July 15, 2016
BC residential home sales dipped slightly in June from May's all-time high, but it was still the hottest June on record
After all-time record-breaking home sale numbers three months in a row, BC residential home sales dipped just slightly in June to 12,906 unit sales from May’s high of 13,438, according to BC Real Estate Association figures released July 14. Still, that’s the hottest June ever recorded for home sales in the province, up 14.3 per cent from the previous June record of 11,294 in 2015.
“Robust housing demand in the Lower Mainland, Vancouver Island and the Okanagan drove sales growth in June,” said Brendon Ogmundson, BCREA Economist. “At the same time, the inventory of homes for sale continues to slide lower, creating very tight market conditions around the province.”
Sales-to-active listings ratios remain tight throughout much of the province, with only the BC Northern (16.2%), Kamloops (19.7%), Kootenay (12.1%) and Northern Lights (5.1%) boards reporting ratios below 20 per cent. Greater Vancouver’s sales-to-active listings ratio was 52.7 per cent in June, compared to 33.6 per cent a year ago. In Victoria (68.7%) and the Fraser Valley (64.2%), the sales-to-active listings ratios now correspond to less than two months of supply given current demand in those markets.
The average MLS® residential price in the province was up 10 per cent year-over-year to $694,925, and total sales dollar volume was up 25.7 per cent year-over-year to $8.97 billion. Powell River saw the greatest year-over-year increase, up 31.3 per cent to $302,986, followed by the Fraser Valley (+23% to $572,888) and Chilliwack (+20.2% to $343,367). In Greater Vancouver, the average price was $1,026,207 in June, up 11.3 per cent year-over-year.
Year-to-date BC residential sales dollar volume increased 53.2 per cent compared to the same period last year to $49.9 billion. Year-to-date residential unit sales climbed by 30.6 per cent to 67,361 units.
To read the full BCREA report including statistics broken down by region, click here.