The British Columbia Real Estate Association (BCREA) reports that a total of 3,546 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in January, a decline of 33.2% from the same month last year.
The average MLS® residential price in the province was $665,590, a decline of 7.7% from January 2018. Total sales dollar volume was $2.36 billion, a 38.4% decline from the same month last year. “BC households continue to grapple with the policy-induced affordability shock created last year by the federal government,” said Cameron Muir, BCREA Chief Economist. “The resulting pullback in consumer demand is largely responsible for January’s lacklustre performance.”
Total MLS® residential active listings increased 41.2% to 29,522 units compared to the same month last year. The ratio of sales to active residential listings declined from 25.4% to 12%over the same period. “Many BC regions are now exhibiting buyer’s market conditions,” added Muir. “However, BC Northern, the Kootenay, Okanagan Mainline and the Vancouver Island markets continue to reflect a balance between supply and demand.”
Original Reporting by Cameron Muir, Chief Economist for the British Columbia Real Estate Association.