Karen Tsao | 604-422-0855

BC Housing Market Update for May 2018

BC Housing Market Update for May 2018

The British Columbia Real Estate Association (BCREA) reports that a total of 8,837 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in May, a 28.7% decrease from the same month last year. The average MLS® residential price in BC was $739,783, down 1.7% from May 2017. Total sales dollar volume was $6.54 billion, a 30% decline from May 2017.


“BC home sales continued to slow in May because of more stringent qualifications for conventional borrowers,” said Cameron Muir, BCREA Chief Economist. “The changes in mortgage policy are taking their toll on housing demand, not only in British Columbia, but across the country by reducing household purchasing power and housing affordability.”


While the decline in consumer demand has lifted the inventory of homes for sale, total active residential listings in the province are still relatively low by historical comparison.


Year-to-date, BC residential sales dollar volume was down 13.8% to $26.4 billion, compared with the same period in 2017. Residential unit sales decreased 16.6% to 35,976 units, while the average MLS® residential price was up 3.4% to $733,616.






 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

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