Karen Tsao | 604-422-0855

BC Housing Market Update for December 2017

BC Housing Market Update for December 2017

BC Home Sales Above 100,000 for Third Consecutive Year 

 

The British Columbia Real Estate Association (BCREA) reports that a total of 103,763 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in 2017, a decline of 7.5% from a record 112,211 unit sales in 2016. The average MLS® residential price in BC was $709,579 in 2017, up 2.7% from the previous year. Total sales dollar volume was $73.63 billion, down 5.1% from 2016.


“Robust housing demand in 2017 was underpinned by a strong economy, employment growth and rising wages," said Cameron Muir, BCREA Chief Economist. "Above trend migration, both international and interprovincial, also bolstered housing demand, while broader demographic fundamentals added fuel to condominium sales in urban centres and to all home types in retirement-oriented communities."


The BC housing market ended the year with a strong December. Home sales increased 4% from November, on a seasonally adjusted basis. However, the year-end results were likely pushed higher by some homebuyers advancing their purchases to avoid tougher mortgage qualification rules in the new year.


In December, a total of 5,738 residential unit sales were recorded by the MLS® across the province, an increase of 21.5% from the same period last year. Total sales dollar volume was $4.2 billion, up 36.3% from December 2016. The average MLS® residential price in the province was $734,108, up 12.1% from the same month last year.








 

 

 

 

 

 

 

 

 

 

For the complete news release, including detailed statistics, click here.


 

Karen Tsao
Cell:604-422-0855
Office:604-602-1111
RE/MAX Crest Westside (vanw7)
1428 West 7th Avenue
Vancouver, BC
V6H 1C1 CA