June's Market Report

The British Columbia Real Estate Association reports that a record 12,906 residential unit sales were recorded by MLS in June, up 14.3 per cent from the same month last year. The total sales dollar volume was $8.97 billion in June, up 25.7 per cent compared to last year. The average MLS residential price in the province was up 10 per cent year-over-year, to $694,925

With the robust housing demand in the Lower Mainland, Vancouver Island and the Okanagan drove the sales growth up in June and 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 particularly so in Victoria, the Fraser Valley and here in Kelowna in certain price ranges it is very hard to find homes. What little that there is on the market in the $300,000-$550,000.00 price range is gone right away if it is priced right.  

Year-to-date, BC residential sales dollar volume increased 53.2 per cent to $49.9 billion, as  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.