Vancouver, BC – April 15, 2019. The BritishColumbia Real Estate Association (BCREA) reports that a total of 5,707residential unit sales were recorded by the Multiple Listing Service®(MLS®
in March, a decline of 23 per cent from the same month last year.The average MLS® residential price in the province was $687,720, adecline of 5.4 per cent from March 2018. Total sales dollar volume was$3.9 billion, a 27.1 per cent decline from the same month last year.
“BC home sales continue to be adversely impacted by federalmortgage policy,” said BCREA Chief Economist Cameron Muir. “The erosionof affordability caused by the B20 stress test has created nearrecession level housing demand despite the province boasting the lowestunemployment rates in a decade.”
“The sharp erosion of affordability caused by the B20 stress testis now creating pent-up demand, as many would-be home buyers are forcedto wait on the sidelines,” added Muir. “Unfortunately, new homeconstruction is slowing as well, which will likely lead to anotherhousing supply crunch down the road.”
Total MLS® residential active listings increased 36.2 per cent to34,295 units compared to the same month last year. The ratio of sales toactive residential listings declined from 29.4 per cent to 16.6 percent over the same period.
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For more information, please contact:
Cameron Muir
Chief Economist
Direct: 604.742.2780
Mobile: 778.229.1884
Email: cmuir@bcrea.bc.ca
The British Columbia Real Estate Association(BCREA) is the professional association for about 23,000 REALTORS® inBC, focusing on provincial issues that impact real estate. Working withthe province's 11 real estate boards,BCREA provides continuing professional education, advocacy, economicresearch and standard forms to help REALTORS® provide value for theirclients.
To demonstrate the profession's commitment to improving Quality of Lifein BC communities, BCREA supports policies that help ensure economicvitality, provide housing opportunities, preserve the environment,protect property owners and build better communities with good schoolsand safe neighbourhoods.
For detailed statistical information, contact your local real estate board.MLS® is a cooperative marketing system used only by Canada's realestate boards to ensure maximum exposure of properties listed for sale.
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