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                                          Record Home Prices for 2010
Vancouver, BC – January 13, 2011. The British Columbia Real Estate Association (BCREA)
reports that Multiple Listing Service® (MLS®) residential sales in the province declined 12 per
cent to 74,640 units in 2010. The annual average MLS® residential price rose 8.5 per cent to a
record $505,178 in 2010.

“Tighter credit conditions and expended pent-up
demand curbed home sales during the first half of
                                                                                       BC MLS ® Residential Sales
                                                                              Units
2010,” said Cameron Muir, BCREA Chief                                        120,000

Economist. “However, low mortgage interest rates                             100,000

and improved economic conditions buoyed home                                  80,000

sales in the latter half of the year.” MLS® residential                       60,000

unit sales declined 40 per cent January through July                          40,000

before climbing 43 per cent by the end of the year, on                        20,000

a seasonally adjusted basis.                                                      0




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                                                                                       2010
 “The inventory of homes for sale peaked at 53,375    Source: CREA, BCREA


units in May before declining 14 per cent to 46,000
units by December,” added Muir. “The combination of fewer active listings and increased
consumer demand has improved market conditions in many areas.”

MLS® residential sales declined 25 per cent to 4,258 units in December from a near record level
of 5,703 units in December 2009. After a 15 per cent increase in unit sales between October and
November, a further 1 per cent increase was recorded in December on a seasonally adjusted
basis. The average MLS® residential sales price was a record $523,990 in December, up 6 per
cent from December 2009.

                                                               -30-

For more information, please contact:
Cameron Muir                                                       Damian Stathonikos
Chief Economist                                                    Director, Communications and Public Affairs
Direct: 604.742.2780                                               Direct: 604.742.2793
Mobile: 778.229.1884                                               Mobile: 778.990.1320
Email: cmuir@bcrea.bc.ca                                           Email: dstathonikos@bcrea.bc.ca


For detailed statistical information, contact your local real estate board. A video podcast of these
statistics is available here.



1420 – 701 Georgia Street W, PO Box 10123, Pacific Centre, Vancouver, BC V7Y 1C6
President Moss Moloney       |   Vice President Rick Valouche           |   bcrea@bcrea.bc.ca   |   604.683.7702 (tel)
Past President John Tillie   |   Chief Executive Officer Robert Laing   |   www.bcrea.bc.ca     |   604.683.8601 (fax)
Record Home Prices for 2010 . . . Page 2




                                  December 2010 Residential Average Price, Active Listings and
                                            Sales-to-Active-Listings Data by Board
                                         Average Price                                     Active Listings                      Sales-to-Active-Listings
                                                                           December            December                       December          December
                         December            December
                                                                             2010                 2009                           2010             2009
                            2010                2009
      Board                                                  % change      Residential         Residential       %           Residential        Residential
                         Residential         Residential
                                                                             Active              Active        change       Sales to Active Sales to Active
                        Average Price       Average Price
                                                                            Listings            Listings                       Listings          Listings
                             ($)                 ($)
                                                                            (Units)              (Units)                          (%)              (%)
BC Northern             192,971           204,796               -5.8         2,258                1,911         18.2              8.2              12.2
Chilliwack              264,266           306,692              -13.8         1,179                 928           27              10.2              15.2
Fraser Valley           444,258           446,546               -0.5         6,479                5,085         27.4             12.7              21.3
Greater Vancouver       700,773           627,582              11.7         10,739                9,880         8.7              18.1               26
Kamloops                288,009           304,673               -5.5         1,414                1,353         4.5               6.9              11.8
Kootenay                256,013           279,634               -8.4         2,362                2,027         16.5              3.9              6.6
Northern Lights         175,403           217,890              -19.5          202                  227          -11              18.8              12.8
Okanagan Mainline       393,512           408,015               -3.6         4,667                4,583         1.8               4.8              7.6
Powell River            275,732           230,188              19.8           179                  154          16.2              6.1              5.2
South Okanagan          282,308           349,968              -19.3         1,567                1,329         17.9              2.7                7
Vancouver Island        318,537           317,985                0.2         4,298                3,733         15.1              8.3              13.2
Victoria                496,814           522,211               -4.9         2,441                1,811         34.8             13.3              23.1
Provincial Totals*      523,990           495,903                5.7        37,785               33,021         14.4             11.3              17.3
           *Numbers may not add due to rounding



                            December 2010 BC Residential Multiple Listing Service® Data by Board
                                              Dollar Volume (000s)                                                        Units
                               December 2010          December 2009                              December 2010            December 2009
            Board
                               Residential Sales     Residential Sales        % change           Residential Sales        Residential Sales   % change
                                     ($)                   ($)                                       (Units)                  (Units)
    BC Northern                        35,700                 47,718               -25.2               185                      233             -20.6
    Chilliwack                         31,712                 43,244               -26.7               120                      141             -14.9
    Fraser Valley                     366,069                482,716               -24.2               824                     1,081            -23.8
    Greater Vancouver                 1,361,601             1,611,002              -15.5              1,943                    2,567            -24.3
    Kamloops                            28,225                48,748               -42.1               98                       160             -38.7
    Kootenay                            23,809                37,191                -36                93                       133             -30.1
    Northern Lights                      6,665                 6,319                5.5                38                        29              31
    Okanagan Mainline                   88,147               142,397               -38.1               224                      349             -35.8
    Powell River                         3,033                 1,842                64.7               11                        8              37.5
    South Okanagan                      12,139                32,547               -62.7               43                        93             -53.8
    Vancouver Island                   113,081               156,131               -27.6               355                      491             -27.7
    Victoria                           160,968               218,284               -26.3               324                      418             -22.5
    Provincial Totals*          2,231,148                   2,828,137              -21.1              4,258                    5,703            -25.3
          * Numbers may not add due to rounding




         1420 – 701 Georgia Street W, PO Box 10123, Pacific Centre, Vancouver, BC V7Y 1C6
         President Moss Moloney         |   Vice President Rick Valouche             |     bcrea@bcrea.bc.ca   |     604.683.7702 (tel)
         Past President John Tillie     |   Chief Executive Officer Robert Laing     |     www.bcrea.bc.ca     |     604.683.8601 (fax)
Record Home Prices for 2010 . . . Page 3


                     December 2010 Year-to-Date BC Residential Multiple Listing Service® Data by Board
                                        Dollar Volume (000s)                                  Unit Sales                              Average Price

     Board
                                                                     %                                       %                                          %
                              2010                  2009                                                                      2010           2009
                                                                   change           2010       2009        change                                     change
                               ($)                   ($)                                                                       ($)            ($)

BC Northern                  775,307              766,312            1.2        3,676          3,618           1.6          210,911         211,805    -0.4

Chilliwack                   622,150              674,471            -7.8       2,046          2,274           -10          304,081         296,601    2.5

Fraser Valley               6,306,709            6,667,971           -5.4       13,977         15,660          -10.7        451,221         425,796     6

Greater Vancouver          21,048,755            21,480,136           -2        31,144         36,257          -14.1        675,853         592,441    14.1

Kamloops                     644,426              701,015            -8.1       2,121          2,334           -9.1         303,831         300,349    1.2

Kootenay                     546,078              580,857             -6        1,995          2,119           -5.9         273,723         274,118    -0.1

Northern Lights              104,423               75,580           38.2            509         340            49.7         205,154         222,294    -7.7
Okanagan
Mainline                    1,908,500            2,155,998          -11.5       4,838          5,678           -14.8        394,481         379,711    3.9

Powell River                 64,278                62,364            3.1            270         263            2.7          238,067         237,125    0.4

South Okanagan               430,560              486,418           -11.5       1,346          1,545           -12.9        319,881         314,833    1.6

Vancouver Island            2,142,695            2,301,337           -6.9       6,549          7,280           -10          327,179         316,118    3.5

Victoria               3,112,634            3,647,209               -14.7       6,169          7,660           -19.5        504,561         476,137     6
Provincial
Totals*               37,706,515           39,599,667                -4.8       74,640         85,028          -12.2        505,178         465,725    8.5
          * Numbers may not add due to rounding

           BCREA represents 12 member real estate boards and their approximately 18,000 REALTORS®
           on all provincial issues, providing an extensive communications network, standard forms,
           economic research and analysis, government relations, applied practice courses and continuing
           professional education (cpe).

           To demonstrate the profession’s commitment to improving Quality of Life in BC communities,
           BCREA supports policies that encourage economic vitality, provide housing opportunities,
           respect the environment and build communities with good schools and safe neighbourhoods.

           For detailed statistical information, contact your local real estate board. MLS® is a cooperative
           marketing system used only by Canada’s real estate boards to ensure maximum exposure of
           properties listed for sale.




         1420 – 701 Georgia Street W, PO Box 10123, Pacific Centre, Vancouver, BC V7Y 1C6
           President Moss Moloney        |   Vice President Rick Valouche             |    bcrea@bcrea.bc.ca      |    604.683.7702 (tel)
           Past President John Tillie    |   Chief Executive Officer Robert Laing     |    www.bcrea.bc.ca        |    604.683.8601 (fax)

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British columbia real estate assoc. record home prices in 2010

  • 1. For immediate release Record Home Prices for 2010 Vancouver, BC – January 13, 2011. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province declined 12 per cent to 74,640 units in 2010. The annual average MLS® residential price rose 8.5 per cent to a record $505,178 in 2010. “Tighter credit conditions and expended pent-up demand curbed home sales during the first half of BC MLS ® Residential Sales Units 2010,” said Cameron Muir, BCREA Chief 120,000 Economist. “However, low mortgage interest rates 100,000 and improved economic conditions buoyed home 80,000 sales in the latter half of the year.” MLS® residential 60,000 unit sales declined 40 per cent January through July 40,000 before climbing 43 per cent by the end of the year, on 20,000 a seasonally adjusted basis. 0 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 “The inventory of homes for sale peaked at 53,375 Source: CREA, BCREA units in May before declining 14 per cent to 46,000 units by December,” added Muir. “The combination of fewer active listings and increased consumer demand has improved market conditions in many areas.” MLS® residential sales declined 25 per cent to 4,258 units in December from a near record level of 5,703 units in December 2009. After a 15 per cent increase in unit sales between October and November, a further 1 per cent increase was recorded in December on a seasonally adjusted basis. The average MLS® residential sales price was a record $523,990 in December, up 6 per cent from December 2009. -30- For more information, please contact: Cameron Muir Damian Stathonikos Chief Economist Director, Communications and Public Affairs Direct: 604.742.2780 Direct: 604.742.2793 Mobile: 778.229.1884 Mobile: 778.990.1320 Email: cmuir@bcrea.bc.ca Email: dstathonikos@bcrea.bc.ca For detailed statistical information, contact your local real estate board. A video podcast of these statistics is available here. 1420 – 701 Georgia Street W, PO Box 10123, Pacific Centre, Vancouver, BC V7Y 1C6 President Moss Moloney | Vice President Rick Valouche | bcrea@bcrea.bc.ca | 604.683.7702 (tel) Past President John Tillie | Chief Executive Officer Robert Laing | www.bcrea.bc.ca | 604.683.8601 (fax)
  • 2. Record Home Prices for 2010 . . . Page 2 December 2010 Residential Average Price, Active Listings and Sales-to-Active-Listings Data by Board Average Price Active Listings Sales-to-Active-Listings December December December December December December 2010 2009 2010 2009 2010 2009 Board % change Residential Residential % Residential Residential Residential Residential Active Active change Sales to Active Sales to Active Average Price Average Price Listings Listings Listings Listings ($) ($) (Units) (Units) (%) (%) BC Northern 192,971 204,796 -5.8 2,258 1,911 18.2 8.2 12.2 Chilliwack 264,266 306,692 -13.8 1,179 928 27 10.2 15.2 Fraser Valley 444,258 446,546 -0.5 6,479 5,085 27.4 12.7 21.3 Greater Vancouver 700,773 627,582 11.7 10,739 9,880 8.7 18.1 26 Kamloops 288,009 304,673 -5.5 1,414 1,353 4.5 6.9 11.8 Kootenay 256,013 279,634 -8.4 2,362 2,027 16.5 3.9 6.6 Northern Lights 175,403 217,890 -19.5 202 227 -11 18.8 12.8 Okanagan Mainline 393,512 408,015 -3.6 4,667 4,583 1.8 4.8 7.6 Powell River 275,732 230,188 19.8 179 154 16.2 6.1 5.2 South Okanagan 282,308 349,968 -19.3 1,567 1,329 17.9 2.7 7 Vancouver Island 318,537 317,985 0.2 4,298 3,733 15.1 8.3 13.2 Victoria 496,814 522,211 -4.9 2,441 1,811 34.8 13.3 23.1 Provincial Totals* 523,990 495,903 5.7 37,785 33,021 14.4 11.3 17.3 *Numbers may not add due to rounding December 2010 BC Residential Multiple Listing Service® Data by Board Dollar Volume (000s) Units December 2010 December 2009 December 2010 December 2009 Board Residential Sales Residential Sales % change Residential Sales Residential Sales % change ($) ($) (Units) (Units) BC Northern 35,700 47,718 -25.2 185 233 -20.6 Chilliwack 31,712 43,244 -26.7 120 141 -14.9 Fraser Valley 366,069 482,716 -24.2 824 1,081 -23.8 Greater Vancouver 1,361,601 1,611,002 -15.5 1,943 2,567 -24.3 Kamloops 28,225 48,748 -42.1 98 160 -38.7 Kootenay 23,809 37,191 -36 93 133 -30.1 Northern Lights 6,665 6,319 5.5 38 29 31 Okanagan Mainline 88,147 142,397 -38.1 224 349 -35.8 Powell River 3,033 1,842 64.7 11 8 37.5 South Okanagan 12,139 32,547 -62.7 43 93 -53.8 Vancouver Island 113,081 156,131 -27.6 355 491 -27.7 Victoria 160,968 218,284 -26.3 324 418 -22.5 Provincial Totals* 2,231,148 2,828,137 -21.1 4,258 5,703 -25.3 * Numbers may not add due to rounding 1420 – 701 Georgia Street W, PO Box 10123, Pacific Centre, Vancouver, BC V7Y 1C6 President Moss Moloney | Vice President Rick Valouche | bcrea@bcrea.bc.ca | 604.683.7702 (tel) Past President John Tillie | Chief Executive Officer Robert Laing | www.bcrea.bc.ca | 604.683.8601 (fax)
  • 3. Record Home Prices for 2010 . . . Page 3 December 2010 Year-to-Date BC Residential Multiple Listing Service® Data by Board Dollar Volume (000s) Unit Sales Average Price Board % % % 2010 2009 2010 2009 change 2010 2009 change change ($) ($) ($) ($) BC Northern 775,307 766,312 1.2 3,676 3,618 1.6 210,911 211,805 -0.4 Chilliwack 622,150 674,471 -7.8 2,046 2,274 -10 304,081 296,601 2.5 Fraser Valley 6,306,709 6,667,971 -5.4 13,977 15,660 -10.7 451,221 425,796 6 Greater Vancouver 21,048,755 21,480,136 -2 31,144 36,257 -14.1 675,853 592,441 14.1 Kamloops 644,426 701,015 -8.1 2,121 2,334 -9.1 303,831 300,349 1.2 Kootenay 546,078 580,857 -6 1,995 2,119 -5.9 273,723 274,118 -0.1 Northern Lights 104,423 75,580 38.2 509 340 49.7 205,154 222,294 -7.7 Okanagan Mainline 1,908,500 2,155,998 -11.5 4,838 5,678 -14.8 394,481 379,711 3.9 Powell River 64,278 62,364 3.1 270 263 2.7 238,067 237,125 0.4 South Okanagan 430,560 486,418 -11.5 1,346 1,545 -12.9 319,881 314,833 1.6 Vancouver Island 2,142,695 2,301,337 -6.9 6,549 7,280 -10 327,179 316,118 3.5 Victoria 3,112,634 3,647,209 -14.7 6,169 7,660 -19.5 504,561 476,137 6 Provincial Totals* 37,706,515 39,599,667 -4.8 74,640 85,028 -12.2 505,178 465,725 8.5 * Numbers may not add due to rounding BCREA represents 12 member real estate boards and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education (cpe). To demonstrate the profession’s commitment to improving Quality of Life in BC communities, BCREA supports policies that encourage economic vitality, provide housing opportunities, respect the environment and build communities with good schools and safe neighbourhoods. For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada’s real estate boards to ensure maximum exposure of properties listed for sale. 1420 – 701 Georgia Street W, PO Box 10123, Pacific Centre, Vancouver, BC V7Y 1C6 President Moss Moloney | Vice President Rick Valouche | bcrea@bcrea.bc.ca | 604.683.7702 (tel) Past President John Tillie | Chief Executive Officer Robert Laing | www.bcrea.bc.ca | 604.683.8601 (fax)