The British Columbia Real Estate Association (BCREA) news release today reports sales declined 11.8 per cent in BC during 2012 compared to 2011. While the annual average MLS® residential price in the province was $514,836 in 2012, down 8.3 per cent from 2011.
Excerpt from the BCREA news release:
“A notable pullback in consumer demand in Vancouver and the Fraser Valley during 2012 was more than enough to offset increases in home sales in the Okanagan, Kootenays and BC Northern regions,” said Cameron Muir, BCREA Chief Economist.“At least half of the 8 per cent decline in the BC average home price was the result of fewer luxury homes selling in Vancouver and fewer overall Vancouver home sales relative to the rest of the province in 2012.”For the complete news release, including detailed statistics, click here.
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