“Home sales in the province eased in January as a result of waning pent-up demand and eroded affordability,” said Cameron Muir, BCREA Chief Economist. “While low mortgage interest rates will continue to entice many home buyers through the spring market, consumer demand is expected to moderate from its frenetic year-end pace."

The BC residential sales dollar volume increased 160 per cent to $2.27 billion in January compared to the same period last year. The average MLS® residential price climbed 19 per cent to $491,571 over the same period.

"Upward pressure on home prices, particularly in Victoria, Vancouver and the Fraser Valley, is beginning to slow as fewer home sales and a larger inventory reduce the chance of multiple offers,” added Muir.