BC’s February home sales were down in February but reflect typical demand, according to a new report by the British Columbia Real Estate Association (BCREA).
The report indicates that a total of 6,580 residential unit sales were recorded by the Multiple Listings Service in February 2017.
That represents a 31.7 % drop in sales compared to February 2016.
Cameron Muir, BCREA’s chief economist, said that despite the drop, “consumer demand has returned to a more typical level over the first two months of the year.”
“While the home sales have declined nearly 32 per cent from the extraordinary performance of a year ago, last month’s activity reflected the average for the month February since the year 2000,” Muir said.
The average MLS residential price in BC for February 2017 was $688,117, falling nearly 12% from the record $779,419 that was set in February 2016.
The report shows that the decline in sales in BC originates from the Vancouver region.
In February 2016 44% of BC’s home sales were made in the Greater Vancouver area. That number dropped to 37% in February 2017.