Vancouver, BC – March 15, 2017. The British Columbia Real Estate Association (BCREA) reports that a total of 6,580 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in February, down 31.7% from the same period last year. Total sales dollar volume was $4.53 billion, down 39.7% from February 2016. The average MLS® residential price in the province was $688,117, an 11.7% decrease from the same period last year.

“Consumer demand has returned to a more typical level over the first two months of the year,” said Cameron Muir, BCREA Chief Economist. “While the home sales have declined nearly 32% from the extraordinary performance of a year ago, last month’s activity reflected the average for the month February since the year 2000.”

“The average MLS® residential price for the province was down nearly 12% from a record $779,419 in February 2016. However, this change is largely the result of a decline in the proportion of provincial sales originating from the Vancouver region. Last month, 37% of BC home sales occurred in the Real Estate Board of Greater Vancouver’s area, compared to 44% in February 2016.

Year-to-date, BC residential sales dollar volume was down 38.5% to $7.3 billion, when compared with the same period in 2016. Residential unit sales declined 28.5% to 11,067 units, while the average MLS® residential price was down 14.1% to $660,943.

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