BC Home Sales Up 24.9% in June, Prices Up 4.5%

There were 8,989 residential sales in British Columbia recorded by the MLS® in June, up 24.9 per cent from June 2013, according to British Columbia Real Estate Association (BCREA) figures released July 16.

Total sales dollar volume was $5 billion, an increase of 30.5 per cent compared with a year ago.

The average MLS residential price in the province rose to $556,977, up 4.5 per cent from June 2013.

“Home sales finished the second quarter on an upward trend,” said Cameron Muir, BCREA chief economist. “The increase in provincial housing demand was broad-based, with the largest year-over-year increases occurring in the Okanagan, the Kootenays and Chilliwack.”

Home sales increased 46 per cent in the South Okanagan and nearly 30 per cent in the Okanagan Mainline Real Estate Board area.

In the Kootenays, home sales rose 36 per cent year over year and in Chilliwack they increased 33 per cent.

“Market conditions also continued to improve, with the Okanagan and the Lower Mainland even flirting with sellers’ market conditions,” said Muir.

In the first half of the year, BC’s residential sales dollar volume was up nearly 26.8 per cent to $23.8 billion, compared with June 2013. Residential unit sales were up 18.5 per cent to 41,883 units, and the average residential price was up 7 per cent at $568,499.

Here’s BCREA Chief Economist Cameron Muir with his video wrap-up of the June 2014 real estate market in BC.