Residential unit sales in British Columbia fell 3.4% year-over-year in July, according to the British Columbia Real Estate Association. A total of 9,900 homes were sold last month.
“Housing demand has moderated in many regions of the province, after setting records earlier in the year,” Cameron Muir, BCREA Chief Economist, said. “The less frenetic pace of home sales will likely provide a much needed boost to the inventory of homes for sale. The rate of home price appreciation is also expected to slow from the unsustainable level exhibited this spring.”
However, total sales dollar volume -- $6.57 billion -- was up 5.4% year-over-year.
The average price of $663,411 was also up, spiking 9.1% year-over-year.
“Year-to-date, BC residential sales dollar volume increased 45.5 per cent to $56.5 billion, when compared with the same period in 2015,” the association said in a release. “Residential unit sales climbed by 25 per cent to 77,261 units, while the average MLS® residential price was up 16.4 per cent to $731,189.”
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Recent statistics point to a slight sales slowdown within the country’s westernmost province.