Posted by Brent Pay - Century 21 Assurance Realty Ltd - Kelowna, January 27, 2012
Please note that the excerpt from the BCREA news release below clearly states that although the BC market overall was down in all areas compared to 2011, that the Okanagan Valley had a stronger [but still somewhat flat] year in general terms compared to the balance of most areas of the province....read on....
The British Columbia Real Estate Association [BCREA] reports that a total of 67,637 residential sales were recorded by the MLS in BC during 2012, a decline of 11.8% over 2011. Total sale dollar volume declined 19.1% to $34.8 billion over the same period. The annual average MLS residential price in the province was $524,836 in 2012, down 8.3% from 2011.
A notable pullback in consumer demand in Vancouver and the Fraser Valley during 2012 was more than enough to offset increases in the Okanagan, Kootenays and BC's Northern regions.
At least half of the 8 % decline in the BC average home price was the result of fewer luxury homes selling in Vancouver and fewer overall Vancouver homes sales relative to the rest of the province in 2012.