Greater Vancouver home sales and prices up in June: BCREA

Homes for sale in Fort St. John. Sales prices increased year-over-year across all regions of the province in June | BIV file photo

A total of 9,198 homes changed hands across Metro Vancouver in June, according to British Columbia Real Estate Association data released July 13.

This is an increase of 7.6% compared with the same month last year, in which 8,546 homes were sold.

The average selling price also increased year-over-year; in June, the average residential price was $1,053,655, up 2.7% year-over-year.

Vancouver wasn’t the only city to see prices rise in the month; the average residential selling price increased across all regions of the province, with an average increase of 4.4% to $725,778. The biggest increases were found in the Kootenay region (up 17.6% to $332,114), Chilliwack (up 18.3% to $488,108) and Victoria (up 14.8% to $674,952).

The number of units sold fell province-wide, however; in June, 11,671 sales took place, a drop of 9.6% compared with June 2016. The total dollar volume of all sales was $8.47 billion, a drop of 5.6% compared with the same month last year. The drop was related to a shortage of supply, as active listings fell 6.2% in the province.

“Although home sales remain well off the record pace set last year, demand is still quite robust,” said Brendon Ogmundson, BCREA economist. “That demand is supported by a strong provincial economy and vigorous job growth.

“But supply remains a challenge, which means most areas are seeing tight market conditions and significant upward pressure on prices.”