08/11/2016 02:18 EDT | Updated 08/11/2016 02:59 EDT

Vancouver House Price Relief Is In Sight, B.C. Real Estate Association Says

Prices are still rising ... for now.

VANCOUVER — The British Columbia Real Estate Association says home sales have come off the boil in many regions of B.C., but for now, prices continue to soar.

The real estate association says the Multiple Listing Service recorded 9,900 residential units changed hands in July, a 3.4 per cent decline compared with 2015.

The association reports that costs have not immediately followed the trend.

Residential and commercial buildings are pictured in Vancouver, British Columbia, June 20, 2011. (Photo: Reuters/Jason Lee)

It says the average residential price of a home on the Multiple Listing Service climbed 9.1 per cent last month compared with July 2015, reaching $663,411.

Total sales dollar volume was also up 5.4 per cent over the same period to $6.57 billion.

But association chief economist Cameron Muir says the record-setting pace of sales is finally moderating and he believes price relief is also in sight.

"The less frenetic pace of home sales will likely provide a much-needed boost to the inventory of homes for sale. The rate of home price appreciation is also expected to slow from the unsustainable level exhibited this spring,'' Muir said in a release.

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