However, the drop reflects the exceptional strength of the market a year ago as the decline returns sales volume to near the 10-year-average while prices dropped 6.4 per cent to $625,871 following last year’s surge.
“A relatively higher number of transactions outside of the Lower Mainland is largely responsible for pulling the provincial average MLS® price lower,” commented Cameron Muir, chief economist with BCREA.
Year-to-date sales volume and value were both up compared to 2015 with a 12.1 per cent rise in sales to 107,488 units and a 22.8 per cent rise in dollar volume to $74.5 billion.
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There was a 20 per cent drop in home sales in British Columbia in November as real estate agents recorded 6,419 sales.