British Columbia Real Estate Association (BCREA) reports residential sales dollar volume on the Multiple Listing Service? (MLS?) in BC climbed 8.8 per cent to $2.25 billion in January, compared to the same month last year. Residential unit sales dipped 5 per cent to 4,949 units during the same period. The average MLS? residential price in the province reached $453,648 in January, up 14.5 per cent from January 2007.

?BC home sales edged down in January for the first time in nine months,? said Cameron Muir, BCREA Chief Economist. ?The combination of fewer home sales and an increase in active listings is pulling the BC housing market toward balanced conditions. This means upward pressure on home prices is less severe than a year ago.?

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