{"id":13434,"date":"2019-08-24T10:10:49","date_gmt":"2019-08-24T17:10:49","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=13434"},"modified":"2019-08-20T14:33:03","modified_gmt":"2019-08-20T21:33:03","slug":"bcrea-residential-sales-up-12-4-y-y-across-bc","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/08\/bcrea-residential-sales-up-12-4-y-y-across-bc\/","title":{"rendered":"BCREA Residential Sales Up 12.4% Y\/Y Across BC"},"content":{"rendered":"

With home sales making a significant year-over-year jump in the Lower Mainland in July, residential transactions for the whole of BC followed suit, according to stats released August 13 by the BC Real Estate Association (BCREA).<\/p>\n

There were 7,930 home sales in the province last month, which is 12.4% higher than July 2018, recovering around half the annual transaction losses seen one year ago. Most of the provincial increase was driven by the spike in sales in Greater Vancouver and the Fraser Valley.<\/p>\n

With absorption increasing, active listings on the province\u2019s MLS fell on a month-over-month in July, down 3% from June and 6% from April on a seasonally adjusted basis.<\/p>\n

However, active listings were still 12.4% higher than this time last year. The sales-to-active listings ratio matched that of a year ago, with a balanced market at 19.1%.
\n*
\nSource : BCREA Economics<\/p>\n

\u201cBC home sales climbed higher for the first time in 18 months on a year-over-year basis in July,\u201d said Cameron Muir, BCREA\u2019s chief economist. \u201cHouseholds appear to be adjusting to the tighter credit environment as the shock of the B20 stress test dissipates.\u201d<\/p>\n

The association reported that housing demand has \u201ctrended higher since March, rising 21% on a seasonally adjusted basis.\u201d<\/p>\n

The average residential resale price in the province in July was $684,497, which is a decline of 1.6% from July 2018. Combined with the rise in sales, this took total sales dollar volume in July to $5.43 billion, which is a 10.5% increase from the same month last year.<\/p>\n

As ever, the picture varies when focusing in on different regional markets. Six of the 12 BC real estate boards reported a year-over-year rise in average sale prices (Vancouver Island, Chilliwack, Kamloops, Kootenay, South Okanagan and Northern Lights) \u2013 although some of those markets are small enough to have wide sale and price percentage fluctuations each month.<\/p>\n

Most regions reported a sales-to-active-listings ratio in the 12-20% balanced-market range, with Vancouver Island, Victoria, Kamloops and Powell River in seller\u2019s market territory and only the small board of Northern Lights seeing a true buyer\u2019s market.<\/p>\n

Click here<\/a> to read the full BCREA report with regional breakdowns.<\/p>\n

BCREA Residential Sales Across BC Up 12.4% from Last Year<\/a> by Joannah Connolly | Glacier Media Real Estate | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"

With home sales making a significant year-over-year jump in the Lower Mainland in July, residential transactions for the whole of BC followed suit, according to stats released August 13 by … [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-13434","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nBCREA Residential Sales Up 12.4% Y\/Y Across BC • 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\/08\/bcrea-residential-sales-up-12-4-y-y-across-bc\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BCREA 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