BC Home Sales Show Little Change in April

The British Columbia Real Estate Association (BCREA) reports that a total of 8,203 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in April, a 16.8 per cent decrease from the same month last year. The average MLS® residential price in BC was $730,507, up 0.2 per cent from the previous year. Total sales dollar volume was $5.99 billion, a 16.7 per cent decline from April 2017. 

“BC home sales were essentially unchanged in April compared to March, albeit up nearly 1 per cent on a seasonally adjusted basis,” said Cameron Muir, BCREA’s Chief Economist. “The impact of more burdensome mortgage qualifications for conventional borrowers is expected to soften over the next several months as potential buyers adjust both their finances and expectations.” 

The supply of homes for sale in April increased 4 per cent from the previous month. However, total active listings on the market continue to remain low from a historical perspective. Most regions of the province have begun trending toward more balance between supply and demand, causing less upward pressure on home prices. 

Year-to-date, BC residential sales dollar volume was down 6.7 per cent to $19.9 billion, compared with the same period in 2017. Residential unit sales decreased 11.8 per cent to 27,135 units, while the average MLS® residential price was up 5.7 per cent to $731,661.

April 2018 Residential Average Price, Active Listings and Sales-to-Active-Listings Data by Board

 

 

Board

Average Price

Active Listings

Sales-to-Active-Listings

April 2018 Residential Average Price ($)

April 2017 Residential Average Price ($)

%

change

April 2018 Residential Active Listings (Units)

April 2017 Residential Active Listings (Units)

 

% change

April 2018 Residential Sales to Active Listings (%)

April 2017 Residential Sales to Active Listings (%)

BC Northern

291,106

284,184

2.4

1,906

2,348

-18.8

20.6

14.8

Chilliwack

533,020

460,388

15.8

989

909

8.8

36.5

40.9

Fraser Valley

780,736

708,633

10.2

4,526

3,709

22

35.6

57.6

Greater Vancouver

1,067,266

1,056,136

1.1

10,474

8,436

24.2

25.1

42.9

Kamloops

371,459

360,723

3

1,044

1,198

-12.9

29.8

27.1

Kootenay

297,070

311,753

-4.7

1,699

2,098

-19

17.1

13.5

Okanagan Mainline

517,149

478,715

8

3,223

2,959

8.9

23.1

27.7

Powell River

352,724

304,211

15.9

70

107

-34.6

47.1

33.6

South Okanagan

440,828

384,804

14.6

964

966

-0.2

22.8

20

Northern Lights

280,166

244,811

14.4

383

382

0.3

7.3

6

Vancouver Island

470,435

422,719

11.3

2,182

2,264

-3.6

38.5

38

Victoria

703,592

629,040

11.9

1,480

1,194

24

50

70.9

Provincial Totals*

730,507

729,084

0.2

28,940

26,570

8.9

28.3

37.1

*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.

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