The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through Multiple Listing Service in B.C. declined 26.5 per cent to $3.8 billion in March compared to the same month last year. A total of 6,882 residential unit sales were recorded over the same period, a decline of 20 per cent. The average residential price was $545,959 in March, 8.1 per cent lower than in March 2011.
“The spike in consumer demand recorded a year ago was not repeated last month,” said Cameron Muir, BCREA Chief Economist.
“A marked increase in high-end home sales a year ago pushed up unit sales and skewed average prices higher, so it’s no surprise to see fewer home sales and lower average prices in March of this year.”
Year-to-date, B.C. residential sales dollar volume declined 17 per cent to $9.2 billion, compared to the same period last year. Residential unit sales dipped 12.7 per cent to 16,724 units, while the average housing price edged back 5 per cent to $552,785 over the same period.
Some hot spots in the province may prove surprising. Housing sales were up 12 per cent in Fort St. John in northwest B.C., with average prices up $20,000 to $340,200 in March, according to the Northern BC Real Estate Board.
In Fort Nelson, the average house price is now $344,00, compared to $239,400 two years ago and $321,000 in March 2011.
