British Columbia housing market sales figures for homes has gone back to its historical average, however, the figures are different in each city. The sales figure in Vancouver according to the BC Real Estate Association is more than the average in Victoria, while Vancouver is far less. In total, about 23 per cent of less amount of homes were sold via its MLS system in January unlike that of last year.
Chief Economist at BCREA, Cameron Muir said; “Housing demand across the province returned to long-term average levels last month.” During January last year, Vancouver’s portion of home sales in British Columbia declined to 35 per cent from its 43 per cent in 2016.
In the previous six months, the average price in the Greater Vancouver market went down by 3.7 per cent, however, it was still increased by 15.6 per cent unlike that of January 2016. On the other hand, the multi-family units in relation to the less detached home sales have caused the prices to wane.
The benchmark price for the area was decreased over the year by 17.5 per cent to $621,093. Muir added by saying; “A marked decrease in the average MLS residential price is largely the result of relatively more home sales occurring outside the Lower Mainland.”