| Housing Demand Normalizes as Supply Dwindles |
Vancouver, BC – April 13, 2017. The British Columbia Real Estate Association (BCREA) reports
that a total of 9,826 residential unit sales were recorded by the Multiple Listing Service® (MLS®)
in March, down 21.8 per cent from the same period last year. Total sales dollar volume was
$6.79 billion, down 30 per cent from
March 2016. The average MLS®
residential price in the province was
$690,597, a 10.5 per cent decrease from
the same period last year.
"Consumer demand continues to
normalize following blockbuster home
sales in 2016," says Brendon
Ogmundson, BCREA Economist.
"However, the supply of homes
available for sale has not recovered and
is still declining in many markets around
Although the average price in BC was down year-over-year due to a shift in the composition of
sales, home prices in most markets are being pushed higher due to severe supply constraints.
This is particularly true for the Victoria region, which currently has less than two months of
inventory for sale, as well as for the apartment and townhouse market in the Lower Mainland.
Year-to-date, BC residential sales dollar volume was down 34.7 per cent to $14.1 billion, when
compared with the same period in 2016. Residential unit sales declined 25.5 per cent to 20,893
units, while the average MLS® residential price was down 12.4 per cent to $674,856.
For more information, please contact:
|Brendon Ogmundson || |
|Economist || |
|Direct: 604.742.2796 || |
|Mobile: 604.505.6793 || |
|Email: [email protected] || |
The British Columbia Real Estate Association (BCREA) is the professional association for over 22,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province's 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.
To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.
For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada's real estate boards to ensure maximum exposure of properties listed for sale.
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