Province
The average house price in B.C. climbed 19 per cent to $504,312 in the first quarter of this year from the same period in 2009, the B.C. Real Estate Association said. Residential sales across the province on the Multiple Listing Service system rose 64 per cent to 18,284 units during this period, it said Tuesday.
Association chief economist Cameron Muir said home sales have moderated since the year began as afford-ability declined. “Despite an improving provincial economy, higher mortgage-interest rates and tighter credit conditions for low-equity homebuyers and investors will squeeze some prospective buyers out of the market this spring.”
Sales of homes rose six per cent between March and February on a seasonally adjusted basis. March sales, however, were 20 per cent lower than in December 2009 on a seasonally adjusted basis.
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