Issue 18-143 MLS Home Sales and Prices

August 16, 2018

The number of home sales in B.C. went down by 23.9% in July compared to the same month last year, to reach 7,055 units. Unit sales fell in most areas of B.C., with the exception of the Northern (+22.5%) and Northern Lights (+27.3%) regions. The value of home sales also declined (-24.2%) in the same period.

The decrease in sales was accompanied by a small decline in the average price of homes, down from $698,702 in July of 2017 to $695,990 in July 2018. Prices were up in all regions of the province with the exception of Greater Vancouver, where prices fell by 0.5% in July compared to the same month last year.

Nationally, the value of home sales fell by 1.3% in July compared to a year prior, led by lower activity in British Columbia. The average home price in July was $481,429, up 1.0% compared to the same month last year.

Sources: British Columbia Real Estate Association and the Canadian Real Estate Association.