{"id":5248,"date":"2017-03-20T10:10:25","date_gmt":"2017-03-20T17:10:25","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=5248"},"modified":"2017-03-16T17:13:44","modified_gmt":"2017-03-17T00:13:44","slug":"bcrea-home-sales-show-signs-of-returning-to-normal-activity-levels-in-february","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/03\/bcrea-home-sales-show-signs-of-returning-to-normal-activity-levels-in-february\/","title":{"rendered":"BCREA Home Sales Show Signs of Returning to Normal Activity Levels in February"},"content":{"rendered":"<p style=\"text-align: justify;\">Home sales activity in British Columbia continued to taper off in February, with both home prices and sales volume seeing corresponding dips as consumer demand levelled off.<\/p>\n<p style=\"text-align: justify;\">According to the British Columbia Real Estate Association\u2019s (BCREA) data release published today, February saw home sales across the province drop by 31.7% compared to February 2016, with 6,580 residential units sold.<\/p>\n<p style=\"text-align: justify;\">The decline in market activity over the first two months of 2017 reflects a return to a more typical level of consumer demand, says BCREA Chief Economist Cameron Muir.<\/p>\n<p style=\"text-align: justify;\">\u201cWhile the home sales have declined nearly 32% from the extraordinary performance of a year ago, last month\u2019s activity reflected the average for the month February since the year 2000,\u201d says Muir.<\/p>\n<p style=\"text-align: justify;\">In February, the Greater Vancouver Area contributed fewer home sales to BC\u2019s total home sales year-over year, declining to 37% of the province\u2019s total sales, compared to 44% in February 2016.<\/p>\n<p style=\"text-align: justify;\">This downturn greatly affected the province\u2019s average MLS residential price last month which at $688,117, saw a 11.7% drop from the same period last year.<\/p>\n<p style=\"text-align: justify;\">BC\u2019s total sales volume last month decreased 39.7% to $4.53 billion, compared to February 2016.<\/p>\n<p style=\"text-align: justify;\">The decrease in BC\u2019s February home sales contributed to the year-over-year 2.6% drop in national sales last month, according to the Canadian Real Estate Association\u2019s (CREA) release also published today.<\/p>\n<p style=\"text-align: justify;\">A year ago, BC\u2019s Lower Mainland saw extremely elevated sales activity which in turn spiked the national average.<\/p>\n<p style=\"text-align: justify;\">Last month, the actual national average price for homes sold was $519,521, a 3.5% increase compared to the same period last year.<\/p>\n<p style=\"text-align: justify;\">Sales activity in the nation\u2019s hottest markets, Greater Vancouver and Greater Toronto, continues to pull Canada\u2019s average home price upwards, but Greater Vancouver\u2019s share of national home sales significantly declined over the past year, according to CREA.<\/p>\n<p style=\"text-align: justify;\">If Greater Vancouver and Greater Toronto were removed from the mix, the national average sales price would be reduced almost $150,000 to $369,728, says CREA.<\/p>\n<p style=\"text-align: justify;\">Meanwhile, CREA notes Greater Vancouver\u2019s new listings also saw a significant decline compared to January levels, with almost a 25% drop \u2014 the lowest level since 2001.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2017\/03\/bc-home-sales-show-signs-returning-to-normal-activity-levels-in-february-bcrea.html\" target=\"_blank\">BCREA Home Sales Show Signs of Returning to Normal Activity Levels in February<\/a> by Kerrisa Wilson | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Home sales activity in British Columbia continued to taper off in February, with both home prices and sales volume seeing corresponding dips as consumer demand levelled off. According to the &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/03\/bcrea-home-sales-show-signs-of-returning-to-normal-activity-levels-in-february\/\">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":[13],"tags":[],"class_list":["post-5248","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BCREA Home Sales Show Signs of Returning to Normal Activity Levels in February &#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\/03\/bcrea-home-sales-show-signs-of-returning-to-normal-activity-levels-in-february\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BCREA Home Sales Show Signs of Returning to Normal Activity Levels in February &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Home sales activity in British Columbia continued to taper off in February, with both home prices and sales volume seeing corresponding dips as consumer demand levelled off. 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