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Sales Remained Stable in Month of June

According to the BCREA, sales for the month of June rose 2.4% over June of last year.

"Home sales were relatively unchanged in June compared to last year,” said Cameron Muir, BCREA Chief Economist. “However, low mortgage interest rates and an overdue pick-up in BC employment growth are expected to provide some incentive to consumers over the summer months."

So far this year, BC residential sales dollar volume rose by 15.5 % to $24.7 billion, year-over-year. Residential unit sales for the first part of the year, however, have remained fairly flat year-over-year at 42,095 units. The average MLS residential price went up a substantial 16.1 % to $585,661 over the same period.

Greater Vancouver, again this month, far and away has had the greatest price appreciation, with prices climbing up 22.9 % in June. On the other side of the coin, the most significant price drops were in the Kootenay region, where the average price fell by 14.7%.

Vancouver still showed strength in dollar volume, as shown by MLS listings, reporting a rise of 33.9%, year-over-year but was left far behind the Powell River region, where dollar volume jumped by 89.0%. The greatest drop was reported in the Northern Lights region.

Year-to-date, the region recording the highest dollar volume is Greater Vancouver, up 31.7% so far this year. The lowest dollar volume to date was in the Kootenay region. Average prices so far this year have gone up by 20.3% in Vancouver, and have dropped by 7.2% in the Kootenay region.

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