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Housing Market Update (December 2018)

12/18/2018

 

Click here to visit BCREA's YouTube channel. Read the news release here.
For inquiries regarding statistical and economics-related news releases, please contact:
Cameron Muir, Chief Economist | 604.742.2780, [email protected] 
Brendon Ogmundson, Deputy Chief Economist | 604.742.2796, [email protected] 
The Housing Market Update video webcast is produced monthly 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.
Copyright© British Columbia Real Estate Association | Suite 1425, 1075 West Georgia Street
Vancouver, BC V6E 3C9 | Phone 604.683.7702 | bcrea.bc.ca | [email protected]
To subscribe to receive other BCREA publications such as this one, to unsubscribe, or to update your email address or current subscription list, click here.

BC Home Sales Continue at Slower Pace

12/14/2018

 
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Vancouver, BC – December 14, 2018. The British Columbia Real Estate Association (BCREA) reports that a total of 5,179 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in November, down 33.1 per cent from the same month last year. The average MLS® residential price in BC was $718,903, a decline of 1.9 per cent from November 2017. Total sales dollar volume was $3.7 billion, a 34.3 per cent decline from November 2017.
“BC households continue to struggle with the sharp decline in purchasing power caused by the B20 mortgage stress test,” said Cameron Muir, BCREA Chief Economist. “Most BC regions are now exhibiting relative balance between supply and demand.”
Total active residential listings were up nearly 31 per cent to 33,500 units in November, compared to the same month last year. However, it should be noted that this compares to 2017, when active listings for the month of November were at their lowest level in more than 15 years.
Year-to-date, BC residential sales dollar volume was down 23.1 per cent to $53.4 billion, compared with the same period in 2017. Residential unit sales declined 23.6 per cent to 74,847 units, while the average MLS® residential price was up 0.7 per cent to $713,302.

​To view the full BCREA Housing Forecast, click here.
For more information, please contact:  
Cameron Muir
Chief Economist
Direct: 604.742.2780
Mobile: 778.229.1884
Email: [email protected]
BCREA 
The British Columbia Real Estate Association (BCREA) is the professional association for about 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.
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.
To subscribe to receive BCREA publications such as this one, or to update your email address or current subscriptions, click here.

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