October was a not-so-good month for the province of British Columbia says the Real Estate Association. The housing market is suffering a bit: there has been an almost 17% decline in home sales compared to October of last year.
The overall sales for the entire month is $4.4bn. That in it of itself is a good but when you compare it to 2015’s October, you’ll see that it is a 24.2% swan-dive decline.
“The decline in the average residential price reflects a smaller proportion of transactions in the province originating in Vancouver.”
The average home prices in the province has gone down by 9.1%. This decline might not be an entirely bad thing: it seems that the market is stabilizing which good since a lot of people believe that the housing market will soon go….pop!
Sales on Vancouver Island and other regions in the province that are not covered by the 15% tax has been increasing gradually.