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For the complete news release, including detailed statistics, follow this link: www.bcrea.bc.ca/news_room/2008-11.pdf. For immediate release 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. -30- 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 17,500 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, government relations, required post-licensing courses and continuing education.
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