BC housing market down 17 per cent

Sales of homes in British Columbia fell 16.7 per cent in October compared to a year earlier as the impact of provincial and federal rules made an impact.

There were 7,272 residential sales in the month through British Columbia Real Estate Association’s MLS and total sales value was down down 24.2 per cent to $4.4 billion.

"Housing demand remained mixed across the province in October," said Cameron Muir, BCREA Chief Economist. "Home sales across the Lower Mainland were down from the elevated levels of one year ago, but stabilized on a month to month basis. In contrast, home sales on Vancouver Island and in the interior of the province continue to post strong year-over-year gains."

Prices also showed a decline with the average price falling 9.1 per cent year-over-year to $600,787 and reflects a fall in the number of home sales originating in Vancouver, Muir explained; 31.4 per cent of the province’s total MLS sales, down from 42.6 per cent a year earlier.

Year-to-date figures show a stronger overall picture with sales up 15 per cent and dollar volume rising 27.4 per cent compared to the first 10 months of 2015.

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