Tight Market Conditions Prevail Around the Province, BCREA
Vancouver, BC – July 14, 2016. The British Columbia Real Estate Association (BCREA) reports that a record 12,906 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in June, up 14.3 per cent from the same month last year. Total sales dollar volume was $8.97 billion in June, up 25.7 per cent compared to the previous year. The average MLS® residential price in the province was up 10 per cent year-over-year, to $694,925.
“Robust housing demand in the Lower Mainland, Vancouver Island and the Okanagan drove sales growth in June,” said Brendon Ogmundson, BCREA Economist. “At the same time, the inventory of homes for sale continues to slide lower, creating very tight market conditions around the province.“
“The supply of resale homes is remarkably low across BC, but particularly so in Victoria and the Fraser Valley,” added Ogmundson. The sales-to-active listings ratio has eclipsed 60 per cent in both Victoria and the Fraser Valley, corresponding to less than two months of supply given current demand.
Year-to-date, BC residential sales dollar volume increased 53.2 per cent to $49.9 billion, when compared with the same period in 2015. Residential unit sales climbed by 30.6 per cent to 67,361 units, while the average MLS® residential price was up 17.3 per cent to $741,150.
The highest list to sell ratio of Lots/acreage type listings in the North Kamloops area, within the last 5 months is 0.958.
33.33% of Townhouse type listings put on the market in the Aberdeen area,within the last 3 months have actually sold.
The average list to sell ratio of Single Family type listings in the Cherry Creek/Savona area, within the last 4 months is 0.956.
In the Dufferin/Southgate area, the average home price per square foot of new Single Family type listings within the last 7 months is $192.96.
The highest sale price of Single Family type listings in the Aberdeen area, within the last 5 months is $735,000.00.
97 Townhouse type listings in Kamloops, have had at least one price drop within the last 6 months.
In the Westsyde area, the highest price per square foot of new listings within the last 2 months is $381.62.
In the Juniper Heights area, the highest price per square foot of new Single Family type listings within the last 4 months is $290.00.
The highest list to sell ratio of Townhouse type listings in the Batchelor Heights area, within the last 11 months is 0.997.
The average sale price of Single Family type listings in the Sahali area, within the last 8 months is $479,898.93.
“Record housing demand and dwindling inventories are continuing to push home prices higher in most BC regions,” said Cameron Muir, BCREA Chief Economist. “Total active residential listings across the province are nearly 30 per cent lower than twelve months ago.“