
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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