Hafez Realty News

A Return to Balance for BC Housing Market

The British Columbia Real Estate Association (BCREA) reports that a total of 7,884 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in June, a 32.5 per cent decrease from the same month last year. The average MLS® residential price in BC was $716,326, down 1.3 per cent from June 2017. Total sales dollar volume was $5.6 billion, a 33 per cent decline from June 2017.

“The impact of the B20 stress test is still being felt across the province,” said Brendon Ogmundson, BCREA Deputy Chief Economist. “Lower demand as the result of higher mortgage rates and stringent mortgage qualification rules are bringing most markets around the province back into balanced conditions.”

Although the supply of active listings in the province is on the rise, inventory remains low by historical standards and markets like Vancouver Island and the Okanagan remain undersupplied.

Year-to-date, BC residential sales dollar volume was down 18 per cent to $32 billion, compared with the same period in 2017. Residential unit sales decreased 20 per cent to 43,863 units, while the average MLS® residential price was up 2.4 per cent to $730,492.


June 2018 Residential Average Price, Active Listings and Sales-to-Active-Listings Data by Board

 

 

 

Board

Average Price

Active Listings

Sales-to-Active-Listings

June 2018 Residential Average Price

($)

June 2017 Residential Average Price

($)

%

change

June 2018 Residential Active Listings

(Units)

June 2017 Residential Active Listings

(Units)

 

% change

June 2018 Residential Sales to Active

Listings (%)

June 2017 Residential Sales to Active

Listings (%)

BC Northern

310,569

289,833

7.2

2,338

2,729

-14.3

20.7

19.8

Chilliwack

529,157

488,108

8.4

1,347

956

40.9

21.5

50.4

Fraser Valley

753,729

745,997

1

5,880

4,255

38.2

23.5

58

Greater Vancouver

1,068,559

1,053,655

1.4

12,652

9,198

37.6

19.5

43

Kamloops

391,667

373,670

4.8

1,198

1,284

-6.7

27.4

29

Kootenay

339,028

332,114

2.1

1,990

2,280

-12.7

15.8

18.2

Okanagan Mainline

547,485

511,242

7.1

4,111

3,371

22

19.4

30.2

Powell River

336,142

329,896

1.9

139

105

32.4

23

58.1

South Okanagan

442,384

416,343

6.3

1,127

972

15.9

20.2

29.6

Northern Lights

274,966

294,967

-6.8

462

473

-2.3

9.5

8.9

Vancouver Island

473,219

442,155

7

2,691

2,630

2.3

31.2

40.7

Victoria

699,257

674,952

3.6

1,997

1,398

42.8

34

68.8

Provincial Totals*

716,326

725,748

-1.3

35,932

29,651

21.2

21.9

39.4

*Numbers may not add due to rounding

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Provided by: BCREA

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