Last month saw a 31.7% decrease in residential unit sales of 6,580 units recorded by the Multiple Listing Service® (MLS®) in comparison to the same period last year. The total sales dollar volume also saw a decrease of 39.7% bringing it down to $4.53 Billion.
"Consumer demand has returned to a more typical level over the first two months of the year," says Cameron Muir, BCREA Chief Economist. "While the home sales have declined nearly 32 per cent from the extraordinary performance of a year ago, last month's activity reflected the average for the month February since the year 2000."
As for the average MLS® residential price in the province, it also saw an 11.7% decrease which brought it down to $688,117. A main factor driving the average price down is that there was a decline in the proportion of provincial sales originating from the Vancouver region. There has been a 7% decline in BC home sales occurring in the REBGV area (44% to 37%) from the same period last year.
Year-to-date, there has been a decrease of 38.5% in BC residential sales dollar volume bringing it down to $7.3 Billion. Additionally, there has been a decrease of 28.5% in residential unit sales to 11,067 units and a decrease of 14.1% in the average MLS® residential price to $660,943.
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Source: British Columbia Real Estate Association