News: Vancouver Real Estate Market

Market keeps momentum into fall

Market keeps momentum into fall

The British Columbia Real Estate Association (BCREA)reports shows residential unit sales reached a total of 6,938 as recorded by the Multiple Listing Service® (MLS®) in September, a 24% increase from the same month last year.

The average MLS® residential price in the province was $697,943, a 2.1% increase from September 2018. Additioanally, total sales dollar volume was $4.84 billion, an incerase of 26.5% from the same month last year.

According to Brendon Ogmundson, the BCREA Chief Economist, “Markets across BC built on momentum from the summer." He also added, “While the year-over-year increase in provincial sales was quite strong, home sales in most areas are simply returning to historically average levels.”

The residential active listings in BC were up by 4% on MLS® from September 2018 to 39,117 units and were essentially flat compared to August on a seasonally adjusted basis. The sales-to-active-listings ratio is around 18% as the overall market conditions remained in a balanced range.

Year-to-date, BC residential sales dollar volume was down 12.4% to $39.7 billion, compared with the same period in 2018. Additionally, residential unit sales were 8.9% lower at 57,773 units, while the average MLS® residential price was down 3.9 % year-to-date at $687,530.

Download BCREA Stats Here


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