BC Home Sales Robust and Unchanged in August
The British Columbia Real Estate Association (BCREA) reports that a total of 9,162 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in August, an increase of 2.4% from the same period last year. Total sales dollar volume was $6.2 billion, up 22% from August 2016. The average MLS® residential price in the province was $678,186, a 19.1% increase from August 2016.
“BC home sales in August remained unchanged from July, on a seasonally adjusted basis," said Cameron Muir, BCREA Chief Economist. "Strong economic conditions are underpinning demand. However, rising home prices combined with upward pressure on mortgage interest rates is expected to temper demand over the balance of the year."
Year-to-date, BC residential sales dollar volume was down 15.9% to $51.8 billion, when compared with the same period in 2016. Residential unit sales declined 15.0% to 73,267 units, while the average MLS® residential price was down 1.1% to $706,839.
For the complete news release, including detailed statistics, click here.