Financial/Equity Markets Impact October Home Sales
Vancouver B.C. Nov. 14, 2008. British Columbia Real Estate Association (BCREA) reports residential dollar sales volume on the MLS in B.C. declined 54% compared to October 2007.Residential unit sales were down 51%. The average residential price in the province was down 6.5% from October 2007.Housing demand was negatively affected by the global finincial crisis and a sharp downturn by the equity markets. These events exaceberated and already low level of consumer confidence, keeping many potential homebuyers on the sidelines.
Residential sales in October were the lowest since December of year 2000 on a seasonally adjusted basis. While the provincial economy has weakened fundamentals support a higher level of home sales than experienced.