BC Home Sales Continue at Slower Pace

The British Columbia Real Estate Association (BCREA) reports that a total of 5,179 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in November, down 33.1 per cent from the same month last year. The average MLS® residential price in BC was $718,903, a decline of 1.9 per cent from November 2017. Total sales dollar volume was $3.7 billion, a 34.3 per cent decline from November 2017.

“BC households continue to struggle with the sharp decline in purchasing power caused by the B20 mortgage stress test,” said Cameron Muir, BCREA Chief Economist. “Most BC regions are now exhibiting relative balance between supply and demand.”

Total active residential listings were up nearly 31 per cent to 33,500 units in November, compared to the same month last year. However, it should be noted that this compares to 2017, when active listings for the month of November were at their lowest level in more than 15 years.

Year-to-date, BC residential sales dollar volume was down 23.1 per cent to $53.4 billion, compared with the same period in 2017. Residential unit sales declined 23.6 per cent to 74,847 units, while the average MLS® residential price was up 0.7 per cent to $713,302.


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

 

 

 

Board

Average Price

Active Listings

Sales-to-Active-Listings

November 2018

Residential Average Price

($)

November 2017

Residential Average Price ($)

 

%

change

November 2018

Residential Active Listings (Units)

November 2017

Residential Active Listings

(Units)

 

 

% change

November 2018

Residential Sales to Active

Listings (%)

November 2017

Residential Sales to Active

Listings (%)

BC Northern

295,568

265,040

11.5

1,768

2,005

-11.8

19.5

15.3

Chilliwack

539,600

484,753

11.3

1,272

766

66.1

13.9

37.1

Fraser Valley

746,651

715,364

4.4

6,032

3,891

55

16.2

42.2

Greater Vancouver

 

1,050,151

 

1,026,506

 

2.3

 

12,978

 

9,369

 

38.5

 

12.6

 

30.2

Kamloops

405,411

363,762

11.4

967

923

4.8

21.8

24.1

Kootenay

321,861

306,988

4.8

1,519

1,605

-5.4

12.9

16.4

Okanagan Mainline

 

518,848

 

501,335

 

3.5

 

3,383

 

2,521

 

34.2

 

13.6

 

24

Powell River

309,089

312,255

-1

98

75

30.7

27.6

26.7

South Okanagan

409,098

446,554

-8.4

1,145

853

34.2

8.6

18.4

Northern Lights

243,162

230,934

5.3

412

376

9.6

8

12

Vancouver Island

462,906

432,410

7.1

2,170

2,007

8.1

25.3

36.5

Victoria

699,452

675,372

3.6

1,764

1,265

39.4

27

49.7

Provincial Totals*

 

708,903

 

722,859

 

-1.9

 

33,508

 

25,656

 

30.6

 

15.5

 

30.2

*Numbers may not add due to rounding

November 2018 BC Residential Multiple Listing Service® Data by Board

 

Board

Dollar Volume (000s)

Units

November 2018 Residential Sales ($)

November 2017 Residential Sales ($)

%

change

November 2018 Residential Sales (Units)

November 2017 Residential Sales (Units)

%

change

BC Northern

101,675

81,102

25.4

344

306

12.4

Chilliwack

95,509

137,670

-30.6

177

284

-37.7

Fraser Valley

729,479

1,173,912

-37.9

977

1,641

-40.5

Greater Vancouver

 

1,714,896

 

2,906,038

 

-41

 

1,633

 

2,831

 

-42.3

Kamloops

85,542

80,755

5.9

211

222

-5

Kootenay

63,085

80,738

-21.9

196

263

-25.5

Okanagan Mainline

 

238,151

 

303,307

 

-21.5

 

459

 

605

 

-24.1

Powell River

8,345

6,245

33.6

27

20

35

South Okanagan

40,092

70,109

-42.8

98

157

-37.6

Northern Lights

8,024

10,392

-22.8

33

45

-26.7

Vancouver Island

253,672

316,957

-20

548

733

-25.2

Victoria

332,939

424,809

-21.6

476

629

-24.3

Provincial Totals*

3,671,410

5,592,034

-34.3

5,179

7,736

-33.1

*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. 

Provided by: BCREA

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