August home sales strong in B.C., but change is coming

B.C. Real Estate Association says 9,162 residential properties were sold in August

The association representing realtors in British Columbia says home sales remained healthy across the province in August, but it expects to see a change over the coming months.

The B.C. Real Estate Association says 9,162 residential properties were sold in August.

READ: Vancouver’s benchmark house price cracks $1M

That’s a 2.4 per cent increase compared with the same period last year.

The total dollar value of all sales climbed significantly to $6.2 billion, a 22 per cent jump from August 2016, while the association says the average property price was up 19.1 per cent to $678,186.

Association chief economist Cameron Muir points to strong economic conditions propelling the August sales, which he says mirror figures in July on a seasonally adjusted basis.

But Muir also warns that climbing mortgage rates and home prices could dampen housing markets this fall.

READ: Low inventory and high demand creating brisk sellers’ market on Vancouver Island

“Rising home prices combined with upward pressure on mortgage interest rates is expected to temper demand over the balance of the year,” Muir says in a news release.

Year-to-date figures in 2017 are still overshadowed by the sizzling first half of last year’s residential property market in B.C., with sales dollar volume down 15.9 per cent to $51.8 billion when compared with the first eight months of 2016.

Residential sales dipped 15 per cent over the same period while the association says the average property price was down 1.1 per cent to $706,839.

The Canadian Press

Just Posted

VIDEO: Government approves funding of $750,000 drug for B.C. woman

Approval comes one day after province announces funding for Soliris on a case-by-case basis

Chilliwack trustee slated to speak at Culture Guard rally

Barry Neufeld listed as honoured guest by group that rallies against LGBTQ discussions in schools

Stalled Langley condo project owes $62 million, receiver says

Builders of Murrayville House sold several units more than once: report

Man who sought refuge in Langley church loses another attempt to clear name

Refugee Jose Figueroa is trying to get a certificate that would say he is not on a terrorist list

VIDEO: Get a sneak peek at the newly renovated BC Vintage Truck Museum

Volunteers have been working around the clock to finish the $50,000 renovation of Cloverdale museum

Pitt Meadows councillor convicted of sex assault resigns from job

David Murray with retire from work with city of Port Coquitlam

3,800-plant grow-op busted on First Nation reserve

Three men face charges after RCMP bust a large drug operation on the Soowahlie Reserve near Chilliwack

B.C. boy’s social media bid to get levidrome in the Oxford dictionary goes viral

‘It’s been five weeks and has totally blown up today.’

Huge grain, potash terminals proposed for Fraser Surrey Docks

Surrey’s mayor is embracing the projects, but Delta’s mayor has concerns about emergency crew access

Whistler venues could see 2026 Olympic action

Calgary is looking to cut down on costs

Michael Buble announced as 2018 Juno host in Vancouver

Awards will celebrate Canadian talent in March

BC Hydro issues storm safety tips

Bulletin indicates “electrical contact incidents resulting in serious injury are on the rise.”

B.C. flaggers rally after colleague struck in Okanagan

Traffic Control Personnel respond to colleague being hit in Lavington

Most Read