BC sales down almost 10% but remain above long-term average

by Steve Randall14 Jul 2017

There was a 9.6% drop in home sales in British Columbia last month compared to June 2016 but the 11,671 units sold is still above long-term averages.

"Although home sales remain well off the record pace set last year, demand is still quite robust," said Brendon Ogmundson, BCREA Economist. "That demand is supported by a strong provincial economy and vigorous job growth."

He added that supply issues remain the largest challenge for the provincial housing market with total listings down 6.2% year-over-year to 29,651 units.

That is pushing prices higher and the average price was up 4.4% year-over-year to $725,778.

Year-to-date sales were down 18.6% compared to the same period of 2016 while prices were up 3.8% to $712,993.

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