B.C. home sales weighed down by Lower Mainland, fall almost 7 per cent in July

VANCOUVER — A weak market in the Lower Mainland is weighing on homes sales in British Columbia, with both transactions and average prices falling in July.

The British Columbia Real Estate Association says 6,561 residential property sales were recorded in the Multiple Listing Service in the province last month, down 6.7 per cent from a year ago.

The average sales price also dropped 1.3 per cent to just short of $930,000 from about $942,000 a year earlier.

Association chief economist Brendon Ogmundson says most of the province saw seasonally adjusted sales activity rise from June levels, with the Lower Mainland, including Metro Vancouver, a noted exception.