Fewer home sales in Vancouver were not replicated across the province in August with sales rising 1.5 per cent from August 2015. The British Columbia Real Estate Association’s data shows that there were 8,945 sales in August.
Prices were down though with the average price falling 8.1 per cent year-over-year to $569,393 and total sales dollar volume down 6.7 per cent to $5.1 billion.
"The decline in the average home price was due to a change in the composition and location of homes sold in the province," explained Cameron Muir, BCREA Chief Economist. "Fewer sales of high priced detached homes relative to all other homes sales in Vancouver as well as fewer Vancouver home sales relative to the rest of the province has caused the average price statistic to decline."
He added that sales demand in BC remains strong despite the additional tax impact which slowed sales in Vancouver.
Prices were down though with the average price falling 8.1 per cent year-over-year to $569,393 and total sales dollar volume down 6.7 per cent to $5.1 billion.
"The decline in the average home price was due to a change in the composition and location of homes sold in the province," explained Cameron Muir, BCREA Chief Economist. "Fewer sales of high priced detached homes relative to all other homes sales in Vancouver as well as fewer Vancouver home sales relative to the rest of the province has caused the average price statistic to decline."
He added that sales demand in BC remains strong despite the additional tax impact which slowed sales in Vancouver.
