The average home price was $891,705 across Greater Vancouver in October, down 5.9% compared with $947,334 a year ago, the British Columbia Real Estate Association announced November 15.
The total number of units sold in the region plunged 38.5% over the period, with 2,284 units changing hands in the region. The total dollar volume of home sales was $2.04 billion – down 42.1% compared with $3.52 billion a year ago.
Across B.C., the average home price dipped 9.1% to $606,787 and the number of homes sold—7,272—was down 16.7% year-over-year. The total dollar value of homes sold was $4.41 billion, which was down 24.2% over the year.
These decreases were largely due to activity in Vancouver, and some regions across the province bucked the trend. In Chilliwack, the average sale price increased 25% to $417,212, and the total dollar sales volume increased 20.2% to $114.6 million. Total dollar sales volume was also up in Kamloops (up 37.4%), Okanagan Mainline (up 27.6%) and Vancouver Island (up 19.3%). In Victoria alone, total sales were $435 million, an increase of 16.8%.
“Housing demand remained mixed across the province in October,” said BCREA chief economist Cameron Muir. “Home sales across the Lower Mainland were down from the elevated levels of one year ago, but stabilized on a month-to-month basis.
“In contrast, home sales on Vancouver Island and in the Interior of the province continue to post strong year-over-year gains.”
Decreases in the Lower Mainland and B.C. were driven in part by the foreign buyers tax implemented this summer and new federal measures put in place last month.