BC Home Sales Continue at Slower Pace in September

By Les Twarog, on October 11th, 2018 - Real Estate Related

BC Home Sales Continue at Slower Pace in September

BCREA

The British Columbia Real Estate Association (BCREA) reports that a total of 5,573 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in September, a 33.2 per cent decrease from the same month last year. The average MLS® residential price in BC was $685,749, down 1.1 per cent from September 2017. Total sales dollar volume was $3.8 billion, a 34 per cent decline from September 2017. 

“BC home sales continue at a slower pace compared to last year,” said Cameron Muir, BCREA Chief Economist. “The impact on affordability and purchasing power caused by the mortgage stress test and moderately higher interest rates are negating the effect of the extraordinarily strong performance of BC’s economy over the last five years.” 

Year-to-date, BC residential sales dollar volume was down

21.3 per cent to $45 billion, compared with the same period in 2017. Residential unit sales decreased 22.5 per cent to 63,251 units, while the average MLS® residential price was up 1.5 per cent to $716,096.

For more information, please contact:

Cameron Muir Chief Economist

Direct: 604.742.2780

Mobile: 778.229.1884

Email: cmuir@bcrea.bc.ca

September 2018 Residential Average Price, Active Listings and

Sales-to-Active-Listings Data by Board

 

 

 

Board

Average Price

Active Listings

Sales-to-Active-Listings

September 2018

Residential Average Price

($)

September 2017

Residential Average Price

($)

 

%

change

September 2018

Residential Active Listings

(Units)

September 2017

Residential Active Listings

(Units)

 

 

% change

September 2018

Residential Sales to Active

Listings (%)

September 2017

Residential Sales to Active

Listings (%)

BC Northern

286,886

262,345

9.4

2,283

2,541

-10.2

16.3

16.1

Chilliwack

519,013

475,293

9.2

1,464

959

52.7

11.1

32.2

Fraser Valley

723,740

704,276

2.8

6,447

4,635

39.1

15.2

33.7

Greater Vancouver

1,029,401

1,013,421

1.6

13,757

10,131

35.8

11.9

28.4

Kamloops

399,445

381,896

4.6

1,156

1,169

-1.1

20.2

25.8

Kootenay

326,586

312,389

4.5

1,891

2,137

-11.5

13.9

13.9

Okanagan Mainline

534,943

496,433

7.8

4,172

3,238

28.8

14

22.9

Powell River

384,650

323,330

19

118

101

16.8

29.7

36.6

South Okanagan

361,066

422,295

-14.5

1,282

1,039

23.4

9

21.6

Northern Lights

259,547

229,145

13.3

484

452

7.1

6.2

8.4

Vancouver Island

492,890

442,292

11.4

2,529

2,450

3.2

26.2

38.2

Victoria

713,850

673,645

6

2,024

1,459

38.7

25

41.5

Provincial Totals*

685,749

693,655

-1.1

37,607

30,311

24.1

14.8

27.5

*Numbers may not add due to rounding

September 2018 BC Residential Multiple Listing Service® Data by Board

 

 

Board

Dollar Volume (000s)

Units

September 2018 Residential Sales ($)

September 2017 Residential Sales ($)

 

% change

September 2018

Residential Sales (Units)

September 2017

Residential Sales (Units)

 

% change

BC Northern

106,435

107,561

-1

371

410

-9.5

Chilliwack

84,080

146,866

-42.8

162

309

-47.6

Fraser Valley

707,094

1,098,671

-35.6

977

1,560

-37.4

Greater Vancouver

1,682,040

2,919,665

-42.4

1,634

2,881

-43.3

Kamloops

93,470

115,333

-19

234

302

-22.5

Kootenay

85,565

93,092

-8.1

262

298

-12.1

Okanagan Mainline

312,941

367,360

-14.8

585

740

-20.9

Powell River

13,463

11,963

12.5

35

37

-5.4

South Okanagan

41,523

94,594

-56.1

115

224

-48.7

Northern Lights

7,786

8,708

-10.6

30

38

-21.1

Vancouver Island

326,786

414,428

-21.1

663

937

-29.2

Victoria

360,494

408,229

-11.7

505

606

-16.7

Provincial Totals*

3,821,678

5,786,469

-34

5,573

8,342

-33.2

*Numbers may not add due to rounding

**NOTE: The Northern Lights Real Estate Board (NLREB) became part of the South Okanagan Real Estate Board (SOREB) on May 1, 2011.

 

BC Home Sales Continue at Slower Pace in September

September 2018 Year-to-Date BC Residential Multiple Listing Service® Data by Board

 

Board

Dollar Volume (000s)

Unit Sales

Average Price

 

2018

($)

2017

($)

% change

2018

2017

%

change

2018

($)

2017

($)

% change

BC Northern

993,533

932,788

6.5

3,382

3,346

1.1

293,771

278,777

5.4

 

Chilliwack

 

1,205,213

 

1,450,613

 

-16.9

 

2,317

 

3,142

 

-26.3

 

520,161

 

461,685

 

12.7

Fraser Valley

9,039,172

11,722,461

-22.9

12,018

16,790

-28.4

752,136

698,181

7.7

 

Greater Vancouver

 

21,364,665

 

29,378,456

 

-27.3

 

20,329

 

28,631

 

-29

 

1,050,945

 

1,026,107

 

2.4

 

Kamloops

 

937,046

 

964,618

 

-2.9

 

2,417

 

2,642

 

-8.5

 

387,690

 

365,109

 

6.2

Kootenay

787,921

794,745

-0.9

2,459

2,570

-4.3

320,424

309,239

3.6

 

Okanagan Mainline

 

3,168,132

 

3,575,873

 

-11.4

 

5,978

 

7,253

 

-17.6

 

529,965

 

493,020

 

7.5

Powell River

100,374

96,103

4.4

271

309

-12.3

370,383

311,013

19.1

 

South Okanagan

 

657,144

 

782,248

 

-16

 

1,572

 

1,970

 

-20.2

 

418,030

 

397,080

 

5.3

Northern Lights

75,360

76,843

-1.9

296

307

-3.6

254,596

250,303

1.7

 

Vancouver Island

 

3,170,162

 

3,396,348

 

-6.7

 

6,799

 

7,871

 

-13.6

 

466,269

 

431,501

 

8.1

Victoria

3,795,067

4,401,797

-13.8

5,413

6,772

-20.1

701,102

650,000

7.9

 

Provincial Totals*

 

45,293,783

 

57,572,888

 

-21.3

 

63,251

 

81,603

 

-22.5

 

716,096

 

705,524

 

1.5

* Numbers may not add due to rounding 

BCREA is the professional association for about 23,000 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.

 



BC Home Sales Continue at Slower Pace in September

By Les Twarog, on October 11th, 2018 - Real Estate Related

BC Home Sales Continue at Slower Pace in September

BCREA

The British Columbia Real Estate Association (BCREA) reports that a total of 5,573 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in September, a 33.2 per cent decrease from the same month last year. The average MLS® residential price in BC was $685,749, down 1.1 per cent from September 2017. Total sales dollar volume was $3.8 billion, a 34 per cent decline from September 2017. 

“BC home sales continue at a slower pace compared to last year,” said Cameron Muir, BCREA Chief Economist. “The impact on affordability and purchasing power caused by the mortgage stress test and moderately higher interest rates are negating the effect of the extraordinarily strong performance of BC’s economy over the last five years.” 

Year-to-date, BC residential sales dollar volume was down

21.3 per cent to $45 billion, compared with the same period in 2017. Residential unit sales decreased 22.5 per cent to 63,251 units, while the average MLS® residential price was up 1.5 per cent to $716,096.

For more information, please contact:

Cameron Muir Chief Economist

Direct: 604.742.2780

Mobile: 778.229.1884

Email: cmuir@bcrea.bc.ca

September 2018 Residential Average Price, Active Listings and

Sales-to-Active-Listings Data by Board

 

 

 

Board

Average Price

Active Listings

Sales-to-Active-Listings

September 2018

Residential Average Price

($)

September 2017

Residential Average Price

($)

 

%

change

September 2018

Residential Active Listings

(Units)

September 2017

Residential Active Listings

(Units)

 

 

% change

September 2018

Residential Sales to Active

Listings (%)

September 2017

Residential Sales to Active

Listings (%)

BC Northern

286,886

262,345

9.4

2,283

2,541

-10.2

16.3

16.1

Chilliwack

519,013

475,293

9.2

1,464

959

52.7

11.1

32.2

Fraser Valley

723,740

704,276

2.8

6,447

4,635

39.1

15.2

33.7

Greater Vancouver

1,029,401

1,013,421

1.6

13,757

10,131

35.8

11.9

28.4

Kamloops

399,445

381,896

4.6

1,156

1,169

-1.1

20.2

25.8

Kootenay

326,586

312,389

4.5

1,891

2,137

-11.5

13.9

13.9

Okanagan Mainline

534,943

496,433

7.8

4,172

3,238

28.8

14

22.9

Powell River

384,650

323,330

19

118

101

16.8

29.7

36.6

South Okanagan

361,066

422,295

-14.5

1,282

1,039

23.4

9

21.6

Northern Lights

259,547

229,145

13.3

484

452

7.1

6.2

8.4

Vancouver Island

492,890

442,292

11.4

2,529

2,450

3.2

26.2

38.2

Victoria

713,850

673,645

6

2,024

1,459

38.7

25

41.5

Provincial Totals*

685,749

693,655

-1.1

37,607

30,311

24.1

14.8

27.5

*Numbers may not add due to rounding

September 2018 BC Residential Multiple Listing Service® Data by Board

 

 

Board

Dollar Volume (000s)

Units

September 2018 Residential Sales ($)

September 2017 Residential Sales ($)

 

% change

September 2018

Residential Sales (Units)

September 2017

Residential Sales (Units)

 

% change

BC Northern

106,435

107,561

-1

371

410

-9.5

Chilliwack

84,080

146,866

-42.8

162

309

-47.6

Fraser Valley

707,094

1,098,671

-35.6

977

1,560

-37.4

Greater Vancouver

1,682,040

2,919,665

-42.4

1,634

2,881

-43.3

Kamloops

93,470

115,333

-19

234

302

-22.5

Kootenay

85,565

93,092

-8.1

262

298

-12.1

Okanagan Mainline

312,941

367,360

-14.8

585

740

-20.9

Powell River

13,463

11,963

12.5

35

37

-5.4

South Okanagan

41,523

94,594

-56.1

115

224

-48.7

Northern Lights

7,786

8,708

-10.6

30

38

-21.1

Vancouver Island

326,786

414,428

-21.1

663

937

-29.2

Victoria

360,494

408,229

-11.7

505

606

-16.7

Provincial Totals*

3,821,678

5,786,469

-34

5,573

8,342

-33.2

*Numbers may not add due to rounding

**NOTE: The Northern Lights Real Estate Board (NLREB) became part of the South Okanagan Real Estate Board (SOREB) on May 1, 2011.

 

BC Home Sales Continue at Slower Pace in September

September 2018 Year-to-Date BC Residential Multiple Listing Service® Data by Board

 

Board

Dollar Volume (000s)

Unit Sales

Average Price

 

2018

($)

2017

($)

% change

2018

2017

%

change

2018

($)

2017

($)

% change

BC Northern

993,533

932,788

6.5

3,382

3,346

1.1

293,771

278,777

5.4

 

Chilliwack

 

1,205,213

 

1,450,613

 

-16.9

 

2,317

 

3,142

 

-26.3

 

520,161

 

461,685

 

12.7

Fraser Valley

9,039,172

11,722,461

-22.9

12,018

16,790

-28.4

752,136

698,181

7.7

 

Greater Vancouver

 

21,364,665

 

29,378,456

 

-27.3

 

20,329

 

28,631

 

-29

 

1,050,945

 

1,026,107

 

2.4

 

Kamloops

 

937,046

 

964,618

 

-2.9

 

2,417

 

2,642

 

-8.5

 

387,690

 

365,109

 

6.2

Kootenay

787,921

794,745

-0.9

2,459

2,570

-4.3

320,424

309,239

3.6

 

Okanagan Mainline

 

3,168,132

 

3,575,873

 

-11.4

 

5,978

 

7,253

 

-17.6

 

529,965

 

493,020

 

7.5

Powell River

100,374

96,103

4.4

271

309

-12.3

370,383

311,013

19.1

 

South Okanagan

 

657,144

 

782,248

 

-16

 

1,572

 

1,970

 

-20.2

 

418,030

 

397,080

 

5.3

Northern Lights

75,360

76,843

-1.9

296

307

-3.6

254,596

250,303

1.7

 

Vancouver Island

 

3,170,162

 

3,396,348

 

-6.7

 

6,799

 

7,871

 

-13.6

 

466,269

 

431,501

 

8.1

Victoria

3,795,067

4,401,797

-13.8

5,413

6,772

-20.1

701,102

650,000

7.9

 

Provincial Totals*

 

45,293,783

 

57,572,888

 

-21.3

 

63,251

 

81,603

 

-22.5

 

716,096

 

705,524

 

1.5

* Numbers may not add due to rounding 

BCREA is the professional association for about 23,000 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.