{"id":12607,"date":"2019-05-31T08:55:02","date_gmt":"2019-05-31T15:55:02","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=12607"},"modified":"2019-05-31T10:13:26","modified_gmt":"2019-05-31T17:13:26","slug":"bcrea-damp-april-for-bc-home-sales","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/05\/bcrea-damp-april-for-bc-home-sales\/","title":{"rendered":"BCREA Damp April for BC Home Sales"},"content":{"rendered":"

There has been only a meagre spring awakening when it comes to BC home sales this year, with April maintaining the trend for dampened activity.<\/p>\n

A total of 6,652 residential unit sales sold via the MLS in April, a drop of 18.9% from the same month last year, according to British Columbia Real Estate Association (BCREA) figures released May 14.<\/p>\n

However, that\u2019s a month-over-month increase of 16% from March\u2019s slow sales, and in terms of the annual drop in transactions, an improvement over March\u2019s 27% annual decline.<\/p>\n

The month-over-month rise is typical of this time of year, said the BCREA. \u201cBC home sales were essentially unchanged from March on a seasonally adjusted basis,\u201d said Cameron Muir, BCREA\u2019s chief economist.
\n\"\"<\/a>
\nThe BCREA continued its assertion that the slowdown in sales has been caused by the federal mortgage stress test making it harder to buy homes. Muir added, \u201cProspective home buyers continue to grapple with the decline in their purchasing power caused by federal government changes to mortgage policy.\u201d<\/p>\n

The number of homes for sale on the MLS across the province continues to build up. Active residential listings rose 33.6% year over year to 38,672 units. The ratio of sales to active listings fell over the past year from 28.4% (a seller\u2019s market) to a balanced market of 17.2%.<\/p>\n

This increased choice of homes, combined with the reduction in buyer purchasing power, has reduced the average price of a BC home sold on the MLS in April by 6.2% year over to $685,304. However, this is slightly higher than the average price of a BC home sold year to date, down 7% year over year to $680,671.<\/p>\n

While all the boards across the province reported a decline in their sales-to-listings ratios, some are still in seller\u2019s market territory \u2013 including Victoria, Vancouver Island and Kamloops. Greater Vancouver is the closest to being a buyer\u2019s market at 12.3%.<\/p>\n

Only five of the 12 boards reporting to the BCREA cited an average annual price decline, with Kamloops, Vancouver Island and Prince George all seeing notable price increases. However, the significant declines seen in the larger markets.<\/p>\n

BCREA : Damp April for BC Home Sales, Average Price Down 6.2%<\/a> by Joannah Connolly | Glacier Media Real Estate | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"

There has been only a meagre spring awakening when it comes to BC home sales this year, with April maintaining the trend for dampened activity. A total of 6,652 residential … [read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-12607","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nBCREA Damp April for BC Home Sales • Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2019\/05\/bcrea-damp-april-for-bc-home-sales\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BCREA Damp April for BC Home Sales • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"There has been only a meagre spring awakening when it comes to BC home sales this year, with April maintaining the trend for dampened activity. 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