In January of last year, sales were actually down by 10 per cent to 4,137 units.
Home inventory for the province remains at below 47,000 for the third straight month, which is down 14 per cent from last spring.
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â€œConsumer demand continues to normalize alongside overall economic conditions,â€ BCREA Chief Economist Cameron Muir said in a press release. â€œHowever the pace of growth in home sales experienced since last summer is likely to moderate in the coming months as tighter credit conditions and upward pressure on mortgage interest rates impacts affordability and purchasing power.â€