The British Columbia Real Estate Association (BCREA)
reports that a total of 11,294 residential unit sales were recorded by the
Multiple Listing Service® (MLS®) in June, up 25.6 per cent from the same month
last year. Total sales dollar volume was $7.1 billion, a 42.6 per cent increase
in comparison to the previous year. The average MLS® residential price in the
province rose to $631,962, a 13.5 per cent increase since last June.
“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,” added Ogmundson.
Year-to-date, BC residential sales dollar volume
increased 36.8 per cent to $32.6 billion, when compared with the same period in
2014. Residential unit sales climbed by 23.1 per cent to 51,559 units, while
the average MLS® residential price rose 11.2 per cent to $631,946.
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