BC home sales down 16.7% in October compared with same time last year

The number of homes sold in BC in October fell compared with this time last year, according to new figures from the BC Real Estate Association.

The BCREA says 7,272 residential real estate unit sales were recorded by the Multiple Listing Service in October, down 16.7% from the same month last year.

And at $4.4 billion, the total amount garnered from residential real estate sales in October was also down by 24.2% compared with this time last year.

If you’re a potential homebuyer, there is good news – although you might have to look outside Vancouver to find it.

In October, the average MLS home price in BC was $606,787, a drop of 9.1% compared to the same month last year.

In a release, Cameron Muir, BCREA Chief Economist, says that’s because fewer homes are being sold in Vancouver.

“Housing demand remained mixed across the province in October,” said Muir.”Home sales across the Lower Mainland were down from the elevated levels of one year ago, but stabilized on a month to month basis.

Lower Mainland homes sold since January 2014 (BCREA)

“In contrast, home sales on Vancouver Island and in the interior of the province continue to post strong year-over-year gains.”

According to the BCREA, home sales in Vancouver accounted for only 31.4% of residential sales in the province in October, compared with 42.6% a year ago.

So far so good. But year-to-date, things don’t look that great for new homebuyers.

Looking at the period from January to October, the average home price has risen 10.8% to $696,992, compared to the same average taken between January and October 2015.