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BC Housing Market Update for May 2017


BC Housing Market Update for May 2017

 

 

Housing Supply Not Keeping Pace with Demand in Most BC Regions 

 

The British Columbia Real Estate Association (BCREA) reports that a total of 12,402 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in May, down 7.9% from the same period last year. Total sales dollar volume was $9.33 billion, down 4.0% from May 2017. The average MLS® residential price in the province was $752,536, a 4.2% increase from the same period last year.

 

“Market conditions have tightened considerably this spring as an upturn in consumer demand has not been accompanied by a rise in homes listed for sale," said Cameron Muir, BCREA Chief Economist. "The supply of homes for sale in the province has fallen 50% over the past five years."

 

"The entire southern portion of the province is experiencing a shortage of housing supply, which makes continuing upward pressure on home prices inevitable, at least in the near term," added Muir. Total active listings in the province were down 11.1% to 28,404 units from May 2016. The ratio of home sales to active listings was well over 20% in nine of the province's 11 real estate boards, and over 50% in Vancouver, the Fraser Valley, Chilliwack and Victoria.

 

Year-to-date, BC residential sales dollar volume was down 25.2% to $30.6 billion, when compared with the same period in 2016. Residential unit sales declined 20.1% to 43,158 units, while the average MLS® residential price was down 5.7% to $709,541.


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the complete news release, including detailed statistics, click here.

Karen Tsao
Cell:604-422-0855
Office:604-602-1111
RE/MAX Crest Westside (vanw7)
1428 West 7th Avenue
Vancouver, BC
V6H 1C1 CA