The number of residential units sold across British Columbia hit a record high in May, according to British Columbia Real Estate Association data released June 15.
A total of 13,458 homes changed hands in the month, breaking the previous record of 12,969 units set just a month before. It was also 32% higher than the number of homes sold in May 2015.
The total dollar value of homes sold in May was $9.72 billion, which is up 51% compared with last May. The average home sales price across the province was $722,146, up 14% compared with last year.
“Record housing demand and dwindling inventories are continuing to push home prices higher in most B.C. regions,” said BCREA chief economist Cameron Muir. “Total active residential listings across the province are nearly 30% lower than 12 months ago.”
Muir said demand is pushing new home construction activity to a near-record pace across B.C.
In Greater Vancouver alone, 4,910 units were sold in May, up 18.5% year-over-year. The total dollar value of all sales was $5.18 billion, which is a 38% increase over the $3.75 billion sold in May 2015.
Muir pointed out that in Metro Vancouver, a record number of homes are currently 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.”
The average home sales price in Greater Vancouver reached $1,055,495. This is a 16.5% increase from May 2015’s average price of $905,701.
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