The British Columbia Real Estate Association (BCREA) reports that a total of 9,507 residential unit sales were recorded by the Multiple Listing Service (MLS) in August 2021, a decrease of 7.1 per cent over August 2020. The average MLS® residential price in BC was $901,712, a 17.2 percent increase from $769,691 recorded in August 2020. Total sales dollar volume was $8.6 billion, an 8.9 percent increase from last year.

By DESIBUZZCanada

VANCOUVER -  Home sales in BC are coming down from their highs and getting back to the normal swing of things after being red hot for most of the year.

The British Columbia Real Estate Association (BCREA) reports that a total of 9,507 residential unit sales were recorded by the Multiple Listing Service (MLS) in August 2021, a decrease of 7.1 per cent over August 2020. The average MLS® residential price in BC was $901,712, a 17.2 percent increase from $769,691 recorded in August 2020. Total sales dollar volume was $8.6 billion, an 8.9 percent increase from last year.

“Home sales around the province have essentially returned to normal after a record setting spring,” said BCREA Chief Economist Brendon Ogmundson. “However, we continue to see a drought in the total supply of listings as well as a downward trend in new listings activity.”

Total active residential listings were down 37.9 per cent year-over-year in August and were 42 per cent below normal levels for the month of August.

Year-to-date, BC residential sales dollar volume was up 102.2 per cent to $82 billion, compared with the same period in 2020. Residential unit sales were up 67.8 per cent to 89,980 units, while the average MLS®residential price was up 20.5 per cent to $911,245.