Recovering Residential Market

(June 14, 2013)

Comparing last month's current residential sales to May 2011, we are down 0.7%, however the total sales in dollar volume is 2% higher at $4.1 Billion. This has brought the average MLS residential price in the province up 2.7% from a year ago ($534,013.00).

BC home sales were trending higher in May as we compare to a slowing demand and calming prices in 2012, this could be signs of a progressing housing market. Basically it comes down to combined consumer demand meeting inventory levels that are moving the province's largest markets into a balanced area.

Home prices in the lower mainland have slowly increased 1.4% over the past 3 months and 0.2% over this past month.

"Year-to-date, BC residential sales dollar volume was down 12.2 per cent to $14.9 billion, compared to the same period last year. Residential unit sales were down 10.7 per cent to 28,140 units, while the average MLS® residential price was down 1.7 per cent at $530,936." (BCREA)