Home sales continue to slow down: B.C. Real Estate Association

Home sales in B.C. continued to drop in the month of September, according to the latest numbers from the British Columbia Real Estate Association.

Sales fell 33.2 per cent compared to the same month a year ago, and the average residential price of $685,749 was down 1.1 per cent from September of 2017.

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Total sales dollar volume was down 34 per cent from September 2017.

Year-to-date, sales are down 21.3 per cent, compared to the same period last year.

Association chief economist Cameron Muir says, “The impact on affordability and purchasing power caused by the mortgage stress test and moderately higher interest rates are negating the effect of the extraordinarily strong performance of B.C.’s economy over the last five years.”