July 24, 2019

The Market Continues to Cool

The British Columbia Real Estate Association (BCREA) reports that a total of 6,960 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in June, a decline of 11.8 per cent from the same month last year. Some quick facts:

  • The average MLS residential price in the province was $687,584, a decline of 4 per cent from June 2018.
  • Total sales dollar volume was $4.8 billion, a 15.3 per cent decline from the same month last year.
  • Compared to June, a decline of 11.8 per cent from the same month last year.
  • The average MLS residential price in the province was $687,584, a decline of 4 per cent from June 2018. Total sales dollar volume was $4.8 billion, a 15.3 per cent decline from the same month last year.

Mortgage Interest Rates Down, but…

Mortgage rates from lenders have come down below 3%, which is good news. Unfortunately, the static qualifying rate hasn’t changed which means this won’t do much to help lower-income borrowers.

This Year’s Total Sales Dollars down 23% since last year

BC residential sales dollar volume is down 23.4% compared with the same period in 2018, to $24.5 billion. Residential unit sales decreased 18.7% to 35,679 units, while the average MLS residential price was down 5.8 per cent to $688,080.