BC Home Sales Rebound in April
Vancouver, BC – May 17, 2007. British Columbia Real Estate Association (BCREA) reports that residential sales volume on the Multiple Listing Service® (MLS®) in BC rose 17 per cent to $4.2 billion in April, compared to the same month last year. Residential unit sales increased 5 per cent to 9,677 during the same period. The average MLS® price reached $431,945, climbing 11 per cent from April 2006.
“BC home sales rebounded in April after declining for ten consecutive months,” said Cameron Muir, BCREA Chief Economist. “A 25 per cent increase in the number homes for sale and favourable labour market conditions are major contributing factors.”
“Provincial economic growth continues to reinforce housing demand,” added Muir. “However, affordability remains the largest constraint to home ownership in BC. While April’s performance is notable, it will take a few more months of increasing home sales to consider demand on an upswing.”
Year-to-date, MLS® residential sales volume was up 8.6 per cent to $13.4 billion, compared to the first four months of last year. MLS® home sales dipped 3 per cent to 31,876 units, while the average MLS® residential price climbed 12 per cent to $420,716.