Strong Economy Keeps Housing Demand Above Long-Run Average

(July 13, 2017 , posted in BCREA Monthly Update)

BCREA, Tim Wray, Prompton Real Estate, VancouverThe 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 per cent from the same period last year. Total sales dollar volume was $8.47 billion, down 5.6 per cent from June 2016. The average MLS® residential price in the province was $725,778, a 4.4 per cent 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 per cent to 29,651 units from June 2016.

Year-to-date, BC residential sales dollar volume was down 21.7 per cent to $39.1 billion, when compared with the same period in 2016. Residential unit sales declined 18.6 per cent to 54,830 units, while the average MLS® residential price was down 3.8 per cent to $712,993.

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

My business grows by building strong client-focused relationships. I would welcome the opportunity to answer any questions about the real estate market that you may have.

If you would like to find out how much your home is worth in today's market, to discuss listing your home or buying a new home, please contact me on (604) 781-5692 or via email - tim@timwray.ca

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