{"id":6961,"date":"2017-09-19T10:10:19","date_gmt":"2017-09-19T17:10:19","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=6961"},"modified":"2017-09-18T12:07:57","modified_gmt":"2017-09-18T19:07:57","slug":"bc-market-sees-sluggish-end-of-summer-stats","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/09\/bc-market-sees-sluggish-end-of-summer-stats\/","title":{"rendered":"BC Market Sees Sluggish End of Summer Stats"},"content":{"rendered":"<p style=\"text-align: justify;\">Prices may be recovering, but buyers in British Columbia just aren\u2019t as enthusiastic as they once were.<\/p>\n<p style=\"text-align: justify;\">\u201cBC home sales in August remained unchanged from July, on a seasonally adjusted basis,\u201d said Cameron Muir, BCREA Chief Economist. \u201cStrong economic conditions are underpinning demand.<\/p>\n<p style=\"text-align: justify;\">However, rising home prices combined with upward pressure on mortgage interest rates is expected to temper demand over the balance of the year.\u201d<\/p>\n<p style=\"text-align: justify;\">Unit sales are down year-to-date in 67% of British Columbia\u2019s markets, according to the British Columbia Real Estate Association, with Vancouver seeing the most precipitous decline at -20.3% YTD.<\/p>\n<p style=\"text-align: justify;\">Overall, the province has seen a total of 73,267 sales this year, down 15% YTD.<\/p>\n<p style=\"text-align: justify;\">The average price of a home in the province &#8212; $706,839 &#8212; is also down this year by 1.1% YTD.<\/p>\n<p style=\"text-align: justify;\">Dollar volume is also down.<\/p>\n<p style=\"text-align: justify;\">\u201cYear-to-date, BC residential sales dollar volume was down 15.9% to $51.8 billion, when compared with the same period in 2016,\u201d BCREA said in a release. \u201cResidential unit sales declined 15.0 % to 73,267units, while the average MLS residential price was down 1.1%to $706,839.\u201d<\/p>\n<p style=\"text-align: justify;\">The silver lining, however, is that the average price is up in 11 of 12 of BC markets, with Vancouver experiencing the only drop in average price.<\/p>\n<p style=\"text-align: justify;\">It should be noted that these declines could be the result of Vancouver\u2019s foreign buyer tax, which was implemented in August of last year. That, and the market has obviously been impacted by last year\u2019s federal mortgage rule changes as well.<\/p>\n<p><a href=\"http:\/\/www.canadianrealestatemagazine.ca\/news\/bc-market-sees-sluggish-end-of-summer-stats-230962.aspx\" target=\"_blank\" rel=\"noopener\">BC Market Sees Sluggish End of Summer Stats<\/a> by Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Prices may be recovering, but buyers in British Columbia just aren\u2019t as enthusiastic as they once were. \u201cBC home sales in August remained unchanged from July, on a seasonally adjusted &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/09\/bc-market-sees-sluggish-end-of-summer-stats\/\">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-6961","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>BC Market Sees Sluggish End of Summer Stats &#8226; 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