Hafez Realty News

BC Home Sales Dip After Strong December

The British Columbia Real Estate Association (BCREA) reports that a total of 5,306 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in January, an increase of 18.3 per cent from the same period last year. The average MLS® residential price in BC was $721,477, up 16.2 per cent from the previous year. Total sales dollar volume was $3.83 billion, a 37.4 per cent increase from January 2017.



“BC home sales dipped 10 per cent from December to January, on a seasonally adjusted basis,” said Cameron Muir, BCREA Chief Economist. “New mortgage rules requiring conventional borrowers to qualify at a higher interest rate likely contributed to the decline in home sales last month. The impact was magnified by a strong December as many households advanced their purchase decisions ahead of the policy’s implementation.” Despite the decline in January transactions, the seasonally adjusted annual rate of home sales was 101,800 units.

Compared to January 2017, market conditions tightened in all BC board areas except Victoria, where the sales-to-active listings ratio declined from 46.3 per cent to 40.5 per cent. Despite this decline, Victoria remains in strong sellers’ market territory. Total active listings in the province were down 8.6 per cent to 20,901 units, compared to the same period last year.


January 2018 Year-to-Date BC Residential Multiple Listing Service® Data by Board

 

Board

Dollar Volume (000s)

Unit Sales

Average Price

 

2018

($)

2017

($)

% change

2018

2017

%

change

2018

($)

2017

($)

% change

BC Northern

60,747

49,629

22.4

230

190

21.1

264,120

261,205

1.1

 

Chilliwack

 

87,876

 

78,632

 

11.8

 

184

 

182

 

1.1

 

477,586

 

432,044

 

10.5

Fraser Valley

830,687

577,513

43.8

1,143

914

25.1

726,760

631,852

15

 

Greater Vancouver

 

1,914,244

 

1,363,911

 

40.3

 

1,846

 

1,553

 

18.9

 

1,036,968

 

878,243

 

18.1

 

Kamloops

 

60,789

 

42,981

 

41.4

 

159

 

133

 

19.5

 

382,320

 

323,165

 

18.3

Kootenay

44,935

40,203

11.8

152

141

7.8

295,625

285,128

3.7

 

Okanagan Mainline

 

235,008

 

155,134

 

51.5

 

449

 

353

 

27.2

 

523,402

 

439,473

 

19.1

Powell River

10,968

6,341

73

25

22

13.6

438,728

288,227

52.2

 

South Okanagan

 

54,871

 

38,044

 

44.2

 

134

 

101

 

32.7

 

409,488

 

376,673

 

8.7

Northern Lights

7,697

3,648

111

31

15

106.7

248,298

243,200

2.1

 

Vancouver Island

 

231,692

 

166,313

 

39.3

 

546

 

434

 

25.8

 

424,345

 

383,210

 

10.7

Victoria

288,641

264,498

9.1

407

449

-9.4

709,191

589,082

20.4

 

Provincial Totals*

 

3,828,155

 

2,786,846

 

37.4

 

5,306

 

4,487

 

18.3

 

721,477

 

621,093

 

16.2

* Numbers may not add due to rounding

 

January 2018 Residential Average Price, Active Listings and Sales-to-Active-Listings Data by Board

 

 

 

Board

Average Price

Active Listings

Sales-to-Active-Listings

January 2018 Residential Average Price

($)

January 2017 Residential Average Price

($)

%

change

January 2018 Residential Active Listings

(Units)

January 2017 Residential Active Listings

(Units)

 

% change

January 2018 Residential Sales to Active

Listings (%)

January 2017 Residential Sales to Active

Listings (%)

BC Northern

264,120

261,206

1.1

1,623

1,814

-10.5

14.2

10.5

Chilliwack

477,586

432,043

10.5

663

747

-11.2

27.8

24.4

Fraser Valley

726,760

631,852

15

2,949

3,334

-11.5

38.8

27.4

Greater Vancouver

1,036,968

878,242

18.1

7,529

7,834

-3.9

24.5

19.8

Kamloops

382,320

323,165

18.3

858

1,078

-20.4

18.5

12.3

Kootenay

295,625

285,127

3.7

1,423

1,747

-18.5

10.7

8.1

Okanagan Mainline

523,402

439,473

19.1

2,171

2,189

-0.8

20.7

16.1

Powell River

438,728

288,241

52.2

60

87

-31

41.7

25.3

South Okanagan

409,488

376,670

8.7

714

792

-9.8

18.8

12.8

Northern Lights

248,298

243,167

2.1

334

357

-6.4

9.3

4.2

Vancouver Island

424,345

383,211

10.7

1,572

1,925

-18.3

34.7

22.5

Victoria

709,191

589,082

20.4

1,005

970

3.6

40.5

46.3

Provincial Totals*

721,477

621,093

16.2

20,901

22,874

-8.6

25.4

19.6

*Numbers may not add due to rounding

 

 

January 2018 BC Residential Multiple Listing Service® Data by Board

 

 

Board

Dollar Volume (000s)

Units

January 2018 Residential Sales ($)

January 2017 Residential Sales ($)

 

% change

January 2018 Residential Sales

(Units)

January 2017 Residential Sales

(Units)

 

% change

BC Northern

60,747

49,629

22.4

230

190

21.1

Chilliwack

87,876

78,632

11.8

184

182

1.1

Fraser Valley

830,687

577,513

43.8

1,143

914

25.1

Greater Vancouver

1,914,244

1,363,911

40.3

1,846

1,553

18.9

Kamloops

60,789

42,981

41.4

159

133

19.5

Kootenay

44,935

40,203

11.8

152

141

7.8

Okanagan Mainline

235,008

155,134

51.5

449

353

27.2

Powell River

10,968

6,341

73

25

22

13.6

South Okanagan

54,871

38,044

44.2

134

101

32.7

Northern Lights

7,697

3,648

111

31

15

106.7

Vancouver Island

231,692

166,313

39.3

546

434

25.8

Victoria

288,641

264,498

9.1

407

449

-9.4

Provincial Totals*

3,828,155

2,786,846

37.4

5,306

4,487

18.3

*Numbers may not add due to rounding

**NOTE: The Northern Lights Real Estate Board (NLREB) became part of the South Okanagan Real Estate Board (SOREB) on May 1, 2011.

 

Provided by: BCREA

BCREA is the professional association for about 22,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.
To demonstrate the profession’s commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.
For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada’s real estate boards to ensure maximum exposure of properties listed for sale.

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