February Home Sales Strong Despite Olympic Fervor
Posted On:
2010-03-11
For immediate release
February Home Sales Strong Despite Olympic Fervor Vancouver, BC – March 11, 2010. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 63 per cent to 5,955 units in February compared to the same month last year. On a seasonally adjusted basis, MLS® residential unit sales in the province declined 13 per cent compared to January 2010.
"Home sales continued to moderate in February after the record pace of the fourth quarter." said Cameron Muir, BCREA Chief Economist. "However, February’s performance was better than expected considering many households were preoccupied with Olympic gold." The BC residential sales dollar volume increased 91 per cent to $2.96 billion in February compared to the same period last year. The average MLS® residential price climbed 17 per cent to $497,807 over the same period. "Low mortgage interest rates are continuing to underpin consumer demand and fuel first-time homebuyer activity," added Muir. "Improving economic conditions are expected to bolster consumer confidence over the coming months." -30-
Cameron Muir Chief Economist Direct: 604.742.2780 Mobile: 778.229.1884 Email:
cmuir@bcrea.bc.ca Damian Stathonikos Director, Communications and Public Affairs Direct: 604.742.2793 Mobile: 778.990.1320 Email:
dstathonikos@bcrea.bc.ca
 Each office is independently owned and operated.
©2009 Malcolm Bellinger | All Rights Reserved
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