B.C. real estate sales slow down for the summer, group says

Greater Vancouver downturn leading to a slump B.C.-wide

Summer may be as hot as ever in B.C., but real estate sales are slowing down, according to numbers released Monday by the BC Real Estate Association. 

Average house prices were down 0.4 per cent, mostly influenced by a downturn in Greater Vancouver. That was the only region in the province to see a drop in real estate prices.

While the cost of an average home went down 0.5 per cent there, it shot up by as much as 35 per cent in places like Powell River and 10.7 per cent in Kamloops.

READ MORE: B.C. creates public registry to track real estate owners

Across B.C., sales dollar volumes in July 2018 were down by 24 per cent compared to the same month last year, again led by big declines in the Lower Mainland.

Chilliwack, Greater Vancouver and the Fraser Valley all saw drops of about 30 per cent in residential sales dollar volume. Other regions weren’t spared: The South Okanagan saw a decrease of 24 per cent, while Vancouver Island recorded a 17-per-cent drop.

Cameron Muir, the association’s chief economist, once again pointed to the new mortgage rules introduced in early 2018 for still slowing down the market, and pushing people to buy less expensive homes.

“However, less frenetic housing demand has created more balanced market conditions in many regions, leading to fewer multiple offers and more choice for consumers,” Muir said.


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Traffic blocked westbound on Highway One Tuesday afternoon

A dump truck jack-knifed near 208th Street

Naked driver leads Langley, Surrey RCMP on hit and run spree

A Kelowna man has been charged with numerous offences

A look at proposed plans for Langley City’s Nicomekl River District

Public meeting is about ‘fine-tuning’ plan; CAO

Langley’s Walnut Grove Gators will play for bronze

Knocked out of finals at the Junior Boys Basketball Provincial Invitational Tournament in Langley

VIDEO: Feds warned agricultural sector near ‘tipping point’ due to blockades

Canadian Federation of Agriculture points to lack of propane and feed due to Coastal GasLink dispute

B.C. terminates contract with hospice society refusing assisted death

Delta Hospice Society loses hospital service fund of $1.5 million

Child in hospital following fatal crash that killed father, sibling on B.C. highway

The single vehicle crash occured near Kamloops on Highway 5A

‘Die!’: Vernon councillor mailed death threat

Three months later, city official Coun. Dalvir Nahal said she’s more angry than anything

B.C. landlord can’t serve eviction notice because tenant is in jail

Homeowner baffled at arbitrator decision based on notice of hearing not being served properly

Hidden message connects Castlegar homeowners decades apart

The Rodgers family was surprised when a message fell out of the walls as they were renovating

Two B.C. men plead guilty to bus-terminal assault of man with autism in Ontario

Parmvir Chahil and Jaspaul Uppal due to be sentenced in June for aggravated assault

B.C. Liberals call for assistance on soaring strata insurance rates

NDP’s Carole James says problem is across the country

Most Read