Overall, we have seen a decrease in residential sales when comparing January 2017 to January 2016. Last month, there were 4,487 residential unit sales recorded by MLS® which is a 23% decrease in comparison to January 2017. For the total sales dollar volume, it was recorded at $2.79 Billion which is a 36.5% decrease from the same period last year. There has been a decrease of 17.5% in terms of the average MLS® residential price in BC bringing it to $621,093.
"Housing demand across the province returned to long-term average levels last month," said Cameron Muir, BCREA Chief Economist. "However, regional variations persist, with Victoria posting above average performance and Vancouver falling below the average."
The decrease in the average MLS® residential price is largely attributed to there being more residential sales made in areas outside of the Lower Mainland. Vancouver residential sales fell from 43% of provincial transactions to 35%. In addition, Vancouver detached home sales have seen a decrease relative to multi-family units as they have skewed the average price statistic down. The MLS® Residential Benchmark Price in the Real Estate Board of Greater Vancouver area has seen a 3.7% decrease over the past six months, but is up 15.6% from January 2016.
For all your real estate needs, contact Amalia Liapis at 604-618-7000 or alternatively, at amalia@wesellvancouver.ca.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.