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BCREA Residential Sales Decline 11.8%, Average Price Drop 4% Y/Y


Under Market Updates

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July 15th, 2019

Vancouver, BC – July 15, 2019. The British Columbia Real Estate Association (BCREA) reports that a total of 6,960 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in June, a decline of 11.8% from the same month last year. The average MLS® residential price in the province was $687,584, a decline of 4% from June 2018. Total sales dollar volume was $4.8 billion, a 15.3% decline from the same month last year.

“BC home sales moderated lower in June after a stronger showing in May,” said BCREA Deputy Chief Economist Brendon Ogmundson. “While mortgage rates offered by lenders have moved below 3%, a static qualifying rate has limited the impact of the lower cost of borrowing.”

Total MLS® residential active listings were up 18.6% to 42,625 units compared to the same month last year and were essentially flat on a seasonally adjusted basis compared to May.

Year-to-date, BC residential sales dollar volume was down 23.4% to $24.5 billion, compared with the same period in 2018. Residential unit sales decreased 18.7% to 35,679 units, while the average MLS® residential price was down 5.8% to $688,080.

   

Click here for the complete news release, including detailed statistics.

BC Home Sales Trend Lower in June by BCREA

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