Across Vancouver, a few home sales were not replicated in that area last month, with sales increasing by 1.4 percent from August last year. The data that was shown by the British Columbia Real Estate Association displayed the sales figure for last month at 8,945.
With the average price dropping by 8.1 percent over the years to $569,393, the prices were still down, while the overall volume of the sales dollar decreased by 6.7 percent to 5.1 billion dollars.
The Chief Economist of BCREA, Cameron Muir made an explanation saying: “The decline in the average home price was due to a change in the composition and location of homes sold in the province. 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.”
In addition to that, he said that the demand of sales in BC is still vibrant even though the impact of the recent tax caused sales in Vancouver to slow down.