Vancouver, BC – August 11, 2016. The British Columbia Real Estate Association (BCREA) reports that 9,900 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in July, down 3.4% from the same month last year. Total sales dollar volume was $6.57 billion in July, up 5.4% compared to the previous year. The average MLS® residential price in the province was up 9.1% year-over-year, to $663,411.

“Housing demand has moderated in many regions of the province, after setting records earlier in the year,” said Cameron Muir, BCREA Chief Economist. “The less frenetic pace of home sales will likely provide a much needed boost to the inventory of homes for sale. The rate of home price appreciation is also expected to slow from the unsustainable level exhibited this spring.“

Year-to-date, BC residential sales dollar volume increased 45.5% to $56.5 billion, when compared with the same period in 2015. Residential unit sales climbed by 25% to 77,261 units, while the average MLS® residential price was up 16.4% to $731,189.

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