THE British Columbia Real Estate Association (BCREA) reports that a total of 9,162 residential unit sales were recorded by the Multiple Listing Service (MLS) in August, an increase of 2.4 per cent from the same period last year.
Total sales dollar volume was $6.2 billion, up 22 per cent from August 2016. The average MLS residential price in the province was $678,186, a 19.1 per cent increase from August 2016.
“BC home sales in August remained unchanged from July, on a seasonally adjusted basis,” said Cameron Muir, BCREA Chief Economist. “Strong economic conditions are underpinning demand. However, rising home prices combined with upward pressure on mortgage interest rates is expected to temper demand over the balance of the year.”
Year-to-date, BC residential sales dollar volume was down 15.9 per cent to $51.8 billion, when compared with the same period in 2016. Residential unit sales declined 15.0 per cent to 73,267 units, while the average MLS residential price was down 1.1 per cent to $706,839.