Vancouver, BC – December 15, 2016. The British Columbia Real Estate Association (BCREA) reports that 6,419 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November, down 20.1% from the same month last year. Total sales dollar volume was $4.02 billion in November, a decline of 25.2% compared to the previous year. The average MLS® residential price in the province was $625,871, a decline of 6.4% compared to the same month last year.

“Moderating consumer demand in the province’s largest population centres continues to trend home sales toward the ten-year average,” said Cameron Muir, BCREA Chief Economist. The seasonally adjusted annual rate of MLS® residential sales was approximately 89,000 units last month. The ten-year average is 83,000 unit sales, while the 15-year average is 85,300 unit sales.

“A relatively higher number of transactions outside of the Lower Mainland is largely responsible for pulling the provincial average MLS® price lower,” added Muir.

Year-to-date, BC residential sales dollar volume increased 22.8% to $74.5 billion, when compared with the same period in 2015. Residential unit sales climbed by 12.1% to 107,488 units, while the average MLS® residential price was up 9.6% to $692,745.

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