Slow pace remains for BC home sales

by Steve Randall17 Dec 2018

Home sales in British Columbia were down 33.1% in November compared to a year earlier.

There were 5,179 residential home sales in the month according to MLS data from the British Columbia Real Estate Association; and the average price slipped 1.9% to $718,903 year-over-year.

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Total sales dollar volume was $3.7 billion, a 34.3% decline from November 2017.

“BC households continue to struggle with the sharp decline in purchasing power caused by the B20 mortgage stress test,” said Cameron Muir, BCREA Chief Economist. “Most BC regions are now exhibiting relative balance between supply and demand.”

Year-to-date, BC residential sales dollar volume was down 23.1 per cent to $53.4 billion, compared with the same period in 2017. Residential unit sales declined 23.6 per cent to 74,847 units, while the average MLS residential price was up 0.7 per cent to $713,302.

Active listings climb
Total active listings in November were up nearly 31% year-over-year to 33,500; however, November 2017 recorded the lowest level of active listings in 15 years.

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