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

UPDATE: Wind warning has ended for Metro Vancouver

More than 34,000 BC Hydro customers in the dark on Sunday morning in the Lower Mainland and Sunshine Coast

VIDEO: Vancouver Giants blanked by Portland Winterhawks

Saturday’s 2-0 setback marks first regulation loss for G-Men in 10 games

Langley Clothes by the Pound closes

Thrift store that tried to introduce a new approach to bargain hunting may have gone out of business

Proposal to ban pot dispensaries in White Rock would affect Langley businessman

Randy Caine and partners hope to open dispensaries once laws are changed

Mom delivers plastic mats to Langley’s homeless

Jenifer Kosman fashions sleeping mats from plastic grocery bags

Philadelphia Eagles headed to Super Bowl

After routing the Minnesota Vikings 38-7, they will face Tom Brady and the New England Patriots

Heavy snowfall closes Mount Washington on Vancouver Island

Road to ski resort deemed unsafe, vehicles buried under more than three feet of snow

VIDEO: Dramatic video shows return of rescued B.C. snowboarders

Two snowboarders were rescued near Rossland, B.C. on Sunday after being lost overnight.

Tom Brady leads Patriots back to Super Bowl, top Jaguars 24-20

New England to face winner of Sunday night’s game between Minnesota and Philadelphia on Feb. 4

Coquihalla drivers prepare for snow

Wintry conditions persist, with snow warnings for Coquihalla

Liberals quietly tap experts to write new paternity leave rules

Ideas include creating an entirely new leave benefit similar to one that exists in Quebec

Insurers say Canadian weather getting hotter, wetter and weirder

Average number of days with heavy rain or snow across Canada has been outside norm since spring 2013

Final phase of MDMA-assisted psychotherapy trials to kick off in B.C.

Doctors hope to get psychedelic-assisted psychotherapy legalized in Canada and the U.S. by 2021

Most Read