Policy Induced Demand Slide Does Little to Impact Supply
For the complete news release, including detailed statistics, click here.
For immediate release:
Vancouver, BC – April 12, 2018. The British Columbia Real Estate Association (BCREA) reports that a total of 7,409 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in March, a 24.6% decrease from the same month last year. The average MLS® residential price in BC was $726,930, up 5.3% from the previous year. Total sales dollar volume was $5.39 billion, a 20.6% decline from March 2017.
“More burdensome mortgage qualifications are having the predictable effect of swiftly curbing housing demand,” said Cameron Muir, BCREA Chief Economist. “You simply cannot pull as much as 20% of the purchasing power away from conventional mortgage borrowers and not create a downturn in consumer demand.”
Despite the decline in consumer demand, the supply of homes for sale remains low in most BC regions. Total active listings on the market are essentially unchanged from March 2017, and are at or near a 12-year low across the province. As a result, home prices are expected to continue an upward trajectory.
Year-to-date, BC residential sales dollar volume was down 1.7% to $13.9 billion, compared with the same period in 2017. Residential unit sales decreased 9.4% to 18,927 units, while the average MLS® residential price was up 8.5% to $732,243.
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For more information, please contact:
| Cameron Muir | |
| Chief Economist | |
| Direct: 604.742.2780 | |
| Mobile: 778.229.1884 | |
| Email: cmuir@bcrea.bc.ca |
The British Columbia Real Estate Association (BCREA) is the professional association for about 23,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.
To demonstrate the profession’s commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.
For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada’s real estate boards to ensure maximum exposure of properties listed for sale.
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