Like the summer weather, the real estate market across the province was hot even for June, according to the latest figures released July 14 by the British Columbia Real Estate Assocation (BCREA).
A total of 11,294 residential unit sales across BC were recorded in June, up 25.6 per cent compared with the same month last year.
The average MLS® resale price in the province rose to $631,962, a 13.5 per cent increase since last June.
This double rise pushed the province’s total sales dollar volume to $7.1 billion last month, a 42.6 per cent increase compared with the previous year.
“BC home sales posted the second strongest June on record,” said Brendon Ogmundson, BCREA economist. “A growing provincial economy and record low borrowing rates continue to push demand higher, particularly in the Lower Mainland.”
“While consumer demand is surging, the supply of homes for sale has not kept pace. The resulting imbalance of supply and demand has put upward pressure on prices in many areas of the province, most notably with respect to single detached homes.”
In the first half of 2015, BC residential unit sales climbed by 23.1 per cent to 51,559 units, while the average MLS® resale price rose 11.2 per cent to $631,946.
