*Vancouver, BC – April 15, 2019.* The British Columbia Real Estate
Association (BCREA) reports that a total of 5,707 residential unit
sales were recorded by the Multiple Listing Service® (MLS®) in March,
a decline of 23 per cent from the same month last year. The average
MLS® residential price in the province was $687,720, a decline of 5.4
per cent from March 2018. Total sales dollar volume was $3.9 billion,
a 27.1 per cent decline from the same month last year.
“BC home sales continue to be adversely impacted by federal mortgage
policy,” said BCREA Chief Economist Cameron Muir. “The erosion of
affordability caused by the B20 stress test has created near recession
level housing demand despite the province boasting the lowest
unemployment rates in a decade.”
“The sharp erosion of affordability caused by the B20 stress test is
now creating pent-up demand, as many would-be home buyers are forced
to wait on the sidelines,” added Muir. “Unfortunately, new home
construction is slowing as well, which will likely lead to another
housing supply crunch down the road.”
Total MLS® residential active listings increased 36.2 per cent to
34,295 units compared to the same month last year. The ratio of sales
to active residential listings declined from 29.4 per cent to 16.6 per
cent over the same period.
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*For more information, please contact: *
Cameron Muir
Chief Economist
Direct: 604.742.2780
Mobile: 778.229.1884
Email: [email protected]
The British Columbia Real Estate Association <http://listserv.realtorlink.ca/t/358476/10022056/209/4/>
(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 11 real estate boards
<http://listserv.realtorlink.ca/t/358476/10022056/7716/5/>, 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
Life <http://listserv.realtorlink.ca/t/358476/10022056/7712/6/> in 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 <http://listserv.realtorlink.ca/t/358476/10022056/7716/7/>. MLS® is a
cooperative marketing system used only by Canada’s real estate boards
to ensure maximum exposure of properties listed for sale.
To subscribe to receive BCREA publications such as this one, or to
update your email address or current subscriptions, click here
<http://listserv.realtorlink.ca/t/358476/10022056/7717/8/>.
