BC housing market remains strong despite Vancouver decline

The decline in home sales in Vancouver which seems to have been exacerbated by the tax on foreign buyers, does not reflect the wider provincial housing market.

The British Columbia Real Estate Association says that, although there are other cities showing declining sales, there are also areas showing continued growth.

"Housing demand in the province continued to trend lower in September," said Cameron Muir, BCREA Chief Economist. "While Vancouver, Fraser Valley and the North experienced year-over-year declines last month, the rest of the province posted an increase in the number of residential transactions."

Overall sales across BC were down 11.2 per cent year-over-year in September and the average MLS price slipped 3.2 per cent to $585,844.

"The average residential price in the province continued to reflect a change in the composition and location of homes sold," added Muir. "However, the effect was less pronounced in September than in August, when detached home sales fell to just 28 per cent of total demand in Vancouver."

The year-to-date sales data shows a rise of 18.5 per cent compared to the same period of 2015; 93,797 units sold with an average sales price of $703,986, up 12.7 per cent year-over-year.