BC Home Sales Tick Higher in March

The British Columbia Real Estate Association (BCREA) reports that a total of 5,661 residential sales were recorded by the Multiple Listing Service® (MLS®) in BC during March, up 6.6 per cent from February on a seasonally adjusted basis, but down 17.7 per cent compared to March 2012. Total sales dollar volume was down 18.5 per cent to $3.06 billion. The average MLS® residential price in the province was $540,662, up 2 per cent from February, but down 1 per cent from a year ago.

"BC home sales in March posted the largest seasonally adjusted month-to-month increase since January 2011,” said Cameron Muir, BCREA Chief Economist. “However, homes sale per capita continue to remain near a cyclical low, suggesting that pent-up demand may be beginning to grow in the housing market."

Year-to-date, BC residential sales dollar volume declined 22.1 per cent to $7.2 billion, compared to the same period last year. Residential unit sales dipped 18.8 per cent to 13,572 units, while the average MLS® residential price was down 4.0 per cent at $530,435.