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% decrease from the same month last year. The average MLS® residential price in BC was $695,990, down 0.4% from July 2017. Total sales dollar volume was $4.9 billion, a 24.2% 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% to $37 billion, compared with the same period in 2017. Residential unit sales decreased 20.6% to 50,926 units, while the average MLS® residential price was up 2.1% to $725,639.
For the complete news release, including detailed statistics, click here.