Hafez Realty News

BC Home Sales Trend Toward Ten-Year Average

The British Columbia Real Estate Association (BCREA) reports that 6,419 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November, down 20.1 per cent from the same month last year. Total sales dollar volume was $4.02 billion in November, a decline of 25.2 per cent compared to the previous year. The average MLS® residential price in the province was $625,871, a decline of 6.4 per cent compared to the same month last year.

“Moderating consumer demand in the province’s largest population centres continues to trend home sales toward the tenyear average,” said Cameron Muir, BCREA Chief Economist. The seasonally adjusted annual rate of MLS® residential sales was approximately 89,000 units last month. The ten-year average is 83,000 unit sales, while the 15year average is 85,300 unit sales.

“A relatively higher number of transactions outside of the Lower Mainland is largely responsible for pulling the provincial average MLS® price lower,” added Muir.

Year-to-date, BC residential sales dollar volume increased 22.8 per cent to $74.5 billion, when compared with the same period in 2015. Residential unit sales climbed by 12.1 per cent to 107,488 units, while the average MLS® residential price was up 9.6 per cent to $692,745.

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