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British Columbia home sales dip down in most areas (but not all)

June 20, 2011

Filed under: Burnaby,North Vancouver,Real Estate Market,Richmond,Surrey,Vancouver — Richard Morrison @ 3:22 pm
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Residential MLS home sales in British Columbia edged down 1.3 per cent in May following a sharp decline in April.

Seasonally adjusted sales dipped to 6,120 units during the month, representing the lowest monthly sales activity since October, as half the province’s 12 regional real estate board areas recorded declines from the previous month.

The largest relative monthly declines were in the Chilliwack area (-12 per cent), which recorded a fifth consecutive drop, and the Kootenay area, which also pulled back 12 per cent following an eight-per-cent uptick in April. Meanwhile, seasonally adjusted sales in Victoria fell for a fourth month, dropping 10 per cent in May. Sales increased in the Kamloops, vancouver-east-fraser-homes/” >fraser Valley and Okanagan-Mainline board areas.

Despite the monthly variation in activity among regions, a number of trends persist. While sales remain moderately high in the Lower Mainland, activity is trending down as the March tightening of mortgage insurance rules and rising prices in the first part of 2011 (particularly in the singledetached market) bite into demand.

Demand for recreational properties has remained weak following the recession, and anecdotally, the elevated Canadian dollar, along with dramatic price declines in some markets south of the border, has made recreational housing in the U.S. a better deal.

As a result, the average sale prices in these markets have been flat or declining since early 2010.

Source: Bryan Yu, Central 1 Credit Union

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