The housing market in the province of British Columbia

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.

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