BRITISH COLUMBIA – The British Columbia Real Estate Association (BCREA) reports that a total of 6,608 residential unit sales were recorded in Multiple Listing Service systems in August 2023, an increase of 15.7 per cent from August 2022. The average MLS residential price in BC was $958,424, up 5.2 per cent compared to August 2022. The total sales dollar volume was $6.3 billion, representing a 21.7 per cent increase from the same time last year.
“Home sales are starting to settle back into a trend of below-normal activity following an unexpected surge in the spring,” said BCREA Chief Economist Brendon Ogmundson. “However, sales are in a much stronger place than expected given current mortgage qualifying difficulty.”
Active listings in the province were flat month-over-month at just over 31,000 total listings and up slightly year-over-year.
Year-to-date BC residential sales dollar volume was down 17.4 per cent to $52.7 billion, compared with the same period in 2022. Residential unit sales were down 13.4 per cent to 54,126 units, while the average MLS® residential price was down 4.6 per cent to $973,011.
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