While real estate prices were hot news all through 2011, turns out it was a below-average year for across the province, except for Vancouver, the Fraser Valley and the North. Here’s the BC Real Estate Association’s look at December and the year.
You can watch the video here:
You can read the full December 2011 statistical analysis here.
You can read the press release below:
Vancouver, BC – January 13, 2012. The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through Multiple Listing Service® (MLS®) in BC climbed 14.2 per cent to $43.1 billion in 2011.
A total of 76,721 homes were sold in BC in 2011, up 2.8 per cent from 2010. The average annual MLS® residential price climbed 11.1 per cent to $561,304 over the same period.
“Low mortgage interest rates and gradually improving economic conditions contributed to a moderate increase in consumer demand last year,” said Cameron Muir, BCREA Chief Economist. “BC home sales came in about on par with their 15-year average, but fell well below their ten-year average of over 88,000 units.”
Vancouver, the Fraser Valley and the North experienced the largest percentage increase in unit sales last year, while consumer demand edged lower in Victoria and on Vancouver Island.
BC residential unit sales in December dipped 3.9 per cent to 4,090 units, while the average MLS® residential price was 2 per cent lower than in December 2010.