Home sales are returning to long-term averages, all the way back to 2000, according to the B.C. Real Estate Association.
Cameron Muir, who speaks for the Association, says sales were down nearly 32% last month when comparing to the same period last year.
He says the decline is a result of slower sales in Vancouver, compared to the rest of the province.
Home prices are down too, averaging around $688,000, down 12% from a year ago.
“A year ago, we saw about 44% of homes sales in B.C. were sold in the Greater Vancouver area, that’s fallen to 37%. Just simple math, because home prices are much more expensive in Vancouver, that pulls that average prince in the province lower.”
And the total number of all sales plunged 40%.