Home sales moderate in 1st quarter
Home sales have moderated since the beginning of the year, said Cameron Muir, BCREA Chief Economist. Waning pent-up demand and eroding affordability were key factors in the market. Despite an improving provincial economy, higher mortgage interest rates and tighter credit conditions for low-equity homebuyers and investors will squeeze some prospective buyers out of the market this spring, added Muir.
The BC residential sales dollar volume increased 95 per cent to $9.22 billion in the first quarter of 2010 compared to the same period last year. Residential units sales rose 64 per cent to 18,284 units, while the average MLS® residential price climbed 19 per cent to $504,312 over the same period.