Vancouver, BC – March 15, 2012. The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through Multiple Listing Service® (MLS®) in BC declined 9.6 per cent to $3.4 billion in February compared to the same month last year. A total of 5,923 MLS® residential unit sales were recorded over the same period, a decline of 7.6 per cent. The average MLS® residential price was $574,975 in February, 2.1 per cent lower than in February 2011.

Sales gains in the interior and the north were offset again in February by less robust demand on the south coast," said Cameron Muir, BCREA Chief Economist. Improving economic conditions in both BC and Alberta are positively influencing consumer demand outside of large urban areas, closing the gap between regional housing markets.

Year-to-date, BC residential sales dollar volume declined 9.2 per cent to $5.5 billion, compared to the same period last year. Residential unit sales dipped 6.8 percent to 9,828 units, while the average MLS® residential price edged back 2.5 per cent to $557,732 over the same period.

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