BC Home Sales Robust and Unchanged in August

The British Columbia Real Estate Association (BCREA) reports that a total of 9,162 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in August, an increase of 2.4 per cent from the same period last year. Total sales dollar volume was $6.2 billion, up 22 per cent from August 2016. The average MLS® residential price in the province was $678,186, a 19.1 per cent increase from August 2016.

“BC home sales in August remained unchanged from July, on a seasonally adjusted basis,” said Cameron Muir, BCREA Chief Economist. “Strong economic conditions are underpinning demand. However, rising home prices combined with upward pressure on mortgage interest rates is expected to temper demand over the balance of the year.”

Year-to-date, BC residential sales dollar volume was down 15.9 per cent to $51.8 billion, when compared with the same period in 2016. Residential unit sales declined 15.0 per cent to 73,267 units, while the average MLS® residential price was down 1.1 per cent to $706,839.

For the complete news release, including detailed statistics, click here.

Robust BC Home Sales Supported by Strong Economy

TheBritish Columbia Real Estate Association (BCREA) released its 2017 Third Quarter Housing Forecast update today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 10 per cent to 100,900 units this year, after reaching a record 112,209 units in 2016. Strong economic fundamentals are underpinning consumer demand and are expected to keep home sales at elevated levels through 2018. The ten-year average for MLS® residential sales in the province is 84,700 units.

“British Columbia’s position as the best performing economy in the country is bolstering consumer confidence and housing demand,” said Cameron Muir, BCREA Chief Economist. “Strong employment growth, a marked increase in migrants from other provinces, and the ageing of the millennial generation is supporting a heightened level of housing transactions. However, a limited supply of homes for sale is causing home prices to rise significantly in many regions, particularly in the Lower Mainland condominium market”.

The average MLS® residential price in the province is forecast to increase 3.5 per cent to $715,000 this year, and a further 4.1 per cent to nearly $745,000 in 2018. However, the provincial average price is being skewed lower as the result of a change in the mix and share of homes selling. Fewer detached home sales relative to attached and apartment properties and a larger proportion of home sales occurring outside the Metro Vancouver region are operating to hold back the provincial average price. Home prices in ten of the 11 real estate board areas are forecast to rise at a higher rate than the provincial average.

 

To view the full BCREA Housing Forecast, click here.