A report by the British Columbia Real Estate Association (BCREA) states that August 2018 sales statistics are reflecting an increase in health of the BC real estate market.
Year-to-date sales are recorded at a decrease of 21.3% (57,674 units) with a 19.9% reduction in sales dollar volume ($41 billion), however, the average unit price increased by 1.7% (to $719,064).
According to BCREA Chief Economist Cameron Muir, the recent downturn corresponds to a similar mortgage stress-test response seen in both Ontario and Alberta, where the depression in sales is already lifting.
An August 26.4% decrease in residential sales (compared to August 2017) still indicates an upswing from the stress test. Although average price per unit decreased by 1.2%, and the total sales dollar volume was down 27.3%, seasonally adjusted trends have Muir predicting the market is on the way to recovery.
The Ontario and Alberta market data provides a strong indication that BC will follow suit, and that demand for housing will increase in the coming months.