Prices may get recover, but home buyers in British Columbia aren’t just as enthusiastic as they were once.
Cameron Muir, BCREA Chief Economist said home sales in BC in August remained unchanged, on seasonally basis. Good economic conditions are underpinning the demand.
So, rise in home prices are combined with pressure in upward direction on rate of interest on mortgage is expected to temper whole demand over balance of year.
According to Real Estate Association in British Columbia, unit sales are down by 67% in BC’s real estate market, with Vancouver to see precipitous decline at -20.3% YTD.
Overall, province has seen total of 73,267 home sales during this year, which is down by 15% YTD.
Average price of home in province i $706,839 it is down during this year by 1.1% YTD.
Dollar volume is down. “Sale of dollar volume of residential in BC was down by 15.9% to $51.8 billion, when it was compared with same period in year 2016,” as per BCREA. “Sale of Residential unit declined by 15.0 % to 73,267units, while average residential price of MLS was down by 1.1% to $706,839.”
However, silver lining average price which is up by 11 of 12 of BC real estate market, with experiencing in Vancouver by drop in average price.
This should be noted that all of these declines may be result of foreign buyer tax in Vancouver, it was implemented during August in last year.