Vancouver, BC – August 14, 2017. The British Columbia Real Estate Association (BCREA) reports that a total of 9,275 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in July, down 6.3% from the same period last year. Total sales dollar volume was $6.48 billion, down 1.3% from July 2016. The average MLS® residential price in the province was $698,761, a 5.3% increase from the same period last year.

“Strong economic growth, an expanding population base and a lack of supply continue to drive BC home sales and prices this summer,” said Cameron Muir, BCREA Chief Economist. “However, home sales have edged back 4% since May, with active listings beginning to bounce back from a 20-year low,” added Muir. “If these trends continue, it may signal that more balanced market conditions could emerge before the end of the year.”

Year-to-date, BC residential sales dollar volume was down 19.3% to $45.6 billion, when compared with the same period in 2016. Residential unit sales declined 17.0% to 64,107 units, while the average MLS® residential price was down 2.8% to $710,921.

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