BC Real Estate Market: February 2013

March 15, 2013  |  By
British Columbia Real Estate Association BC Residential House Prices and Sales Stats

Vancouver, BC – March 14, 2013. The British Columbia Real Estate Association (BCREA) reports that a total of 4,501 residential sales were recorded by the Multiple Listing Service® (MLS®) in BC during February, down 23.6 per cent compared to February 2012. Total sales dollar volume was down 29.9 per cent to $2.39 million. The average MLS® residential price in the province was $514,134, up 3.1 per cent from January, but down 8.1 per cent from a year ago.

BC Real Estate Association time on market and average house prices Vancouver Fraser Valley“BC home sales continued at a modest pace in February,” said Cameron Muir, BCREA Chief Economist. “Despite improved affordability, many potential buyers and sellers remain in a holding pattern. With pent up demand now becoming latent in the market, it’s not a matter of if, but when home sales rise above their current pace.”

“An unusual spike in the average MLS® residential price in February 2012 is largely responsible for the year-over-year percentage change,” added Muir. “Most BC markets have experienced relatively stable price levels during the first two months of the year.”

Year-to-date, BC residential sales dollar volume declined 24.6 per cent to $4.1 billion, compared to the same period last year. Residential unit sales dipped 19.6 per cent to 7,911 units, while the average MLS® residential price was down 6.2 per cent at $523,117.

More on the February market from BCREA Chief Economist Cameron Muir:

Read the complete, detailed BCREA report here.

See also:

Greater Vancouver Real Estate Market: February 2013

Fraser Valley Real Estate Market: February 2013

Real Estate Signs: Pros Predict the Spring Market

Elizabeth Wilson BC Real Estate Market: February 2013 BC Real Estate Market: February 2013

Copyright© British Columbia Real Estate Association. Reprinted with permission. BCREA represents the 11 real estate boards in British Columbia and their REALTOR® members on all provincial issues.

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