 9 per cent to $433,246.