Kelowna Real Estate Market News

BC Real Estate Sales Down 23.9% - July 2018

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 per cent decrease from the same month last year. The average MLS® residential price in BC was $695,990, down 0.4 per cent from July 2017.

Total sales dollar volume was $4.9 billion, a 24.2 per cent 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 per cent to $37 billion, compared with the same period in 2017. Residential unit sales decreased 20.6 per cent to 50,926 units, while the average MLS® residential price was up 2.1 per cent to $725,639

Spotlight on the Okanagan

Average Residential Sale Price

2018            2017

$559,234    504,712       Change 10.8%

Active Listings

4,238          3,363 increase 26%

Sales to Active Listings

17.5             28.6

Number of Residential Units Sold

July 2018       July 2017

742                 961            -22.8%

Year to Date number of Residential Sales

As at-:

July 2018       July 2017

4,684              5,631         -16.8%

Year to Date Average Price

$532,076          $493,181    increase 7.9%

Figures provided by Cameron Muir Chief Economist BC Real Estate Association - August 13th, 2018.

Kind Regards

Trish Cenci

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