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The B.C. Real Estate Association has released the figures on home sales for 2012.
The association reports about 67,000 home sales recorded by the Multiple Listing Service last year.
That's a drop of about 12 percent compared to 2011.
And the annual average price of a home in B-C was just under $515,000 -- down 8 percent from last year.
Economists with the real estate association say there were jumps in the Okanagan, Kootenays and Northern regions.
But those were offset by a "notable pullback" in consumer demand in Vancouver and the Fraser Valley.
They add fewer luxury homes selling in Vancouver, and fewer overall Vancouver home sales, are to blame for at least half of the drop in the average home price in B.C.