The dollar volume of homes sold through the Multiple Listing Service (MLS) in B.C. declined 25.4% to $2.6 billion in August compared with the same month last year, according to the BC Real Estate Association (BCREA).
A total of 5,337 MLS residential unit sales were recorded over the same period, down 17.9% from August 2011.
The average MLS residential price was $491,145, 9% lower than a year ago.
Cameron Muir, BCREA chief economist, said, "Consumer demand continued to trend lower in August.
"Tighter mortgage credit conditions introduced in July appear to be taking a toll on an already tentative market. However, with home sales slower than improving economic conditions suggest, a rebound may be in store before year-end."
Year-to-date, B.C. residential sales dollar volume declined 17.5% to $26.2 billion, compared with the same period last year. Residential unit sales dipped 9.1% to 50,131 units, while the average MLS residential price was 9.3% lower at $521,599.
