British Columbia Home Sales Increase in February

Residential home sales in British Columbia increased 17% in February 2009, over January 2009, according to the British Columbia Real Estate Association. 47,000 homes were sold in February compared with 40,200 in January. 

BCREA chief economist Cameron Muir said: "it's not surprising that home sales rebounded from January's low level. Reduced home prices and mortgage interest rates have markedly increased affordability with the carrying cost of an average home in the province approaching a three-year low."

Not all the news was positive, however. Year-to-date residential sales on the MLS declined 51% to 5,768 homes compared to the first two months of 2008. Home prices fell on average 11% and sales volume for homes was $2.4 billion, a 56% decrease over 2008.