British Columbia Home Sales Edge Lower in May 2011 - reports BCREA

Vancouver, BC – June 15, 2011.
The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential unit sales in the province edged down one per cent to 7,857 units in May compared to the same month last year.

The average MLS® residential price climbed 20 per cent to $596,872 last month compared to May 2010.

“Tighter mortgage rules, tepid employment growth and advance buying during the first quarter kept BC home sales on a lower note in May,” said Cameron Muir, BCREA Chief Economist.

“However, recent downward pressure on mortgage interest rates is expected to provide some incentive to consumers over the summer months.”

To read the full summary, which gives more detail on the Central Okanagan-:

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Trish Cenci

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