Home sales moderate in 1st quarter
Vancouver, BC April 13, 2010. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 43 per cent to 7,110 units in March compared to the same month last year. On a seasonally adjusted basis, MLS® residential unit sales in the province increased 6 per cent compared to February 2010. However, home sales in March were 20 per cent lower than December 2009 on a seasonally adjusted basis.
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.
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.
THIS ENTRY WAS POSTED ON April 13th, 2010 BY Mark Longpre | POSTED IN General ,