 For more information, please contact:
Brendon Ogmundson | Deputy Chief Economist 604.742.2796 | bogmundson@bcrea.bc.ca Kellie Fong | Economist 778.357.0831 | kfong@bcrea.bc.ca Mortgage Rate Forecast is published quarterly by the British Columbia Real Estate Association. Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: "Copyright British Columbia Real Estate Association. Reprinted with permission." BCREA makes no guarantees as to the accuracy or completeness of this information. Additional economics information is available on BCREA's website at: https://www.bcrea.bc.ca/what-we-do/economics/.  Vancouver, BC – September 12, 2019. The British Columbia Real Estate Association (BCREA) reports that a total of 7,093 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in August, an increase of 4.9 per cent from the same month last year. The average MLS® residential price in the province was $685,575, an increase of 2.6 per cent from August 2018. Total sales dollar volume was $4.86 billion, a 7.6 per cent increase from the same month last year. BC home sales continue to recover from a policy-driven downturn,” said BCREA Deputy Chief Economist Brendon Ogmundson. Home sales have been rising through the spring and summer, but still remain well below pre-B20 stress test levels." MLS® residential active listings in the province were up 10 per cent from August 2018 to 40,098 units and were essentially flat compared to July on a seasonally adjusted basis. Overall market conditions remained in a balanced range with a sales-to-active listings ratio of about 18 per cent. Year-to-date, BC residential sales dollar volume was down 16 per cent to $34.9 billion, compared with the same period in 2018. Residential unit sales were 12.2 per cent lower at 50,806 units, while the average MLS® residential price was down 4.4 per cent year-to-date at $686,303. For more information, please contact:
Brendon Ogmundson | Deputy Chief Economist | Direct: 604.742.2796 | Mobile: 604.505.6793 | Email: bogmundson@bcrea.bc.ca BCREA is the professional association for more than 23,000 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. |