Vancouver, BC – June 14, 2019. The British Columbia Real Estate Association (BCREA) has reported that total residential active listings were up 23.2% compared to the same month last year.
However, total active listings were down 2 per cent from April. This is the first monthly decline since the B20 Stress test was introduced in January 2018.
In BC, total residential unit sales as is recorded by MLS® in May, a decline of 7% from in May 2018 and the average MLS® residential price showed a decline of 4.3% from May 2018. Total sales dollar volume was 11% lower compare to the same month last year.
In this year, BC home sales increased 9% in May compared to April, however, consumers continued to struggle with the negative shock to affordability as a result of current stringent mortgage lending policies.
Year-to-date, BC total residential sales dollar volume was down 25.1% compared with the same period in 2018 and total residential unit sales decreased 20.2%, while the average residential price was down 6.2%.