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Blog by Kevin Wong

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B.C.'s Average MLS Price Up 18% In February: BCREA

The average price of a home in B.C. was up 18 per cent in February compared to the same month last year, according to the B.C. Real Estate Association.

The price surge was largely due to sales in Metro Vancouver, the BCREA said in a survey, with the average residential price climbing 19.4 per cent, compared to February 2010, to $791,000 from $663,000.

“The surge in consumer demand in Metro Vancouver continues to propel the provincial statistics higher,” Cameron Muir, BCREA chief economist, said in a news release issued Monday.

“Elevated sales activity in Vancouver’s pricier communities has pushed average home prices higher than market conditions would suggest.”

According to the report, prices dropped in interior markets including the Okanagan Mainline, where the average price fell 6.2 per cent over the year from $373,000 to $360,000.

In the South Okanagan, prices fell 9.4 per cent, from $312,000 to $283,000, and in Kootenay by 11.8 per cent, from $263,000 to $232,000.

The steepest drop was in Powell River, where prices fell 20.7 per cent over the year, from $248,000 to $196,000.