Vancouver, BC – January 15, 2019. The British Columbia Real Estate Association (BCREA) reports that a total of 78,345 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in 2018, a decline of 24.5 per cent from the 103,758 units sold in 2017. The annual average MLS® residential price in BC was $712,508, an increase of 0.4 per cent from $709,601 recorded the previous year. Total sales dollar volume was $55.8 billion, a 24.2 per cent decline from 2017. “BC home sales fell below the 10-year averageof 84,800units in 2018,” said CameronMuir, BCREA ChiefEconomist. “The sharp declinein affordability caused by theB20 mortgage stress test islargely to blame for decline inconsumer demandlast year.”A total of 3,497 MLS®residential unit sales were recorded across the province in December, down 39.1 per cent from December 2017. The average MLS® residential price in BC was $695,647, a decline of 5.2 per cent from December 2017. Total sales dollar volume was $2.4billion, a 42.3 per cent decline during the same period.Total active residential listings were up 33.3per cent to 27,615units in December, the highest December inventory since 2014 when 33,995 active residential listings were recorded.

December 2018Residential Average Price, Active Listings and Sales-to-Active-Listings Data by Board

 

December 2018BC Residential Multiple Listing Service® Data by Board

December 2018Year-to-Date BC Residential Multiple Listing Service® Data by Board

BCREA is the professional association for about 23,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.To demonstrate the profession’s commitment to improving Quality of Lifein BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods. For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada’s real estate boards to ensure maximum exposure of properties listed for sale.

come from bcrea.bc.ca