The British Columbia Real Estate Association (BCREA) reports that a total of 7,664 residential sales were recorded by the Multiple Listing Service® (MLS®) in BC during May, down 0.7 per cent from May of 2012. Total sales dollar volume was 2 per cent higher at $4.1 billion. The average MLS® residential price in the province was $534,013, up 2.7 per cent from a year ago.

"BC home sales continued to trend higher in May,” said Cameron Muir, BCREA Chief Economist. “In contrast to slowing demand and moderating prices in 2012, the BC housing market is turning around.” Rising consumer demand combined with inventory levels that remain in check has moved the province’s largest markets into balanced territory. “Home prices have edged higher over the past three months in BC’s large Lower Mainland market,” added Muir. The MLS® Home Price Composite Index for the Lower Mainland was up 0.2 per cent over the past month, and 1.4 per cent over the past three months.

Year-to-date, BC residential sales dollar volume was down 12.2 per cent to $14.9 billion, compared to the same period last year. Residential unit sales were down 10.7 per cent to 28,140 units, while the average MLS® residential price was down 1.7 per cent at $530,936.

BCREA represents 11 member real estate boards and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education (cpe). To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods. For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada's real estate boards to ensure maximum exposure of properties listed for sale.