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BC Home Sales Decline by One Third in 2008

Victoria real estate sales declined in 2008 and so did the rest of the province. British Columbia Real Estate Association (BCREA) reports residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC declined 31 per cent to $31.3 billion in 2008, compared to 2007. Residential unit sales declined 33 per cent to 68,923 units last year, the lowest level since 2000, when 54,179 transactions were recorded. The average MLS® residential price in 2008 was $454,599, up 3.5 per cent from 2007.

“The housing market came in like a lion and went out like a lamb in 2008,

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