Are Vancouver real estate prices going up or down?

The B.C. Real Estate Association says both transactions and total sales were down in October 2016 compared to the same month last year.

The B.C. Real Estate Association says both transactions and total sales were down in October 2016 compared to the same month last year. (Jonathan Hayward/Canadian Press)

 

 

Figures from the B.C. Real Estate Association show October was another challenging month for housing sales in some parts of the province, while other regions prospered.

The association says 7,272 residential properties changed hands in October, a decline of 16.7 per cent compared with October 2015.

The total amount of all October sales was $4.4 billion, a tumble of 24.2 per cent compared with the same period last year.

The average price of a home was $606,787, down 9.1 per cent.

Association chief economist Cameron Muir says home sales across the Metro Vancouver area fell when compared with the elevated levels of last October, but he says the numbers show sales in the metro region stabilized on a month-to-month basis.

Muir also points to strong year-over-year gains in sales on Vancouver Island and in B.C.'s Interior, regions not covered by the 15 per cent tax imposed by the province in August on home sales by foreign purchasers.

"The decline in the average residential price reflects a smaller proportion of transactions in the province originating in Vancouver," says Muir, noting housing demand remained mixed across B.C. in October.

The association reports home sales through the Real Estate Board of Greater Vancouver fell to 31.4 per cent of B.C. transactions last month, compared with 42.6 per cent a year ago.

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