BC home sales increased 9 per cent in May compared to April
REBGV
The British Columbia Real Estate Association (BCREA) reports that a total of 8,221residential unit sales were recorded by the Multiple Listing Service® (MLS®) in May, a decline of 7per cent from the same month last year. The average MLS® residential price in the province was $707,829,adecline of 4.3per cent from May2018. Total sales dollar volume was $5.8 billion, an11per cent decline fromthe same month last year.
“BC home sales increased 9 per cent in May compared to April, on a seasonally adjusted basis,” said BCREA Chief Economist Cameron Muir. “However, consumers continue to struggle with the negative shock to affordability that stringent mortgage lending policies have created.
”Total MLS®residentialactive listings were up 23.2per cent to 41,519units compared to the same month last year. However, total active listings were down 2 per cent from April, on a seasonally adjusted basis, the first monthly decline since the B20 Stress test was introduced in January 2018.
Year-to-date, BC residential sales dollar volume was down 25.1per cent to $19.8billion, compared with the same period in 2018. Residential unit sales decreased 20.2per cent to 28,711units, while the average MLS® residential price was down 6.2per cent to $688,339.
© BCREA