{"id":4972,"date":"2017-02-20T11:11:03","date_gmt":"2017-02-20T19:11:03","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=4972"},"modified":"2017-02-15T17:58:37","modified_gmt":"2017-02-16T01:58:37","slug":"bc-home-sales-settle-back-to-historic-averages","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/02\/bc-home-sales-settle-back-to-historic-averages\/","title":{"rendered":"BC Home Sales Settle Back to Historic Averages"},"content":{"rendered":"<p style=\"text-align: justify;\">Home sales across British Columbia returned to a historic average level in January, according to British Columbia Real Estate Association data released February 15.<\/p>\n<p style=\"text-align: justify;\">A total of 4,487 homes changed hands last month, which is right at the average level for the month of January. It is down slightly from the 4,721 units sold in December.<\/p>\n<p style=\"text-align: justify;\">Sales varied widely by region, and Vancouver sales as a percentage of total provincial transactions fell from 43% in January 2016 to 35% last month<\/p>\n<p style=\"text-align: justify;\">\u201cHousing demand across the province returned to long-term average levels last month,\u201d said BCREA chief economist Cameron Muir.<\/p>\n<p style=\"text-align: justify;\">\u201cHowever, regional variations persist, with Victoria posting above average performance and Vancouver falling below the average.\u201d<\/p>\n<p style=\"text-align: justify;\">In Vancouver, 1,553 sales took place in the month, which is down almost 40% compared with January 2016.<\/p>\n<p style=\"text-align: justify;\">January saw a total of $2.79 billion in home sales across BC, which is down 36.5% from the same month last year. The average price was $621,093 \u2013 down 17.5% year-over-year.<\/p>\n<p style=\"text-align: justify;\">Muir says the drop in average price relates to where sales are taking place.<\/p>\n<p style=\"text-align: justify;\">\u201cA marked decrease in the average MLS residential price is largely the result of relatively more home sales occurring outside of the Lower Mainland.\u201d<\/p>\n<p style=\"text-align: justify;\">The average sale price in Vancouver was $878,242, which is down 19% from $1,083,177 last year. A drop in detached home sales relative to sales of multi-family units is behind the decrease in the average price, the BCREA said.<\/p>\n<p style=\"text-align: justify;\">Meanwhile, the average home price in Victoria increased 12.3% to $589,082.<\/p>\n<p style=\"text-align: justify;\">Last year was a record year for sales across the province, but transactions slowed down markedly in the last half of the year due in part to the introduction of the 15% foreign-buyer tax and new federal mortgage rules.<\/p>\n<p style=\"text-align: justify;\">Data released yesterday from Teranet showed an increase in sales in January; there is a discrepancy between this and today\u2019s BCREA data because Teranet\u2019s data includes repeat sales only.<\/p>\n<p><a href=\"https:\/\/www.biv.com\/article\/2017\/2\/bc-home-sales-settle-back-historic-averages-bcrea\/\" target=\"_blank\">BCREA : BC Home Sales Settle Back to Historic Averages<\/a> by Emma Crawford Hampel | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Home sales across British Columbia returned to a historic average level in January, according to British Columbia Real Estate Association data released February 15. A total of 4,487 homes changed &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/02\/bc-home-sales-settle-back-to-historic-averages\/\">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-4972","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BC Home Sales Settle Back to Historic Averages &#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\/2017\/02\/bc-home-sales-settle-back-to-historic-averages\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BC Home Sales Settle Back to Historic Averages &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Home sales across British Columbia returned to a historic average level in January, according to British Columbia Real Estate Association data released February 15. A total of 4,487 homes changed &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/02\\\/bc-home-sales-settle-back-to-historic-averages\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/02\\\/bc-home-sales-settle-back-to-historic-averages\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"BC Home Sales Settle Back to Historic Averages\",\"datePublished\":\"2017-02-20T19:11:03+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/02\\\/bc-home-sales-settle-back-to-historic-averages\\\/\"},\"wordCount\":326,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/02\\\/bc-home-sales-settle-back-to-historic-averages\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/02\\\/bc-home-sales-settle-back-to-historic-averages\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/02\\\/bc-home-sales-settle-back-to-historic-averages\\\/\",\"name\":\"BC Home Sales Settle Back to Historic Averages &#8226; 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