The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service (MLS) residential unit sales in the provinice rose 12.9% to 6,533 units in July compared to the same month last year. The average MLS residential price climbed 10% to $540,877 last month compared to July 2010.
"BC homes sales edged down 4% from June to July, on a seasonally adjusted basis" said Cameron Muir, BCREA Chief Economist. "Less frenetic buying actitivity in Vancouver operated to pull total provincial sales lower."
"The silver lining in the recent global economic uncertainty is that mortgage rates have the potential to reach record lows in the coming weeks as investors flock into bond markets," added Muir. "The increased affordability and added purchasing power from lower mortgage rates will help bolster housing demand."
Year to date, BC residential sales dollar volume increased 16.5 % to $28.2 billion, compared to the same period last year. Residential unit sales increased 1% to 46,628 units, while the average MLS residential price rose 15.3% to $579.645 over the same period.