The British Columbia
Real Estate Association (BCREA) reports that 9,900 residential unit sales were
recorded by the Multiple Listing Service® (MLS®) in July, down 3.4 per cent
from the same month last year. Total sales dollar volume was $6.57 billion in
July, up 5.4 per cent compared to the previous year. The average MLS®
residential price in the province was up 9.1 per cent year-over-year, to
$663,411.
“Housing demand has moderated in many regions of the
province, after setting records earlier in the year,” said Cameron Muir, BCREA
Chief Economist. “The less frenetic pace of home sales will likely provide a
much needed boost to the inventory of homes for sale. The rate of home price
appreciation is also expected to slow from the unsustainable level exhibited
this spring.“
Year-to-date, BC residential sales dollar volume
increased 45.5 per cent to $56.5 billion, when compared with the same period in
2015. Residential unit sales climbed by 25 per cent to 77,261 units, while the
average MLS® residential price was up 16.4 per cent to $731,189.
Copyright BCREA – reprinted with permission
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