{"id":13966,"date":"2019-10-22T10:10:40","date_gmt":"2019-10-22T17:10:40","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=13966"},"modified":"2019-10-22T12:50:42","modified_gmt":"2019-10-22T19:50:42","slug":"bcrea-residential-resale-activity-up-24-y-y-average-prices-on-the-rise","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/10\/bcrea-residential-resale-activity-up-24-y-y-average-prices-on-the-rise\/","title":{"rendered":"BCREA Residential Resale Activity Up 24% Y\/Y &#038; Average Prices on The Rise"},"content":{"rendered":"<p style=\"text-align: justify;\">Although residential real estate is seeing a stronger resurgence of activity in Greater Vancouver, the sales uptick is being seen throughout the province, according to the latest monthly data from the BC Real Estate Association (BCREA).<\/p>\n<p style=\"text-align: justify;\">There were 6,938 home sales on the MLS across BC in September, the BCREA reported October 15, which is an increase of 24% compared with September 2018.<\/p>\n<p style=\"text-align: justify;\">The average home sale price in September was also higher than one year previously, up 2.1% to $697,943, which is 1.8% higher than in August.<\/p>\n<p style=\"text-align: justify;\">However, this doesn\u2019t mean a return to the overheated housing markets of 2016, according to the BCREA.<\/p>\n<p style=\"text-align: justify;\">\u201cMarkets across BC built on momentum from the summer,\u201d said Brendon Ogmundson, BCREA\u2019s chief economist. \u201cWhile the year-over-year increase in provincial sales was quite strong, home sales in most areas are simply returning to historically average levels.\u201d (See graph above.)<\/p>\n<p style=\"text-align: justify;\">The BCREA said in its report that \u201coverall market conditions remained in a balanced range, with a sales-to-active-listings ratio of about 18%.\u201d<\/p>\n<p style=\"text-align: justify;\">Only two of the 12 individual real estate boards across the province failed to record higher sales in September than one year previously. These were the small market of Powell River, where sale and price percentage changes fluctuate greatly each month, and Vancouver Island, which saw 5.1% fewer sales on an annual basis.<\/p>\n<p style=\"text-align: justify;\">Vancouver Island was also one of four boards to record a lower average home sale price than a year ago \u2014 down 3%. The others to see lower average sale prices in September were Greater Vancouver (-5.9%), Victoria (-6%) and Powell River (-0.3%).<br \/>\n<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/10\/bcrea-market-momentum-continues-into-the-fall\/bcrea-64\/\" rel=\"attachment wp-att-13954\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-13954\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/BCREA-288x216.jpg\" alt=\"\" width=\"555\" height=\"416\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/BCREA-288x216.jpg 288w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/BCREA.jpg 600w\" sizes=\"auto, (max-width: 555px) 100vw, 555px\" \/><\/a><br \/>\nSource : BCREA<\/p>\n<p style=\"text-align: justify;\">In larger markets, an increase in sales coupled with a decline in average sale price could mean that there are increasing numbers of sales at the lower to mid end of the market \u2014 perhaps as buyers take advantage of improved affordability and cheaper mortgage rates. A larger number of lower-priced homes being sold will pull down the average sale price; it does not necessarily mean home prices are declining in those markets, although this could also be true.<\/p>\n<p style=\"text-align: justify;\">Even though the province\u2019s sales and price activity over July through September has been relatively strong compared with the previous year, it was not enough to offset the slow sales of the 2019\u2019s first half and it is certainly possible that 2019 will finish behind even the weak showing of 2018.<\/p>\n<p style=\"text-align: justify;\">Year-to-date, January through September, BC residential sales dollar volume was down 12.4% to $39.7 billion, compared with the same period in 2018. Total home sales were 8.9% lower at 57,773 units, and the average MLS resale price across the period was down 3.9% year-to-date at $687,530.nits, and the average MLS resale price across the period was down 3.9% year-to-date at $687,530.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/biv.com\/article\/2019\/10\/home-sales-uptick-seen-across-bc-september-bcrea\" target=\"_blank\" rel=\"noopener noreferrer\">BCREA : Home Sales Uptick Seen Across BC in September<\/a> by Joannah Connolly | Glacier Media Real Estate | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Although residential real estate is seeing a stronger resurgence of activity in Greater Vancouver, the sales uptick is being seen throughout the province, according to the latest monthly data from &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/10\/bcrea-residential-resale-activity-up-24-y-y-average-prices-on-the-rise\/\">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-13966","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BCREA Residential Resale Activity Up 24% Y\/Y &amp; 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