Housing demand on the rise
Anita Sthankiya - Aug 13, 2019 - BC Biz

Photo: contributed

The British Columbia Real Estate Association (BCREA) say residential unit sales were up for the month of July as a total of 7,930 homes were sold.

According to the BCREA’s latest report, sales were up 12.4 per cent from the same time last year. The average MLS residential price in the province was $684,497, a slight decline from July 2018. Total sales dollar volume was $5.43 billion, a 10.5 per cent increase from the same month last year.

“BC home sales climbed higher for the first time in 18 months on a year-over-year basis in July,” said BCREA Chief Economist Cameron Muir. Housing demand has also trended higher since March, rising 21 per cent on a seasonally adjusted basis. “Households appear to be adjusting to the tighter credit environment as the shock of the B20 stress test dissipates.”

Year-to-date, BC residential sales dollar volume was down 18.9 per cent to $30 billion, compared with the same period in 2018. Residential unit sales decreased 14.4 per cent to 43,612 units, while the average MLS residential price was down 5.3 per cent to $687,413.

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