There was a total of 7,093 residential unit sales recorded by the Multiple Listing Service® (MLS®) in August, which is a 4.9% increase from the same month last year. There was also an increase of 2.6% from the same month last year for the average MLS® residential price bringing it to $685,575. Total sales dollar volume saw an increase of 7.6% from the same month last year to $4.86 Billion.
"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% 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%.
Year-to-date, BC residential sales dollar volume totalled $34.9 Billion which is a 16% decrease from the same period in 2018. Residential unit sales totalled 50,806 units which is a 12.2% decrease. The average MLS® residential price was down 4.4% year-to-date at $686,303.
For a detailed look at the residential average prices, active listings and sales-to-active-listings data for August 2019, click here.
Source: British Columbia Real Estate Association (BCREA).