Housing Demand Continues to Recover in August

For the complete news release, including detailed statistics, click here.

Vancouver,
BC – September 12, 2019
. The British Columbia Real Estate Association (BCREA)
reports that a total of 7,093 residential unit sales were recorded by the Multiple
Listing Service® (MLS®) in August, an increase of 4.9 per
cent from the same month last year. The average MLS® residential price in the
province was $685,575, an increase of 2.6 per cent from August 2018. Total
sales dollar volume was $4.86 billion, a 7.6 per cent increase from the same
month last year.  

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“BC home sales continue to recover from a policy-driven downturn,” said BCREA Deputy Chief Economist Brendon Ogmundson. “Home sales have been rising through the spring and summer, but still remain well below pre-B20 stress test levels.”

MLS®
residential active listings in the province were up 10 per cent from August
2018 to 40,098 units and were essentially flat compared to July on a seasonally
adjusted basis. Overall market conditions remained in a balanced range with a
sales-to-active listings ratio of about 18 per cent.    

Year-to-date, BC
residential sales dollar volume was down 16 per cent to $34.9 billion, compared
with the same period in 2018. Residential unit sales were 12.2 per cent lower
at 50,806 units, while the average MLS® residential price was down 4.4
per cent year-to-date at $686,303.    

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For more information, please contact: 

Brendon Ogmundson
Deputy Chief Economist
Direct: 604.742.2796
Mobile: 604.505.6793
Email: [email protected]

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