BC home sales drop for second straight month

Home sales have fallen for the second month in a row, and we’ve seen the slowest start to a year since 2003, according to the British Columbia Real Estate Association.

Cameron Muir with the B.C. Real Estate Association says it’s a trend that’s showing up all over the province. The average residential price in B.C. climbed to $478,000 in January, up 15% from last February. Muir says prices are still rising, but not as fast as we’ve seen in the last couple of years, and that could balance things out in the months to come. "We anticipate at least over the next 24 months much more of a moderating trend so more listings and more inventory there for homebuyers to have time to do their due diligence. Prices are still rising but rising more in single digits in most of the urban markets."

Posted by Jay Banks.