BC sales ‘normalize’ as supply falls

by Steve Randall17 Apr 2017
The sale of homes in British Columbia have normalized according to a report from the BC Real Estate Association.

It says that falling supply was a factor in a 21.8 per cent year-over-year drop in sales in March to 9,826 units. Total dollar volume was down 30 per cent to $6.79 billion.

"Consumer demand continues to normalize following blockbuster home sales in 2016," says Brendon Ogmundson, BCREA Economist. "However, the supply of homes available for sale has not recovered and is still declining in many markets around the province."

Prices have slipped 10.5 per cent from a year earlier to an average $690,597.

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