BC Residential Sales Turn Higher, Inventories at 20-Year Low

May 24, 2017

BC – The British Columbia Real Estate Association (BCREA) reports that a total of 9,865 residential unit sales were recorded by the Multiple Listing Service (MLS) in April, down 23.9% from the same period last year.

Total sales dollar volume was $7.19 billion, down 25.4% from April 2016. The average MLS residential price in the province was $728,955, a 2% decrease from the same period last year.

“BC home sales are on an upward trend this spring, led by a sharp increase in consumer demand in the Lower Mainland,” said Cameron Muir, BCREA Chief Economist. The seasonally adjusted annual rate (SAAR) of home sales was over 106,000 units in April, significantly above the five-year SAAR for April of 89,000 units.

The supply of homes for sale declined 17% from April 2016. On a seasonally adjusted basis, active residential listings have declined 50% since 2012 and are now at their lowest level in over 20 years. The imbalance between supply and demand is continuing to drive home prices higher in most regions, further eroding affordability.

Year-to-date, BC residential sales dollar volume was down 31.8% to $21.3 billion, when compared with the same period in 2016. Residential unit sales declined 25% to 30,757 units, while the average MLS residential price was down 9.2% to $692,220.

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