Average price for a home in BC reached a record high of $505,178 in 2010
Average BC home price hits record high of $505,178 in 2010
BCREA: Sales fell 12%
VANCOUVER - The average price for a home in British Columbia reached a record high of $505,178 in 2010, the B.C. Real Estate Association says.
Home sales fell 12 per cent last year to 74,640.
The BCREA cited fewer active listings and increased consumer demand in a news release this morning.
"Tighter credit conditions and expended pent-up demand curbed home sales during the first half of 2010,” Cameron Muir, BCREA chief economist, said in the release.
“However, low mortgage interest rates and improved economic conditions buoyed home sales in the latter half of the year.”
"The inventory of homes for sale peaked at 53,375 units in May before declining 14 per cent to 46,000 units by December,” added Muir. “The combination of fewer active listings and increased consumer demand has improved market conditions in many areas."
The Vancouver Sun
Your Vancouver Real Estate Specialist.
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