Affordability Continues to Weigh on Housing Demand

Tuesday, May 14th, 2019

BC home sales were essentially unchanged from March


The British Columbia Real Estate Association (BCREA) reports that a total of 6,652residential unit sales were recorded by the Multiple Listing Service® (MLS®) in April, a decline of 18.9per cent from the same month last year. The average MLS® residential price in the province was $685,304,adecline of 6.2per cent from April2018. Total sales dollar volume was $4.6billion, a 23.9per cent decline fromthe same month last year.

“BC home sales were essentially unchanged from March on a seasonally adjusted basis,” said BCREA Chief Economist Cameron Muir. “Prospective home buyers continue to grapple with the decline in their purchasing power caused by federal government changes to mortgage policy.” Total MLS®residentialactive listings increased 33.6per cent to 38,672units compared to the same month last year. The ratio of sales to active residential listings declined from 28.4per cent to 17.2per cent over the same period. Year-to-date, BC residential sales dollar volume was down 29.8 per cent to $13.9billion, compared with the same period in 2018. Residential unit sales decreased 24.5per cent to 20,479units, while the average MLS® residential price was down 7per cent to $680,671.

Read Full Article


Comments are closed.