For the complete news release, including detailed statistics, click here.

For immediate release

Vancouver, BC – July 12, 2012. The British Columbia Real Estate Association (BCREA) reports that during the first half of 2012, BC residential sales dollar volume declined 17.1 per cent to $20.4 billion, compared to the same period last year. Residential unit sales dipped 9 per cent to 38,312 units, while the average Multiple Listing Service® (MLS®) residential price was 8.9 per cent lower at $533,681.

The pace of home sales slowed during the first half of the year,” said Cameron Muir, BCREA Chief Economist. “However, the downturn is likely to be temporary as population growth, persistently low mortgage rates and encouraging employment figures suggest a stronger second half of 2012.

The 5-year conventional mortgage rate remains within 5 basis points of its 20 year monthly low. BC’s population is...

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www.DeanBirks.com

Here is a link to the Royal Lepage Home Price Survey post - http://www.royallepage.ca/en/media/120710-house-price-survey-market-update-q2-2012-canadas-housing-market-at-a-tipping-point.aspx?bottomcontent=874&toolstips=1052&relatedcontent=1074