The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 5 per cent in February from January 2011, on a seasonally adjusted basis. Compared to February of 2010, MLS® residential unit sales increased 8 per cent to 6,410 units. The average MLS® residential price rose 18 per cent to $587,571 in February compared to the same month last year.

"The surge in consumer demand in Metro Vancouver continues to propel the provincial statistics higher,” said Cameron Muir, BCREA Chief Economist. “Elevated sales activity in Vancouver’s pricier communities has pushed average home prices higher than market conditions would suggest.” Compared to February 2010, the average MLS® residential price in Vancouver has climbed more than 19 per cent, whereas the Benchmark or typical home price has increased a more modest 4 per cent.

Year-to-date, BC residential sales dollar volume increased 15 per cent $6.03 billion, compared to the same period last year. Residential unit sales remained relatively unchanged, albeit down by 0.3 per cent to 10,547 units. The average MLS® residential price climbed 15.6 per cent to $572,121 over the same period.