B.C. housing market cooling but buying isn’t getting cheaper: Real Estate Association

VANCOUVER (NEWS 1130) — While there is more evidence B.C.’s real estate market is cooling and home sales are dropping, the average home price continues to heat up.

The BC Real Estate Association says sales dropped by more than seven per cent last month compared to a year earlier.

So while the number of homes up for sale continues to be low, prices will remain high.

Last month, the average purchase price was more than $890,000, an increase of 17 per cent from a year earlier.

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However, the Association has a warning for those looking at getting into the market.

“While sales remain robust, listings activity continues to be a concern as inventories trend near record lows,” BCREA Chief Economist Brendon Ogmundson said in a statement.

Residential listings were down 32.2 per cent compared with July last year, and the decrease has gotten worse each month.