A noticeable drop in consumer demand in Vancouver and Fraser Valley during 2012 was more than enough to offset the increases in home sales in the Okanagan, Kootenays and BC Northern regions.
At least half of the 8 per cent decline in the BC average home price was the result of fewer luxury homes selling in Vancouver and fewer overall Vancouver home sales relative to the rest of the province in 2012. However, there were more luxury homes sold in Kelowna this year.
In December, BC residential sales dollar volume was down 28.6 per cent to $1.5 billion, compared to December 2011. Residential unit sales declined 26.4 per cent to 3,011 units, while the average MLS
residential price was down 3 per cent to $498,205 over the same period.