Vancouver, BC - June 11, 2009. The British Columbia Real Estate Association (BCREA) reported that Multiple Listing Service (MLS®) residential sales in the province rose 3 per cent to 8,270 units in May 2009 compared to the same month last year. It was the first year-over-year increase since December 2007. The month of May also posted the highest number of residential sales since April 2008, on a seasonally adjusted basis, and was the fourth consecutive month of rising home sales.
Home sales have bounced back from the extraordinarily low levels recorded during the winter months," said Cameron Muir, BCREA Chief Economist. "Improved affordability and less uncertainty about the future are the main factors driving home sales higher."
"The combination of stronger consumer demand and fewer homes for sale is stabilizing home prices in many BC markets," added Muir.
Year-to-date, MLS® residential sales dollar volume was down 31 per cent to $11.7 billion over the same period last year. A total of 26,359 units were sold in the first five months of 2009, down 26 per cent from 2008, while the average MLS® price declined 7 per cent to $443,252.