British Columbia home sales at decade low
Global real estate brief
By Inman News, Thursday, August 28, 2008.Home sales in the Canadian province of British Columbia during July fell to their lowest level this decade amid a rising number of for-sale inventory and increasingly cautious buyers, according to a report this month in The Vancouver Sun.
Sales through the multiple listing service totaled 6,541 units last month, a drop of 37 percent from a year ago. Although listing inventory jumped 63 percent in the last 12 months, the average price of a British Columbia home sank just 0.5 percent to $444,358, according to the report.
British Columbia Real Estate Association Chief Economist Cameron Muir attributed most of the drop-off in demand to "low consumer confidence," adding that car sales and retail sales have also slowed amid soaring fuel prices.
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Submitted by Ben Edsall on August 28, 2008 - 5:21pm.
Not a surprise, I read recently that the UK was also having a slump in real estate sales.
I haven't heard anyone blame that on the President yet!