Strong BC Economy Keeps Housing Demand Above Long-Run Average
The The British Columbia Real Estate Association (BCREA) reports that a total of 11,671 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in June, down 9.6% from the same period last year. Total sales dollar volume was $8.47 billion, down 5.6% from June 2016. The average MLS® residential price in the province was $725,778, a 4.4% increase from the same period last year.
“Although home sales remain well off the record pace set last year, demand is still quite robust," said Brendon Ogmundson, BCREA Economist. "That demand is supported by a strong provincial economy and vigorous job growth."
"But, supply remains a challenge, which means most areas are seeing tight market conditions and significant upward pressure on prices," said Ogmundson. Total active listings in the province were down 6.2% to 29,651 units from June 2016.
Year-to-date, BC residential sales dollar volume was down 21.7% to $39.1 billion, when compared with the same period in 2016. Residential unit sales declined 18.6% to 54,830 units, while the average MLS® residential price was down 3.8% to $712,993.
For the complete news release, including detailed statistics, click here.