The B.C. Real Estate Association says the province’s housing market has tumbled from record highs posted in 2016 to return to what it calls historic, long-term averages.
The association says 4,487 condos, townhomes and detached homes were sold in B.C. in January, down 23 per cent compared with the same period last year.
The total sales value also dropped 36.5 per cent over the same period to $2.79 billion, while the average home price was off 17.5 per cent to $621,093.
Figures from the real estate association show the change was most pronounced in Vancouver where fewer detached homes sold and sales of all property types made up just 35 per cent of sales across B.C., an eight per cent decrease from January 2016. Vancouver Sun