{"id":7243,"date":"2017-10-25T10:10:52","date_gmt":"2017-10-25T17:10:52","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=7243"},"modified":"2017-10-18T11:19:54","modified_gmt":"2017-10-18T18:19:54","slug":"bc-sales-volume-overall-value-up","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/10\/bc-sales-volume-overall-value-up\/","title":{"rendered":"BC Sales Volume &#038; Overall Value Up"},"content":{"rendered":"<p style=\"text-align: justify;\">In an announcement late last week, the British Columbia Real Estate Association indicated an increase in the province\u2019s home sales numbers and market valuation in September.<\/p>\n<p style=\"text-align: justify;\">The BCREA figures showed that a total of 8,340 residential unit sales were recorded by the Multiple Listing Service last month, representing a 9.9% year-over-year increase. This is despite a 13% year-to-date decline in home sales, down to 81,608 units.<\/p>\n<p style=\"text-align: justify;\">Meanwhile, total sales value amounted to $5.8 billion, up by 30.2% from September 2016. The average MLS residential price stood at $693,774, having increased by 18.5% from the same time last year.<\/p>\n<p style=\"text-align: justify;\">On a seasonally adjusted basis, BC residential sales grew by almost 5% from August, according to BCREA chief economist Cameron Muir.<\/p>\n<p style=\"text-align: justify;\">\u201cTotal active listings on the market continue to trend at 10-year lows in most BC regions, limiting unit sales and pushing home prices higher,\u201d Muir stated, as quoted by the Vancouver Sun.<\/p>\n<p style=\"text-align: justify;\">However, Muir cautioned that \u201cwhile the economic fundamentals support elevated housing demand, rising home prices are eroding affordability, particularly for first-time buyers.\u201d<\/p>\n<p style=\"text-align: justify;\">The results of a survey by Royal LePage came out on the same day as the release of the BCREA\u2019s numbers. The study found the median price of a condominium rose by 17.6% from September 2016 to $622,392, while the cost of a two-storey detached home fell by 1.1% to $1,532,849 over the same period. The price of a bungalow went up 3.5% to $1,422,458.<\/p>\n<p style=\"text-align: justify;\">Royal LePage Sterling Realty general manager Randy Ryalls stated that a combination of this trend and stricter mortgage rules has pushed buyers towards condominiums, which has placed a \u201csevere strain\u201d on inventory and driving competition.<\/p>\n<p style=\"text-align: justify;\">\u201cDespite having already taken 30 to 40% of entry-level buyers out of the marketplace entirely, the new mortgage regulations, and requisite stress tests, have helped to significantly drive condominium prices up,\u201d Ryalls explained. \u201cThe cost of a down payment for a detached property in Greater Vancouver has already surpassed the average home price in many markets in Canada.\u201d<\/p>\n<p style=\"text-align: justify;\">The executive added that the current supply consisting of approximately 9,000 listings would not be sufficient to fulfil existing demands, noting that a balanced market needs about 14,000 to 15,000 listings.<\/p>\n<p><a href=\"http:\/\/www.canadianrealestatemagazine.ca\/news\/b-c--sales-volume-and-overall-value-up-in-september-232560.aspx\" target=\"_blank\" rel=\"noopener\">BC Sales Volume &amp; Overall Value Up in September<\/a> by Ephraim Vecina | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In an announcement late last week, the British Columbia Real Estate Association indicated an increase in the province\u2019s home sales numbers and market valuation in September. The BCREA figures showed &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/10\/bc-sales-volume-overall-value-up\/\">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-7243","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 Sales Volume &amp; Overall Value Up &#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\/10\/bc-sales-volume-overall-value-up\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BC Sales Volume &amp; Overall Value Up &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"In an announcement late last week, the British Columbia Real Estate Association indicated an increase in the province\u2019s home sales numbers and market valuation in September. 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