The British Columbia Real Estate Association reported today that the decline in real estate markets didn’t just affect the Lower Mainland phenomenon in 2008 as the province as a whole saw sales drop by one-third .
Realtors recorded 68,923 sales across B.C. through the Multiple Listing Service, their lowest level since 2000, the BCREA said, when the province recorded 54,179 sales.
The average home price over the 12 months of 2008 was $454,599, a 3.5-per-cent increase from 2007.
BCREA chief economist Cameron Muir said the average price peaked in March at $483,291, and fell 11 per cent to $429,210 in December. And that $429,210 average is six per cent lower than the average price in December, 2007.
