Housing Demand Continues to Recover in August

September 25, 2019

The British Columbia Real Estate Association (BCREA) reports that a total of 7,093 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in August, an increase of 4.9 percent from the same month last year. The average MLS® residential price in the province was $685,575, an increase of 2.6 percent from August 2018. Total sales dollar volume was $4.86 billion, a 7.6 percent increase from the same month last year.

BC home sales continue to recover from a policy-driven downturn,” said BCREA Deputy Chief Economist Brendon Ogmundson. Home sales have been rising through the spring and summer, but still remain well below pre-B20 stress test levels.”

MLS® residential active listings in the province were up 10 percent from August 2018 to 40,098 units and were essentially flat compared to July on a seasonally adjusted basis. Overall market conditions remained in a balanced range with a sales-to-active-listings ratio of about 18 percent.

Year-to-date, BC residential sales dollar volume was down 16 percent to $34.9 billion, compared with the same period in 2018. Residential unit sales were 12.2 percent lower at 50,806 units, while the average MLS® residential price was down 4.4 percent year-to-date at $686,303.

Copyright BCREA – reprinted with permission