Housing Market In BC Shows Decline

The sales of homes have gone down in British Columbia during last month to 16.7 per cent, unlike the year before, as the blow from the provincial, and federal rules continue to make great impact. Through the MLS of the British Columbia Real Estate Association, the sales of residential properties were 7,272 during last month, with the value of the total sales decreasing to $4.4 billion by 24.2 per cent.

 The Chief Economist of BCREA, Cameron Muir said; “Housing demand remained mixed across the province in October. 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.”

 The average price decreased by 9.1 per cent to $600,787 as the prices seemed to have declined over the years. This in return caused a fall in the figure of home sales in the Vancouver area as told by Muir. Included in the total MLS sales of the province, 31.4 per cent decreased from last year’s 42.6. The figure as at now shows that the sales have increased by 15 per cent, along with the volume of the dollar up by 27.4 per cent unlike the early months of last year.