Average price of B.C. home jumps 11% in January compared to a year ago
Posted: Feb 14 2011 Topic:
The average price of a home in British Columbia rose 11.5 per cent, to $548,183, in January compared to the same month last year, according to the B.C. Real Estate Association.
The BCREA said in a news release this morning that Multiple Listing Service sales climbed 7 per cent in January from December 2010, on a seasonally adjusted basis.
Compared to January of last year, home sales were down 10 per cent, to 4,137 units.
“Consumer demand continues to normalize alongside overall economic conditions,” BCREA chief economist Cameron Muir said in the release.
“However, the pace of growth in home sales experienced since last summer is likely to moderate in the coming months as tighter credit conditions and upward pressure on mortgage interest rates impacts affordability and purchasing power.”