BC's home sales down in February, but reflect typical demand

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.”

MLS Residential Sales BC February (BCREA)

“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.