The real estate market in British Columbia ended the year in December 2011 with average Provincial residential MLS home prices dropping to their lowest monthly level in all of 2011 and the lowest since September 2010.
In their January 13, 2012 new release, the British Columbia Real Estate Association (BCREA) reported that residential average MLS home prices in BC decreased by -3.7% to $509,570 in December 2011 from $529,140 in November 2011.
Since the start of the year, average BC home prices sold through the provincial MLS system have dropped by -7.04% from $548,183 in January 2011 to $509,570 in December 2011.
British Columbia Real Estate – BCREA December 2011 – Average Provincial MLS Residential Home Prices Decline -3.7% (-$19,570) to $509,570.
Compared to the same month last year, the December 2011 residential average home price of $509,570 represents a -2.8% decline from year ago figures of $523,990 in December 2010.
2010-2011 BCREA – Average MLS Residential Home Prices for BC:
| January | $491,571 | -0.9% |
| February | $497,807 | +1.3% |
| March | $516,970 | +3.8% |
| April | $514,820 | -0.4% |
| May | $498,294 | -3.2% |
| June | $499,908 | +0.3% |
| July | $491,832 | -1.6% |
| August | $487,804 | -0.8% |
| September | $493,846 | +1.2% |
| October | $521,859 | +5.7% |
| November | $523,394 | +0.3% |
| December | $523,990 | +0.1% |
| January | $548,183 | +4.6% |
| February | $587,571 | +7.2% |
| March | $594,157 | +1.1% |
| April | $598,308 | +0.7% |
| May | $596,872 | -0.2% |
| June | $571,837 | -4.2% |
| July | $540,877 | -5.4% |
| August | $539,953 | -0.2% |
| September | $523,568 | -3.0% |
| October | $535,695 | +2.3% |
| November | $529,140 | -1.2% |
| December | $509,570 | -3.7% |
There are currently eleven (11) member boards represented by the BC Real Estate Association (BCREA) including:
- BC Northern – BCNREB
- Chilliwack and District – CADREB
- Fraser Valley – FVREB
- Greater Vancouver – REBGV
- Kamloops and District
- Kootenay – KREB
- Okanagan Mainline – OMREB
- Powell River Sunshine Coast – PRSCREB
- South Okanagan – SOREB
- Vancouver Island – VIREB
- Victoria – VREB
Here is a summary of residential average MLS home price for every real estate board in British Columbia as reported by the BCREA.
December 2011 – BCREA – Average MLS Home Price (over previous month):
- BC Northern Real Estate – BCNREB December 2011 – Average home prices decrease -9.03% (-$20,328) to $204,911
- Chilliwack Real Estate – CADREB December 2011 – Average home prices increase +3.56% (+$9,685) to $281,485
- Fraser Valley Real Estate – FVREB December 2011 – Average home prices increase +4.18% (+$20,021) to $498,989
- Greater Vancouver Real Estate – REBGV December 2011 – Average home prices decline -5.36% (-$39,061) to $689,057
- Kamloops Real Estate – December 2011 – Average home prices increase +0.51% (+$1,502) to $293,282
- Kootenay Real Estate – KREB December 2011 – Average home prices increase +3.55% (+$9,786) to $285,725
- Okanagan Mainline Real Estate – OMREB December 2011 – Average home prices increase +9.48% (+33,996) to $392,450
- Powell River Real Estate – PRSCREB December 2011 – Average home prices increase +5.82% (+11,327) to $205,906
- South Okanagan Real Estate – SOREB December 2011 – Average home prices decline -12.50% (-$40,098) to $280,599
- Vancouver Island Real Estate – VIREB December 2011 – Average home prices decline -0.10% (-$302) to $315,536
- Victoria Real Estate – VREB December 2011 – Average home prices decline -6.04% (-30,192) to $469,484
The Okanagan Mainline (OMEB) real estate board region had the highest average residential MLS monthly percentage price increase within BC real estate boards in December 2011 with a +9.48% rise which translated into a +$33,996 dollar value increase.
In December 2011, the largest monthly percentage decline in average residential MLS home prices in British Columbia occurred within the South Okanagan (SOREB) real estate board area with a overall decrease of -12.50% which translates into a -$40,098 dollar value decrease.
British Columbia – Average MLS Price by Real Estate Board – December 2011:
| BC Northern | $204,911 | -$20,328 | -9.03% |
| Chilliwack | $281,485 | +$9,685 | +3.56% |
| Fraser Valley | $498,989 | +$20,021 | +4.18% |
| Greater Vancouver | $689,057 | -$39,061 | -5.36% |
| Kamloops | $293,282 | +$1,502 | +0.51% |
| Kootenay | $285,725 | +$9,786 | +3.55% |
| Okanagan Mainline | $392,450 | +$33,996 | +9.48% |
| Powell River | $205,906 | +$11,327 | +5.82% |
| South Okanagan | $280,599 | -$40,098 | -12.50% |
| Northern Lights | $288,015 | +$76,012 | +35.85% |
| Vancouver Island | $315,536 | -$302 | -0.10% |
| Victoria | $469,484 | -$30,192 | -6.04% |
| Provincial Total: | $509,570 | -$19,570 | -3.70% |
According to figures from the BCREA, total British Columbia residential home sales dollar volumes thru the provincial MLS system declined by -4.4% in December 2011 to $2,133,061 from the same month a year ago when the total sales volume was $2,231,148 in December of 2010.
