Ain’t No Vancouver Sunshine When She’s Gone

Cam’s Blues

On this Friday the 13th, our good friend Cameron Muir the chief economist over at the British Columbia Real Estate Association is feeling the blues.

In this his latest missive, he tells us that what once was is no more.

No March Madness

The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through Multiple Listing Service® (MLS®) in BC declined 26.5 per cent to $3.8 billion in March compared to the same month last year. A total of 6,882 MLS® residential unit sales were recorded over the same period, a decline of 20 per cent. The average MLS® residential price was $545,959 in March, 8.1 per cent lower than in March 2011.

No Sunshine

“The spike in consumer demand recorded a year ago was not repeated last month,” said Cameron Muir, BCREA Chief Economist. “A marked increase in high-end home sales a year ago pushed up unit sales and skewed average prices higher, so it’s no surprise to see fewer home sales and lower average prices in March of this year.”

Love Dips

Year-to-date, BC residential sales dollar volume declined 17 per cent to $9.2 billion, compared to the same period last year. Residential unit sales dipped 12.7 per cent to 16,724 units, while the average MLS® residential price edged back 5 per cent to $552,785 over the same period.

Love Thoughts

If Vancouver real estate is your ‘love madness’, Cam’s blue report might find you singing along with Bill Withers.

Report Courtesy of BCREA Reprinted with Permission Image Credit

About Larry Yatkowsky

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*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
**Numbers provided may vary as they are dynamically posted by the REBGV.

Reader Comments:

fish10 Says:
April 13th, 2012 at 11:08 am

Wow- thanks for the clip. I hadn’t heard that song for at least a couple of years and forgot what I had been missing.

Bubbleboy Says:
April 13th, 2012 at 2:22 pm

Cam is not worried. Why? Because he knew this was coming. He’s prepared, and 70% of th population isn’t. Just ask Dr Sherry Cooper.

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