The average MLS residential price in BC was $669,776, down 1.2 per cent from August 2017. Total sales dollar volume was $4.5 billion, a 27.3 per cent decline from August 2017.
“The downturn in housing demand induced by the mortgage stress-test is now largely behind us,” said Cameron Muir, BCREA Chief Economist. “The BC housing market is evolving along the same path blazed by Ontario and Alberta, where the initial shock of the mortgage stress-test is already dissipating, leading to increasing home sales.”
Year-to-date, BC residential sales dollar volume was down 19.9 per cent to $41 billion, compared with the same period in 2017. Residential unit sales decreased 21.3 per cent to 57,674 units, while the average MLS residential price was up 1.7 per cent to $719,064.