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Drop in B.C. home sales creating a buyer's market: economist

B.C. home prices went up 8 per cent in June compared to the same month last year, despite fewer units being sold.

B.C. home prices went up 8 per cent in June compared to the same month last year, despite fewer units being sold.

The province saw a 23 per cent decrease in home sales in June 2010, according to the B.C. Real Estate Association (BCRA). But that didn’t keep residential prices from climbing to an average of $499,908.

However, even though that’s an increase from last year, it’s actually a slight drop in price from the first six months of 2010 when the average home in B.C. cost $504,281.

That slight drop has the BCREA’s chief economist labelling the current real estate conditions in the province a “buyer’s market.”

“Market conditions have shifted from balanced conditions at the start of the year to a buyer’s market this summer,” Cameron Muir said.

He said tougher qualifying rules for first-time buyers and for people looking to purchase a second home have contributed to the decline in sales.


 
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