Home sales in B.C. may be slipping, but prices are rising.
An average home in the province cost almost $700,000 in July, according to the B.C. Real Estate Association (BCREA).
It’s $698,761 to be exact, and according to a BCREA report Monday (August 14), it’s 5.3 percent higher compared to July of last year.
However, the real-estate market is showing signs of slowing down since the start of the year.
According to the BCREA report, homes sold from January to July declined 17 per cent to 64,107 units.
Year-to-date average prices were down 2.8 percent to $710,921 compared to the first seven months of 2016.
In terms of dollar volume, total sales from January to July fell 19.3 percent to $45.6 billion.
All real-estate districts in the province posted price gains last month.
Interestingly, Greater Vancouver had the lowest price increase of 2.2 percent in July, although home prices in the region are the highest at an average of $1,029,786.
Prices in the Fraser Valley rose 9.2 percent, bringing average home values to $722,922.
The districts of Chilliwack and Vancouver Island, which does not cover Greater Victoria and the Southern Gulf Islands, had the highest price increases in July compared to the same month last year at 18.6 percent and 18 percent, respectively.
The BCREA also reported that a total of 9,275 homes were sold in July, or 6.3 percent less than the same month in 2016.
Dollar volume totaled $6.48, which was 1.3 percent lower than July 2016.
“Strong economic growth, an expanding population base and a lack of supply continue to drive BC home sales and prices this summer,” BCREA chief economist Cameron Muir stated in a media release.