Strong Economy Keeps Housing Demand Above Long-Run Average

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.

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.  

Coquitlam News

BC Markets Calming but Sales Still on Record Pace
The British Columbia Real Estate Association (BCREA) reports that a total of 13,683 residential unit sales...
More...
Just Sold: 20 1125 Kensal Place, Coquitlam, New Horizons
Excellent Central Location Large Fenced Yard 3 Bed, 3 Bath, 1447sqft Priced at $889,800 Click here for...
More...
Supply response emerges in Metro Vancouver’s active housing market
Home sellers have become increasingly active in Metro Vancouver’s* housing market this spring in...
More...
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.