Déjà Vu in November Housing Market

Vancouver, BC – December 14, 2011. The British Columbia Real Estate Association (BCREA)
reports that Multiple Listing Service® (MLS®) residential unit sales in the province remained
relatively unchanged in November compared to the same month last year. A total of 5,640 units
were sold last month compared to 5,647 units in November 2010. The average MLS® residential
price was up 1.1 per cent to $529,140 in November compared to the same month last year.

"BC home sales continued to gain ground in November," said Cameron Muir, BCREA Chief Economist. "After waning during the first half of the year, consumer demand has steadily increased since the summer months, bringing home sales within seven units of the November 2010 level."

"Low mortgage interest rates remain a key driver in the housing market, helping to maintain affordability and purchasing power," added Muir.

Year-to-date, BC residential sales dollar volume increased 15.5 per cent to $41 billion, compared to the same period last year. Residential unit sales increased 3.2 per cent to 72,632 units, while the average MLS® residential price rose 11.9 per cent to $563,991 over the same period.  

For more information, please contact: 
Cameron Muir
Chief Economist
Direct: 604.742.2780
Mobile: 778.229.1884

 Damian Stathonikos
Director of Communications and Public Affairs
Direct: 604.742.2793
Mobile: 778.990.1320