Vancouver Real Estate Depress BC Surge
Posted August 14th, 2012 in Real Estate, Statistics | 
Cam Says
Home Sales Decline in Vancouver, but Surge in Rest of BC
Dollar Decline
Vancouver, BC – August 14, 2012. The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through the Multiple Listing Service® (MLS®) in BC declined 12.9 per cent to $3.1 billion in July compared to the same month last year. A total of 6,482 MLS® residential unit sales were recorded over the same period, down 0.8 per cent from July 2011. The average MLS® residential price was $474,954, 12.2 per cent lower than a year ago.
Taking A Breather
“While some potential homebuyers in Vancouver are taking a breather over the summer months, stronger consumer demand continues across the rest of the province,” said Cameron Muir, BCREA Chief Economist. MLS® residential unit sales outside of Vancouver were up 11 per cent in July over a year ago. In contrast, home sales through the Real Estate Board of Greater Vancouver were down 18 per cent over the same period.
Downer
Year-to-date, BC residential sales dollar volume declined 16.5 per cent to $23.5 billion,
compared to the same period last year. Residential unit sales dipped 7.9 per cent to 44,794
units, while the average MLS® residential price was 9.4 per cent lower at $525,183.
To Be Expected
Even with a burst of sales throughout the province the lack of higher priced sales associated with Vancouver real estate it was to be expected that the overall BC sales dollar volume would decrease.
Looking forward similar reports can be anticipated as Vancouver real estate continues to take a ‘breather’.
Copyright BCREA reprinted with permission
Cameron Muir: “While some potential homebuyers in Vancouver are taking a breather over the summer months…”
This reminds me of the Monty Python “Dead Parrot” sketch:
http://www.youtube.com/watch?v=4vuW6tQ0218
British Columbia RE is a little like stopping or turning a BC Ferry.
By the time you think its time to buy its too late.
By the time you think its time to sell-it’s too late.
I think its time to buy in rural BC.
I think it will be time to buy Lower Mainland SFH’s in February 2013.
great post as always Larry.
Gotta say though, with this activity in van, it resembles finishing a 20+ year marathon, running through the finish line to financial security, but no, stopped by a hard kick to the the nuts by Flaherty and co. Maybe if values ran a little slower, that kick my be bearable, but we are in heart attack territory now.
I hope that Vancouver market will bounce back next month both in sales and prices.
Larry!
You’re famous!
Garth showed one of your charts at last night’s presentation!
@boom
Hopefully it was well received.