Article content

British Columbia realtors report March sales were off almost 22 per cent from a year ago and blame the shortfall on a lack of new supply hitting the market.

We apologize, but this video has failed to load.

tap here to see other videos from our team. Try refreshing your browser, or B.C. real estate activity slumps by $7 billion as Ontario watches and ponders own solution Back to video

If there is a housing bubble in Canada, experts agree, it is in Toronto. The trick is fixing that without laying waste to other markets across the country.





[/np_storybar]

Across the province, the British Columbia Real Estate Association said Thursday active listings in March dropped 18.1 per cent from a year ago to 25,020 but in spite of that decline, the average price of a home sold across the province was down 10.5 per cent during the period to $690,597.

“Consumer demand continues to normalize following blockbuster sales in 2016,” said Brendon Ogmundson, an economist with the group that represents 22,000 realtors across the province. “However, the supply of available for sales has not recovered and is still declining in many markets around the province.”