Vancouver, BC – October 14, 2016. The British Columbia Real Estate Association (BCREA) reports that 7,591 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in September, down 11.2% from the same month last year. Total sales dollar volume was $4.45 billion in September, down 14.1% compared to the previous year. The average MLS® residential price in the province was $585,844, a decline of 3.2% compared to the same month last year.

“Housing demand in the province continued to trend lower in September,” said Cameron Muir, BCREA Chief Economist. “While Vancouver, Fraser Valley and the North experienced year-over-year declines last month, the rest of the province posted an increase in the number of residential transactions.”

“The average residential price in the province continued to reflect a change in the composition and location of homes sold,” added Muir. “However, the effect was less pronounced in September than in August, when detached home sales fell to just 28% of total demand in Vancouver.”

Year-to-date, BC residential sales dollar volume increased 33.5% to $66 billion, when compared with the same period in 2015. Residential unit sales climbed by 18.5% to 93,797 units, while the average MLS® residential price was up 12.7% to $703,986.

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