The British Columbia Real Estate Association (BCREA) reports that a total of 6,405 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in October, down 26.2% from the same month last year. The average MLS® residential price in BC was $690,161, a decline of 4.1% from October 2017. Total sales dollar volume was $4.2 billion, a 29.3% decline from October 2017.
“The BC housing market continued to grapple with tougher mortgage qualifications in October,” said Cameron Muir, BCREA Chief Economist. “However, more moderate consumer demand has led to a much-needed increase in the supply of homes for sale.”
Total active residential listings were up nearly 30% to 36,195 units in October, compared to the same month last year. While the BC housing market exhibited balanced conditions overall in October, market conditions do vary between regions and by product type.
Year-to-date, BC residential sales dollar volume was down 22.1% to $49.7 billion, compared with the same period in 2017. Residential unit sales decreased 22.8% to 69,664 units, while the average MLS® residential price was up 1% to $713,662.
For the complete news release, including detailed statistics, click here.