BC Home Sales Show Little Change in April
Vancouver, BC ? May 14, 2018. The British Columbia Real Estate Association (BCREA) reports that a total of 8,203 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in April, a 16.8 per cent decrease from the same month last year. The average MLS® residential price in BC was $730,507, up 0.2 per cent from the previous year. Total sales dollar volume was $5.99 billion, a 16.7 per cent decline from April 2017.
?BC home sales were essentially unchanged in April compared to March, albeit up nearly 1 per cent on a seasonally adjusted basis,” said Cameron Muir, BCREA’s Chief Economist. ?The impact of more burdensome mortgage qualifications for conventional borrowers is expected to soften over the next several months as potential buyers adjust both their finances and expectations.?
The supply of homes for sale in April increased 4 per cent from the previous month. However, total active listings on the market continue to remain low from a historical perspective. Most regions of the province have begun trending toward more balance between supply and demand, causing less upward pressure on home prices.
Year-to-date, BC residential sales dollar volume was down 6.7 per cent to $19.9 billion, compared with the same period in 2017. Residential unit sales decreased 11.8 per cent to 27,135 units, while the average MLS® residential price was up 5.7 per cent to $731,661.
The Real Estate Board of Greater Vancouver says market conditions in the city are changing as sales in April fell to a 17-year low for the month.
The board says 2,579 detached properties, townhouses and condominiums sold last month in Metro Vancouver, down 27.4 per cent from April 2017 and 22.5 per cent below the 10-year average for the month.
About 18.6 per cent more properties were newly listed last month than in April last year, giving buyers more selection.
Still, prices moved up with the composite benchmark price for all properties at $1,092,000 — up 14.3 per cent from the same month last year and 0.7 per cent from March 2018.
Detached houses saw the smallest price gains, with the benchmark price at $1,605,800 — up 5.1 per cent from April 2017 and down 0.2 per cent from March 2018.
The benchmark price for an apartment rose 23.7 per cent from the same time last year to $701,000, while the townhouse benchmark rose 17.7 per cent to $854,200.