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B.C. home sales 'typical' for February but far short of February 2016

The tax on real estate transactions is  expected to be worth $1.54 billion for B.C. in 2017. - Black Press file photo
The tax on real estate transactions is expected to be worth $1.54 billion for B.C. in 2017.
— image credit: Black Press file photo

Home sales across British Columbia in February were typical for the month, according to real estate experts, but when compared to sales just one year earlier, the numbers appear much more stark.

The British Columbia Real Estate Association says a total of 6,580 residential unit sales were recorded by the Multiple Listing Service in February and the average price of a home was $688,117.

Association chief economist Cameron Muir says in a news release that consumer demand has returned to a more typical level and the latest numbers reflect February averages since 2000.

They contrast with what Muir calls "the extraordinary performance of a year ago," as the association reports home sales in February were down 31.7 per cent from February 2016 and the average price of a B.C. home decreased 11.7 per cent over the same period.

Association figures also show total sales dollar volume in February was $4.53 billion, a plunge of 39.7 per cent from February 2016.

The decline is blamed on slowing of home sales in Metro Vancouver.

"Last month, 37 per cent of B.C. home sales occurred in the Real Estate Board of Greater Vancouver's area, compared to 44 per cent in February 2016," Muir says in the release.

Year-to-date, the association says the amount of money from residential sales fell 38.5 per cent to $7.3 billion, when compared to the same period in 2016, and home sales declined 28.5 per cent to 11,067 units with the average price dropping 14.1 per cent to $660,943.

 

The Canadian Press

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