Total home sales fell 30% year-over-year in July after seen an almost 38% the previous month, according to British Columbia Real Estate Association data released August 13.
A total of 2,108 units changed hands in the month, compared with 3,012 in July 2017. Year-to-date, unit sales fell 16.1%, from 22,653 to 16,734.
Across the province, home sales fell 23.9% in July, from 9,276 last year to 7,055. Year-to-date, unit sales fell2.1% to 725,639 units.
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“The B.C. housing market continues to grapple with the sharp decline in affordability caused by tough new mortgage qualification rules,” said BCREA chief economist Cameron Muir.
“However, less frenetic housing demand has created more balanced market conditions in many regions, leading to fewer multiple offers and more choice for consumers.”
The average home sale price dipped 0.5% year-over-year in Greater Vancouver, to $1,024,282. Across B.C., the average sale price was $695,990 – a decrease of 0.4% over the same period.