BC Housing Demand Remains Strong Despite Fewer Vancouver ...

Sep 13, 2016 - to all other homes sales in Vancouver as well as fewer Vancouver home sales relative to the rest of the ... Email: [email protected] ...
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BC Housing Demand Remains Strong Despite Fewer Vancouver Home Sales Vancouver, BC – September 13, 2016. The British Columbia Real Estate Association (BCREA) reports that 8,945 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in August, up 1.5 per cent from the same month last year. Total sales dollar volume was $5.1 billion in August, down 6.7 per cent compared to the previous year. The average MLS® residential price in the province was $569,393, a decline of 8.1 per cent compared to the same month last year. “Strong housing demand across most regions of the province offset slowing home sales in Vancouver last month,” said Cameron Muir, BCREA Chief Economist. “The newly introduced 15 per cent foreign buyer tax combined with the 3 per cent property transfer tax on homes over $2 million brought in earlier this year, slowed demand at the top end of the market in Vancouver last month.” “The decline in the average home price was due to a change in the composition and location of homes sold in the province,” added Muir. “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.” Year-to-date, BC residential sales dollar volume increased 39.1 per cent to $61.6 billion, when compared with the same period in 2015. Residential unit sales climbed by 22.1 per cent to 86,206 units, while the average MLS® residential price was up 13.9 per cent to $714.400. -30For more information, please contact: Cameron Muir Chief Economist Direct: 604.742.2780 Mobile: 778.229.1884 Email: [email protected]

Damian Stathonikos Director, Communications and Public Affairs Direct: 604.742.2793 Mobile: 778.990.1320 Email: [email protected]

1420 – 701 Georgia Street W, PO Box 10123, Pacific Centre, Vancouver, BC V7Y 1C6 President Deanna Horn Past President Scott Russell

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President-Elect Jim Stewart Chief Executive Officer Robert Laing

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[email protected] www.bcrea.bc.ca

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604.683.7702 (tel) 604.683.8601 (fax)

BC Housing Demand Remains Strong Despite Fewer Vancouver Home Sales

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August 2016 Residential Average Price, Active Listings and Sales-to-Active-Listings Data by Board Average Price

Active Listings

August 2016 Residential Average Price ($)

August 2015 Residential Average Price ($)

264,902 396,958 616,286 833,065 352,588 299,602

277,374 336,680 580,224 900,592 318,003 278,901

464,982 414,347 341,524 267,778 South Okanagan 346,338 334,854 Northern Lights 242,782 240,314 Vancouver Island 384,590 343,086 Victoria 570,196 544,862 Provincial Totals* 569,393 619,881 *Numbers may not add due to rounding

Board

BC Northern Chilliwack Fraser Valley Greater Vancouver Kamloops Kootenay Okanagan Mainline Powell River

August 2016 Residential Active Listings (Units)

August 2015 Residential Active Listings (Units)

-4.5 17.9 6.2 -7.5 10.9 7.4

2,936 938 4,800 9,198 1,708 2,679

12.2 27.5 3.4 1 12.1 4.6 -8.1

3,374 115 1,126 440 2,996 1,440 31,750

% change

Sales-to-Active-Listings % change

August 2016 Residential Sales to Active Listings (%)

August 2015 Residential Sales to Active Listings (%)

2,994 1,319 5,772 11,942 2,042 2,995

-1.9 -28.9 -16.8 -23 -16.4 -10.6

14.9 40.5 33.5 27.8 21.2 12.3

13.5 22.1 28.4 28.7 12.9 8.8

4,817 190 1,618 403 4,643 2,794 41,529

-30 -39.5 -30.4 9.2 -35.5 -48.5 -23.5

30.2 40 22.3 6.4 36.3 58.2 28.2

16.3 14.2 12.9 7.9 16.5 24.9 21.2

August 2016 BC Residential Multiple Listing Service® Data by Board Dollar Volume (000s) Bo