Summer Home Sales Slow to a Simmer
Vancouver, BC – August 13, 2018.
The British
Columbia Real Estate Association (BCREA) reports that a total of 7,055
residential unit sales were recorded by the Multiple Listing Service®
(MLS®) across the province in July, a 23.9 per cent decrease from the
same month last year.
The average MLS® residential price in BC was
$695,990, down 0.4 per cent from July 2017. Total sales dollar volume
was $4.9 billion, a 24.2 per cent decline from July 2017.
“The BC housing market continues to grapple with the sharp decline
in affordability caused by tough new mortgage qualification rules,”
said Cameron Muir, BCREA Chief Economist. “However, less frenetic
housing demand has created more balanced market conditions in many
regions, leading to fewer multiple offers and more choice for
consumers.”
Year-to-date, BC residential sales dollar volume was down 18.9 per
cent to $37 billion, compared with the same period in 2017. Residential
unit sales decreased 20.6 per cent to 50,926 units, while the average
MLS® residential price was up 2.1 per cent to $725,639.