B.C.’s real estate market is normalizing, somewhat, but it’s still hotter than usual.
The B.C. Real Estate Association (BCREA) reports that a total of 11,070 residential unit sales were recorded by the Multiple Listing Service in June.
That’s an increase of 34.7 per cent over June 2020.
The average residential price in BC was $910,445, a 22.2 percent increase from $745,194 recorded in June 2020.
Total sales dollar volume was $10.1 billion, a 64.6 percent increase from last year.
“As expected, housing market activity is calming to start the second half of 2021,” said BCREA Chief Economist Brendon Ogmundson.
“That said, while down from record highs earlier this year, home sales across the province remain well above long-run average levels.”
Inventory is an ongoing challenge for homebuyers.
Total active listings were down 23.4 per cent year-over-year in June and continued to fall on a monthly seasonally adjusted basis.
Year-to-date, BC residential sales dollar volume was up 161.6 per cent to $64.7 billion, compared with the same period in 2020.
Residential unit sales were up 114.3 per cent to 70,690 units, while the average MLS residential price was up 22.1 per cent to $915,563.