2017-06 Statistical Release
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For the complete news release, including detailed statistics, click here.

For immediate release

                                     Strong Economy Keeps Housing Demand Above Long-Run Average

Vancouver, BC – July 13, 2017. The British Columbia Real Estate Association (BCREA) reports that a total of 11,671 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in June, down 9.6 per cent from the same period last year. Total sales dollar volume was $8.47 billion, down 5.6 per cent from June 2016. The average MLS® residential price in the province was $725,778, a 4.4 per cent increase from the same period last year.

"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," said Ogmundson. Total active listings in the province were down 6.2 per cent to 29,651 units from June 2016.

Year-to-date, BC residential sales dollar volume was down 21.7 per cent to $39.1 billion, when compared with the same period in 2016. Residential unit sales declined 18.6 per cent to 54,830 units, while the average MLS® residential price was down 3.8 per cent to $712,993.

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For more information, please contact: 

Brendon Ogmundson
Economist
Direct: 604.742.2796
Mobile: 604.505.6793
Email: [email protected]

The British Columbia Real Estate Association (BCREA) is the professional association for about 22,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province's 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.

For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada's real estate boards to ensure maximum exposure of properties listed for sale.

To subscribe to receive BCREA publications such as this one, or to update your email address or current subscriptions, click here.

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