Monthly Archives: August 2018

Summer Home Sales Slow to a Simmer

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Vancouver, BC August 13, 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.

The British Columbia Real Estate Association (BCREA) is the professional association for about 23,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

To demonstrate the profession’s commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.

For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada’s real estate boards to ensure maximum exposure of properties listed for sale.

To subscribe to receive BCREA publications such as this one, or to update your email address or current subscriptions, click here.

Vancouver home sales hit 18-year low

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by Beth Leighton

VANCOUVER _ Home sales in July across Metro Vancouver tumbled to their lowest level in 18 years in statistics compiled by the real estate board, but prices remained steady since last month.

The Greater Vancouver Real Estate Board says 2,070 properties changed hands in July, a 30 per cent plunge when compared with July of last year and about 29 per cent below the 10-year sales average for the month.

The number of condos, townhomes and detached houses listed for sale were up 32 per cent year-over-year, and 1.6 per cent since June.

The real estate board says the benchmark price for all residential properties was just under $1.1 million, a 6.7 per cent hike over July 2017 but a slip of 0.6 per cent since June.

Board president Phil Moore says the number of sales to active listings across Metro Vancouver last month was pegged at almost 10 per cent for detached homes, 20 per cent for townhomes and about 27 per cent for condos.

Analysts expect downward pressure on prices when the ratio dips below 12 per cent, while property prices tend to climb when it is over 20 per cent.

Moore said there’s less upward pressure on home prices across the region.

“This is most pronounced in the detached home market, but demand in the townhome and apartment markets is also relenting from the more frenetic pace experienced over the last few years,” Moore said in a news release on Wednesday.

Real estate board data shows July sales of single detached homes plunged nearly 33 per cent compared with July of last year, while the almost $1.6 million benchmark price slipped 1.5 per cent over the same period and is down 0.6 per cent since June.

Sales of condos decreased 26.5 per cent year-over-year while sales of townhomes fell by almost 35 per cent, but both property types have seen price hikes above 12 per cent since last July.

The benchmark price is $700,500, for a condo and $856,000 for a townhome, but the board says prices for condos and townhomes have slipped about 0.5 per cent since June.

“With increased mortgage rates and stricter lending requirements, buyers and sellers are opting to take a wait-and-see approach for the time being,” Moore said.