Home sales fell 12 per cent last year to 74,640.
The BCREA cited fewer active listings and increased consumer demand in a news release this morning.
"Tighter credit conditions and expended pent-up demand curbed home sales during the first half of 2010,” Cameron Muir, BCREA chief economist, said in the release.
“However, low mortgage interest rates and improved economic conditions buoyed home sales in the latter half of the year.”
"The inventory of homes for sale peaked at 53,375 units in May before declining 14 per cent to 46,000 units by December,” added Muir. “The combination of fewer active listings and increased consumer demand has improved market conditions in many areas."
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