BC home sales continue to decline: real estate association

BC home sales continue to decline: real estate association
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Home sales in B.C. continued to drop in the month of September, according to the latest numbers from the British Columbia Real Estate Association.

Sales fell 33.2 per cent compared to the same month a year ago, and the average residential price of $685,749 was down 1.1 per cent from September of 2017.

Housing market down in September, B.C. Real Estate Association says

Association chief economist Cameron Muir says, “The impact on affordability and purchasing power caused by the mortgage stress test and moderately higher interest rates are negating the effect of the extraordinarily strong performance of B.C.s economy over the last five years.”

The B.C. Real Estate Association (BCREA) says home sales across the province continue a slow pace following the release of September figures Thursday morning.

The BCREA says 5,573 residential units were sold in September across B.C., a drop of 33.2 per cent from the same month last year.

The average Multiple Listing Service (MLS) price also dipped last month compared to the same time last year by 1.1 per cent to $685,749.

The September report says total sales dollar volume was $3.8 billion, down 34 per cent from September 2017.

“The impact on affordability and purchasing power caused by the mortgage stress test and moderately higher interest rates are negating the effect of the extraordinarily strong performance of BCs economy over the last five years,” BCREA Chief Economist Cameron Muir said in a release.

Residential sales dollar volumes overall are down 21.3 per cent at $45 billion, compared to year-to-date figures in 2017.

The BCREA says there has been a 22 per cent decline in residential unit sales, but the average MLS price was up 1.5 per cent to $716,096.