May 14, 2019 12:22 pm

Home sales and prices continue to fall: BC Real Estate Association

A real estate sold sign is shown outside a house in Vancouver, Tuesday, Jan.3, 2017.


The B.C. Real Estate Association (BCREA) reports residential home sales in the province in April were down 18.9 per cent from the same month last year.

And the average price fell 6.2 per cent, to $685,304.

READ MORE: Housing sales will fall this year, rise next year: B.C. Real Estate Association

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BCREA Chief Economist Cameron Muir says home sales were essentially unchanged from March, and he says prospective home buyers continue to deal with the decline in their purchasing power caused by federal government changes to mortgage rules.

Year-to-date, the number of homes sold is down 24.5 per cent, compared to the same period in 2018.

Total active listings increased 33.6 per cent to 38,672 units, compared to the same month last year.

Earlier this month, the Real Estate Board of Greater Vancouver said regional sales dipped in April to more than 43 per cent below the 10-year sales average.

Real estate board president Ashley Smith pinned the downtrend on government intervention in the market, including a tougher mortgage stress test and B.C.’s portfolio of housing taxes aimed at foreign buyers, speculators, second homes and properties valued over $3 million.

— With files from Simon Little

© 2019 Global News, a division of Corus Entertainment Inc.

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