In March, the Multiple Listing Service® (MLS®) recorded 9,826 residential unit sales which is a 21.8% decrease in comparison to the same period last year. The total sales dollar volume also saw a decrease of 30% bringing it to $6.79 Billion and the average MLS® residential price saw a decrease of 10.5% bringing it to $690,597 compared to March 2016.
"Consumer demand continues to normalize following blockbuster home sales in 2016," says Brendon Ogmundson, BCREA Economist. "However, the supply of homes available for sale has not recovered and is still declining in many markets around the province."
Although the average price in BC was down year-over-year due to a shift in the composition of sales, home prices in most markets are being pushed higher due to severe supply constraints. This is particularly true for the Victoria region, which currently has less than two months of inventory for sale, as well as for the apartment and townhouse market in the Lower Mainland.
Year-to-date, BC residential sales dollar volume was down 34.7 per cent to $14.1 billion, when compared with the same period in 2016. Residential unit sales declined 25.5 per cent to 20,893 units, while the average MLS® residential price was down 12.4 per cent to $674,856.
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Source: British Columbia Real Estate Association