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February Home Sales Reflect Typical Consumer Demand

The British Columbia Real Estate Association (BCREA) reports that a total of 6,580 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in February, down 31.7 per cent from the same period last year. Total sales dollar volume was $4.53 billion, down 39.7 per cent from February 2016. The average MLS® residential price in the province was $688,117, an 11.7 per cent decrease from the same period last year.

“Consumer demand has returned to a more typical level over the first two months of the year,” says Cameron Muir, BCREA Chief Economist. “While the home sales have declined nearly 32 per cent from the extraordinary performance of a year ago, last month’s activity reflected the average for the month February since the year 2000.”

The average MLS® residential price for the province was down nearly 12 per cent from a record $779,419 in February 2016. However, this change is largely the result of a decline in the proportion of provincial sales originating from the Vancouver region. Last month, 37 per cent of BC home sales occurred in the Real Estate Board of Greater Vancouver’s area, compared to 44 per cent in February 2016.

Year-to-date, BC residential sales dollar volume was down 38.5 per cent to $7.3 billion, when compared with the same period in 2016. Residential unit sales declined 28.5 per cent to 11,067 units, while the average MLS® residential price was down 14.1 per cent to $660,943.

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.

Simon Fraser
Market Update

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Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.