Happy June! The official start of Summer. Kids are out of school soon & the weather's warming up!
I am closely following the market, looking for signs of going back to a normal market. Yet, in BC we had record sales.
Our economist at the British Columbia Real Estate Association (BCREA) reports that a record 13,458 residential unit sales were recorded by the Multiple Listing Service (MLS) in May, up 32.3 per cent form the same month last year. Home sales last month exceeded April’s record of 12,979 units. Total sales dollar volume was $9,72 billion in May, up 51.1 per cent compared to the previous year. The average MLS residential price, in the province was up 14.2 per cent year-over-year, to $722,146.
It appears record housing demand and dwindling inventories are continuing to push home prices higher in most BC regions. Total active residential listings across the province are nearly 30 per cent lower than twelve months ago.
- Active residential listings 30 per cent lower than twelve months ago.
- New home construction to ease upward pressure on prices.
- YTD Residential sales dollar volume increased 62 per cent year over year.
New home construction activity is at a near record pace in the province. In the Metro Vancouver market, a record number of homes are now under construction. Once the current crop of homes are ready for occupancy there will likely be more selection for home buyers and less upward pressure on home prices.
Year to date BC residential sales dollar volume increased 62 per cent to $41 billion, when com pared with the same period in 2015. Residential unit sales climbed by 35.2 per cent to 54,455 units, while the average MLS residential price was up 19 per cent to $752,105.
Our monthly market update is a great way to track trends.
300 - 3303 Immel St. Abbotsford BC V2X 5Y1
1 - 32540 Logan Ave Mission BC V2V 6G3
O 604 859 3141 or 604 826 2699 F 604 859 5226 or 604 826 2621
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