The B.C. Real Estate Association says while real estate sales continue to cool, prices are still sky high.
BCREA Chief Economist Cameron Muir says 9,900 residential unit sales were recorded by the Multiple Listing Service in July, down 3.4% from the same month last year.
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But the average cost of a home in Vancouver is still around a million bucks, and Muir doesn’t expect prices to drop any time soon.
“We’d have to have sales levels fall relative to inventory levels into a buyers market, and we’d have to have it sitting there for several months in order to see any substantive downward pressure on prices, and we are quite a long ways away from that.”
“In a market such as Vancouver right now, we are still showing almost 40 per cent sales to active listings ratio, it has to fall far below at 15% before we are likely going to see any significant downward pressure on home prices.”
Muir says year-to-date, BC residential sales dollar volume increased 45.5% to more than $56-billion, compared to the same period last year.
Last week, the Real Estate Board of Greater Vancouver reported that residential property sales in the region in July were down 19% compared with the same month last year.