Vancouver, BC – August 13, 2018.The British Columbia Real Estate Association (BCREA) reports that atotal of 7,055 residential unit sales were recorded by the MultipleListing Service® (MLS® across the province in July, a 23.9 per centdecrease from the same month last year. The average MLS® residentialprice in BC was $695,990, down 0.4 per cent from July 2017. Total salesdollar volume was $4.9 billion, a 24.2 per cent decline from July 2017.
“The BC housing market continues to grapple with the sharp declinein affordability caused by tough new mortgage qualification rules,”said Cameron Muir, BCREA Chief Economist. “However, less frenetichousing demand has created more balanced market conditions in manyregions, leading to fewer multiple offers and more choice forconsumers.”
Year-to-date, BC residential sales dollar volume was down 18.9 percent to $37 billion, compared with the same period in 2017. Residentialunit sales decreased 20.6 per cent to 50,926 units, while the averageMLS® re
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across the province in July, a 23.9 per centdecrease from the same month last year. The average MLS® residentialprice in BC was $695,990, down 0.4 per cent from July 2017. Total salesdollar volume was $4.9 billion, a 24.2 per cent decline from July 2017.
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