The BC Real Estate Association has just published its October 2016 review and reports a ‘mixed bag’of Real Estate Sales results, across the Province.
Vancouver, BC – November 15, 2016.
The British Columbia Real Estate Association (BCREA) reports that 7,272 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October, down 16.7 per cent from the same month last year. Total sales dollar volume was $4.4 billion in October, down 24.2 per cent compared to the previous year. The average MLS® residential price in the province was $606,787, a decline of 9.1 per cent compared to the same month last year.
“Housing demand remained mixed across the province in October,” said Cameron Muir, BCREA Chief Economist. “Home sales across the Lower Mainland were down from the elevated levels of one year ago, but stabilized on a month to month basis. In contrast, home sales on Vancouver Island and in the interior of the province continue to post strong year-over-year gains.”
“The decline in the average residential price reflects a smaller proportion of transactions in the province originating in Vancouver,” added Muir. Home sales through the Real Estate Board of Greater Vancouver fell to 31.4 percent of BC transactions last month, compared to 42.6 per cent a year ago. Year-to-date, BC residential sales dollar volume increased 27.4 per cent to $70.4 billion, when compared with the same period in 2015. Residential unit sales climbed by 15 per cent to 101,069 units, while the average MLS® residential price was up 10.8 per cent to $696,992.
Active Listings as at October 2016
As you can see inventory levels continue to fall in the Central Okanagan – down 28.9% from October 2015. The result – some Buyers are having a tough time finding a home right now.
BC Residential Real Estate Sales October 2016
Greater Vancouver year on year sales numbers, for October 2016, were widely published this month as they were down 38.5%, while Kelowna and the Central Okanagan continued it’s upward trend, up 19.3%.
BC Average Real Estate Sales Prices October 2016
Before everyone shouts too loudly that the ‘Sky is Falling’ in Greater Vancouver, average prices are still up 15% on last year and the Central Okanagan is up 12.7%.
There is no doubt that the Vancouver Market has suffered as a result of the recent Tax changes, but we are also heading into winter when the market does typically slow.
Trish and Tanis Real Estate
Tel 250 863 8989