Vancouver, BC – October 14, 2016. The British
Columbia Real Estate Association (BCREA) reports that 7,591 residential unit
sales were recorded by the Multiple Listing Service® (MLS®) in September, down
11.2 per cent from the same month last year. Total sales dollar volume was
$4.45 billion in September, down 14.1 per cent compared to the previous year.
The average MLS® residential price in the province was $585,844, a decline of
3.2 per cent compared to the same month last year.
“Housing demand in the province continued to trend lower
in September," said Cameron Muir, BCREA Chief Economist. "While
Vancouver, Fraser Valley and the North experienced year-over-year declines last
month, the rest of the province posted an increase in the number of residential
transactions."
“The average residential price in the province continued to
reflect a change in the composition and location of homes sold," added
Muir. "However, the effect was less pronounced in September than in
August, when detached home sales fell to just 28 per cent of total demand in
Vancouver."
Year-to-date, BC residential sales dollar volume increased
33.5 per cent to $66 billion, when compared with the same period in 2015.
Residential unit sales climbed by 18.5 per cent to 93,797 units, while the
average MLS® residential price was up 12.7 per cent to $703,986.
Copyright BCREA – Reprinted with permission
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