Saturday, 25 June 2016

BC's Market is Hot!

The British Columbia Real Estate Association is reporting that a record 13,458 residential unit sales were recorded by the MLS in May, up 32.3 per cent from the same month last year. Home sales last month have exceeded April's record of 12,969 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. We have to take in account that Vancouver is driving this. Record housing demand and dwindling inventories are continuing to push home prices higher in most BC regions. With total active residential listings across the province are nearly 30 per cent lower than twelve months ago. 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 has increased 62 per cent to $41 billion, when compared 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 $752,105.00

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