Is B.C. housing price going down?
Well, recently almost everybody I spoke to talk about housing prices is dropping across British.Columbia. Here's the facts provided by the MLS and once again, it shows only the sales volumn has gone down but average home price is still higher than same time last year. Be the judge yourself after reading the following statistic. So, should you buy or should you wait? Should you consider upgrading? Feel free to contact Tina at 604-412-5860 or tinamak@tinamak.com to discuss further on our balance market.
March MLS Statistics:
The number of residential units sold in B.C. on the Multiple Listing Service® (MLS®) declined 22.4% in March, with 7,319 units sold. Residential sales dollar volume reached $3.54 billion this month, a 12.6% drop compared to the same month last year, while the average residential home price reached $483,286, and increase of 12.6% compared to March 2007.
Greater
Okanagan (including South Okanagan): The Okanagan and South Okanagan markets recorded 753 units sold in March, a decrease of 30.3% compared to March of last year, while dollar volumes declined 18.9% to $304 million.
BC Northern: Residential sales continued to decline in March with 319 units sold, a drop of 17.4% compared to March of last year. Dollar volumes also declined 15.4% to $65.5 million, while the average residential home price recorded a 2.4% increase reaching $205,265.
Kootenay: The number of residential units sold in March reached 191, a 34.1% drop compared to the same month last year. Dollar volumes also declined 24% reaching $53 million, while the average residential home price increased 15.4% compared to March of last year hitting $277,648.
| Board
|
Dollar Volume (000s)
|
% Chg.
|
Units
|
% Chg.
|
Average Price
|
% Chg.
|
|||
|
|
March 08
|
March 07
|
|
March 08
|
March 07
|
|
March 08
|
March 07
|
|
|
|
|
|
|
|
|
|
|
|
|
| BC Northern
|
$65,480
|
$77,384
|
-15.4
|
319
|
386
|
-17.4
|
$205,265
|
$200,477
|
2.4
|
|
$69,463
|
$85,009
|
-18.3
|
206
|
294
|
-29.9
|
$337,201
|
$289,146
|
16.6
|
|
|
$549,164
|
$698,356
|
-21.4
|
1,238
|
1,660
|
-25.4
|
$443,590
|
$420,696
|
5.4
|
| Greater
|
$1,882,162
|
$2,043,294
|
-7.9
|
3,053
|
3,682
|
-17.1
|
$616,496
|
$554,941
|
11.1
|
|
$57,623
|
$83,517
|
-31
|
190
|
340
|
-44.1
|
$303,278
|
$245,639
|
23.5
|
| Kootenay
|
$53,031
|
$69,770
|
-24
|
191
|
290
|
-34.1
|
$277,648
|
$240,585
|
15.4
|
| Norther Lights
|
$4,546
|
$6,534
|
-30.4
|
27
|
39
|
-30.8
|
$168,370
|
$167,529
|
0.5
|
| Okanagan Mainline
|
$248,543
|
$317,530
|
-21.7
|
597
|
892
|
-33.1
|
$416,320
|
$355,975
|
17
|
|
|
$4,937
|
$8,338
|
-40.8
|
21
|
38
|
-44.7
|
$235,076
|
$219,424
|
7.1
|
|
|
$55,782
|
$57,597
|
-3.2
|
156
|
188
|
-17
|
$357,579
|
$306,368
|
16.7
|
|
|
$212,660
|
$246,047
|
-13.6
|
659
|
828
|
-20.4
|
$322,702
|
$297,158
|
8.6
|
|
$333,776
|
$352,405
|
-5.3
|
662
|
792
|
-16.4
|
$504,194
|
$444,956
|
13.3
|
| Provincial Total
|
$3,537,167
|
$4,045,782
|
-12.6
|
7,319
|
9,429
|
-22.4
|
$483,286
|
$429,079
|
12.6
|
Source:
