Economic Review Courtesy of BCREA

Homebuyers Benefit from Lower Prices

Vancouver, BC – December 12, 2008. British Columbia Real Estate Association (BCREA) reports residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC declined 67 per cent to $1.07 billion in November, compared to November 2007. Residential unit sales were down 62 per cent to 2,707 units during the same period. The average MLS® residential price in the province was $395,687, down 12.5 per cent from November 2007.

“The average sale price of a home in the province hit a 26-month low in November,” said Cameron Muir, BCREA Chief Economist. “The irony of markets is that there’s no shortage of buyers when prices are near a peak and a scarcity of buyers when prices are near a trough.” Home prices were 8 per cent lower in November 2008—nine months after the peak—than they were nine months prior to the peak.

“Today’s homebuyers are benefiting from a greater selection of homes for sale, more time to thoroughly investigate their choices and the ability to negotiate attractive prices,” added Muir.

Year-to-date MLS® residential sales dollar volume in the province declined 30 per cent to $30.3 billion compared to the same period last year. Provincial MLS® sales declined 32 per cent to 66,467 units, while the average residential price increased 4 per cent to $455,537 over the same period.

For more information, please contact:

Cameron Muir
Chief Economist
Direct: 604.742.2780
Mobile: 778.229.1884
Email: cmuir@bcrea.bc.ca

BCREA represents 12 member real estate boards and their more than 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, required post-licensing courses and continuing education.

To demonstrate the profession’s commitment to improving Quality of Life in BC communities, BCREA supports growth that encourages economic vitality, provides housing opportunities, respects the environment and builds communities with good schools and safe neighbourhoods.

For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada’s real estate boards to ensure maximum exposure of properties listed for sale.