{"id":24594,"date":"2024-09-11T10:10:02","date_gmt":"2024-09-11T17:10:02","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=24594"},"modified":"2024-09-11T09:14:23","modified_gmt":"2024-09-11T16:14:23","slug":"bcrea-residential-unit-sales-down-by-4-6-average-price-up-1-4-y-y","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2024\/09\/bcrea-residential-unit-sales-down-by-4-6-average-price-up-1-4-y-y\/","title":{"rendered":"BCREA Residential Unit Sales Down by 4.6%, Average Price Up 1.4% Y\/Y"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver, BC \u2013 September 11, 2024. The British Columbia Real Estate Association (BCREA) reports that 5,943 residential unit sales were recorded in Multiple Listing Service\u00ae (MLS\u00ae) systems in August 2024, a 10% decrease from August 2023. The average MLS\u00ae residential price in BC in August 2024 was down 1.7% at $938,500 compared to an average price of $955,063 in August 2023.<\/p>\n<p style=\"text-align: justify;\">The total sales dollar volume was $5.6 billion, an 11.5% decline from the same time the previous year. BC MLS\u00ae unit sales were 22% lower than the ten-year average for August. \u201cAfter some encouraging signs of recovery in early summer, sales slowed again in August,\u201d said BCREA Chief Economist Brendon Ogmundson. \u201cHowever, with the Bank of Canada lowering rates for a third consecutive time and with fixed mortgage rates falling, we expect market activity to pick up in the fall.\u201d<\/p>\n<p>Year-to-date, BC residential sales dollar volume is down 3.3% to $50.8 billion, compared with the same period in 2023. Residential unit sales are down by 4.6% year-over-year at 51,505 units, while the average MLS\u00ae residential price is up 1.4% to $985,609.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bcrea.bc.ca\/wp-content\/uploads\/2024-08.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> for the complete news release, including detailed statistics.<\/p>\n<p><a href=\"https:\/\/www.bcrea.bc.ca\/economics\/sales-slow-in-august-but-falling-rates-should-drive-activity-higher-in-the-fall\/\" target=\"_blank\" rel=\"noopener\">Sales Slow in August, but Falling Rates Should Drive Activity Higher in The Fall<\/a> by Brendon Ogmundson | Chief Economist BCREA<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver, BC \u2013 September 11, 2024. The British Columbia Real Estate Association (BCREA) reports that 5,943 residential unit sales were recorded in Multiple Listing Service\u00ae (MLS\u00ae) systems in August 2024, &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2024\/09\/bcrea-residential-unit-sales-down-by-4-6-average-price-up-1-4-y-y\/\">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":[8,13],"tags":[],"class_list":["post-24594","post","type-post","status-publish","format-standard","hentry","category-market-updates","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BCREA Residential Unit Sales Down by 4.6%, Average Price Up 1.4% Y\/Y &#8226; 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\/2024\/09\/bcrea-residential-unit-sales-down-by-4-6-average-price-up-1-4-y-y\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BCREA Residential Unit Sales Down by 4.6%, Average Price Up 1.4% Y\/Y &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver, BC \u2013 September 11, 2024. 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