The British Columbia Real Estate Association (BCREA) reports that a total of 5,306 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in January, an increase of 18.3 per cent from the same period last year. The average MLS® residential price in BC was $721,477, up 16.2 per cent from the previous year. Total sales dollar volume was $3.83 billion, a 37.4 per cent increase from January 2017.

“BC home sales dipped 10 per cent from December to January, on a seasonally adjusted basis,” said Cameron Muir, BCREA Chief Economist. “New mortgage rules requiring conventional borrowers to qualify at a higher interest rate likely contributed to the decline in home sales last month. The impact was magnified by a strong December as many households advanced their purchase decisions ahead of the policy’s implementation.” Despite the decline in January transactions, the seasonally adjusted annual rate of home sales was 101,800 units. 

Compared to January 2017, market conditions tightened in all BC board areas except Victoria, where the sales-to-active listings ratio declined from 46.3 per cent to 40.5 per cent. Despite this decline, Victoria remains in strong sellers’ market territory. Total active listings in the province were down 8.6 per cent to 20,901 units, compared to the same period last year.

January 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	60,747	49,629	22.4	230	190	21.1	264,120	261,205	1.1
Chilliwack	87,876	78,632	11.8	184	182	1.1	477,586	432,044	10.5
Fraser Valley	830,687	577,513	43.8	1,143	914	25.1	726,760	631,852	15
Greater Vancouver	1,914,244	1,363,911	40.3	1,846	1,553	18.9	1,036,968	878,243	18.1
Kamloops	60,789	42,981	41.4	159	133	19.5	382,320	323,165	18.3
Kootenay	44,935	40,203	11.8	152	141	7.8	295,625	285,128	3.7
Okanagan Mainline	235,008	155,134	51.5	449	353	27.2	523,402	439,473	19.1
Powell River	10,968	6,341	73	25	22	13.6	438,728	288,227	52.2
South Okanagan	54,871	38,044	44.2	134	101	32.7	409,488	376,673	8.7
Northern Lights	7,697	3,648	111	31	15	106.7	248,298	243,200	2.1
Vancouver Island	231,692	166,313	39.3	546	434	25.8	424,345	383,210	10.7
Victoria	288,641	264,498	9.1	407	449	-9.4	709,191	589,082	20.4
Provincial Totals*	3,828,155	2,786,846	37.4	5,306	4,487	18.3	721,477	621,093	16.2

* Numbers may not add due to rounding

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

Board	Average Price			Active Listings			Sales-to-Active-Listings
	January 2018 Residential Average Price ($)	January 2017 Residential Average Price ($)	% change	January 2018 Residential Active Listings (Units)	January 2017 Residential Active Listings (Units)	% change	January 2018 Residential Sales to Active Listings (%)	January 2017 Residential Sales to Active Listings (%)
BC Northern	264,120	261,206	1.1	1,623	1,814	-10.5	14.2	10.5
Chilliwack	477,586	432,043	10.5	663	747	-11.2	27.8	24.4
Fraser Valley	726,760	631,852	15	2,949	3,334	-11.5	38.8	27.4
Greater Vancouver	1,036,968	878,242	18.1	7,529	7,834	-3.9	24.5	19.8
Kamloops	382,320	323,165	18.3	858	1,078	-20.4	18.5	12.3
Kootenay	295,625	285,127	3.7	1,423	1,747	-18.5	10.7	8.1
Okanagan Mainline	523,402	439,473	19.1	2,171	2,189	-0.8	20.7	16.1
Powell River	438,728	288,241	52.2	60	87	-31	41.7	25.3
South Okanagan	409,488	376,670	8.7	714	792	-9.8	18.8	12.8
Northern Lights	248,298	243,167	2.1	334	357	-6.4	9.3	4.2
Vancouver Island	424,345	383,211	10.7	1,572	1,925	-18.3	34.7	22.5
Victoria	709,191	589,082	20.4	1,005	970	3.6	40.5	46.3
Provincial Totals*	721,477	621,093	16.2	20,901	22,874	-8.6	25.4	19.6

*Numbers may not add due to rounding

January 2018 BC Residential Multiple Listing Service® Data by Board

Board	Dollar Volume (000s)			Units
	January 2018 Residential Sales ($)	January 2017 Residential Sales ($)	% change	January 2018 Residential Sales (Units)	January 2017 Residential Sales (Units)	% change
BC Northern	60,747	49,629	22.4	230	190	21.1
Chilliwack	87,876	78,632	11.8	184	182	1.1
Fraser Valley	830,687	577,513	43.8	1,143	914	25.1
Greater Vancouver	1,914,244	1,363,911	40.3	1,846	1,553	18.9
Kamloops	60,789	42,981	41.4	159	133	19.5
Kootenay	44,935	40,203	11.8	152	141	7.8
Okanagan Mainline	235,008	155,134	51.5	449	353	27.2
Powell River	10,968	6,341	73	25	22	13.6
South Okanagan	54,871	38,044	44.2	134	101	32.7
Northern Lights	7,697	3,648	111	31	15	106.7
Vancouver Island	231,692	166,313	39.3	546	434	25.8
Victoria	288,641	264,498	9.1	407	449	-9.4
Provincial Totals*	3,828,155	2,786,846	37.4	5,306	4,487	18.3

*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

BCREA is the professional association for about 22,000 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.