Home Sales Decline in Vancouver, but Surge in Rest of BC

The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through the Multiple Listing Service® (MLS®) in BC declined 12.9 per cent to $3.1 billion in July compared to the same month last year. A total of 6,482 MLS® residential unit sales were recorded over the same period, down 0.8 per cent from July 2011. The average MLS® residential price was $474,954, 12.2 per cent lower than a year ago.

"While some potential homebuyers in Vancouver are taking a breather over the summer months, stronger consumer demand continues across the rest of the province,” said Cameron Muir, BCREA Chief Economist. MLS® residential unit sales outside of Vancouver were up 11 per cent in July over a year ago. In contrast, home sales through the Real Estate Board of Greater Vancouver were down 18 per cent over the same period.

Year-to-date, BC residential sales dollar volume declined 16.5 per cent to $23.5 billion, compared to the same period last year. Residential unit sales dipped 7.9 per cent to 44,794 units, while the average MLS® residential price was 9.4 per cent lower at $525,183.

Copyright BCREA reprinted with permission