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BC Housing Market Update for March 2018

BC Housing Market Update for March 2018

Policy Induced Demand Slide Does Little to Impact Supply

 

The British Columbia Real Estate Association (BCREA) reports that a total of 7,409 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in March, a 24.6% decrease from the same month last year. The average MLS® residential price in BC was $726,930, up 5.3% from the previous year. Total sales dollar volume was $5.39 billion, a 20.6% decline from March 2017.

 

“More burdensome mortgage qualifications are having the predictable effect of swiftly curbing housing demand,” said Cameron Muir, BCREA Chief Economist. “You simply cannot pull as much as 20% of the purchasing power away from conventional mortgage borrowers and not create a downturn in consumer demand.”

 

Despite the decline in consumer demand, the supply of homes for sale remains low in most BC regions. Total active listings on the market are essentially unchanged from March 2017, and are at or near a 12-year low across the province. As a result, home prices are expected to continue an upward trajectory.

 

Year-to-date, BC residential sales dollar volume was down 1.7% to $13.9 billion, compared with the same period in 2017. Residential unit sales decreased 9.4% to 18,927 units, while the average MLS® residential price was up 8.5% to $732,243.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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
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