Home sales across the province have returned to historical normal levels according to the BC Real Estate Association.
That’s even after home sales last month were down 23 per cent from the same month a year ago.
The Associations Chief Economist Cameron Muir says region like the Okanagan and Victoria are pulling numbers back up.
“Home sales in Vancouver in January were below the 15-year average level, whereas other parts of the province were above that. Vancouver peaked in a phenomenal record level in sales a year ago and we’ve seen those sales come off just from what we’ve seen not only from this kind of a cycle but also because we’ve had some policy intervention.”
Total sales volume is also down by 36.5 per cent and the average residential price sits at around $600,000, down 17.5 per cent from January last year.
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With files from Emily Lazatin