BC Housing Market Continues To Calm Down

The British Columbia Real Estate Association says that housing markets across the province “continue to calm down.” In May, realtors sold a total of 12,638 homes which represents the second month of decreasing sales after the provincial market registered a new record high in March. Sales in March totalled 15,073 homes, beating the previous all-time best monthly record of 13,482 in May 2016. The March tally was followed by 13,683 sales in April. Although lower than March, the April volume was still higher than the previous record held by May 2016 of 13,482 sales. The housing markets continues to calm after peaking in March due in part to “dwindling supply” amid “strong demand,” it says. Residential listings were down 17 per cent year-over-year in May and the sales-to-active-listings ratio or SAR stood at 48.1, which means that sellers remain in control of the market