“BC home sales have posted moderate gains since the summer months ,” said Cameron Muir, BCREA Chief Economist. “Consumer demand was bolstered by double-dip in mortgage interest rates and the associated increase in purchasing power.”
“Total active residential listings in the province have declined 18 per cent since June ,” added Muir. “However, the housing market remains tilted in favour of homebuyers.”
Year-to-date, BC residential sales dollar volume declined 2 per cent $32.5 billion, compared to the same period last year. Residential unit sales declined 10 per cent to 64,735 year-to-date, while the average MLS® residential price climbed 9 per cent to $502,353 over the same period.