Hafez Realty News

Summer Housing Market Continues to Sizzle

The British Columbia Real Estate Association (BCREA) reports that a total of 9,275 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in July, down 6.3 per cent from the same period last year. Total sales dollar volume was $6.48 billion, down 1.3 per cent from July 2016. The average MLS® residential price in the province was $698,761, a 5.3 per cent increase from the same period last year.

“Strong economic growth, an expanding population base and a lack of supply continue to drive BC home sales and prices this summer,” said Cameron Muir, BCREA Chief Economist. “However, home sales have edged back 4 per cent since May, with active listings beginning to bounce back from a 20-year low,” added Muir. “If these trends continue, it may signal that more balanced market conditions could emerge before the end of the year.”

Year-to-date, BC residential sales dollar volume was down 19.3 per cent to $45.6 billion, when compared with the same period in 2016. Residential unit sales declined 17.0 per cent to 64,107 units, while the average MLS® residential price was down 2.8 per cent to $710,921.

 

July 2017 Year-to-Date BC Residential Multiple Listing Service® Data by Board

July 2017 Residential Average Price, Active Listings and Sales-to-Active-Listings Data by Board 

 

 

Board

Average Price

Active Listings

Sales-to-Active-Listings

July 2017 Residential Average Price

($)

July 2016 Residential Average Price

($)

%

change

July 2017 Residential Active Listings

(Units)

July 2016 Residential Active Listings

(Units)

 

% change

July 2017 Residential Sales to Active

Listings (%)

July 2016 Residential Sales to Activ

Listings (%)

BC Northern

281,369

267,922

5

2,779

3,020

-8

13.1

14.1

Chilliwack

474,222

399,891

18.6

956

937

2

37.1

41.3

Fraser Valley

722,922

661,823

9.2

4,743

4,697

1

39.3

39.8

Greater Vancouver

1,029,786

1,007,687

2.2

9,869

9,047

9.1

30.5

36.5

Kamloops

367,303

339,735

8.1

1,294

1,816

-28.7

26

18.1

Kootenay

308,407

299,867

2.8

2,324

2,720

-14.6

14.7

9.8

Okanagan Mainline

504,712

476,362

6

3,363

3,514

-4.3

28.6

29.7

Powell River

314,543

304,175

3.4

93

132

-29.5

37.6

31.8

South Okanagan

415,720

379,670

9.5

1,028

1,162

-11.5

23.5

21.9

Northern Lights

244,513

235,643

3.8

491

439

11.8

6.3

6.4

Vancouver Island

452,353

383,380

18

2,735

3,290

-16.9

35.9

31.3

Victoria

644,510

580,555

11

1,414

1,515

-6.7

53.2

60.9

Provincial Totals*

698,761

663,469

5.3

31,089

32,289

-3.7

29.8

30.7

 *Numbers may not add due to rounding

 

July 2017 BC Residential Multiple Listing Service® Data by Board

 

Board

Dollar Volume (000s)

Units

July 2017 Residential Sales ($)

July 2016 Residential Sales ($)

 

% change

July 2017 Residential Sales

(Units)

July 2016 Residential Sales

(Units)

 

% change

BC Northern

102,418

114,402

-10.5

364

427

-14.8

Chilliwack

168,349

154,758

8.8

355

387

-8.3

Fraser Valley

1,346,082

1,238,272

8.7

1,862

1,871

-0.5

Greater Vancouver

3,101,715

3,326,376

-6.8

3,012

3,301

-8.8

Kamloops

123,414

111,773

10.4

336

329

2.1

Kootenay

105,475

79,765

32.2

342

266

28.6

Okanagan Mainline

485,028

496,369

-2.3

961

1,042

-7.8

Powell River

11,009

12,775

-13.8

35

42

-16.7

South Okanagan

100,604

96,436

4.3

242

254

-4.7

Northern Lights

7,580

6,598

14.9

31

28

10.7

Vancouver Island

444,663

394,881

12.6

983

1,030

-4.6

Victoria

484,671

535,271

-9.5

752

922

-18.4

Provincial Totals*

6,481,008

6,567,677

-1.3

9,275

9,899

-6.3

 *Numbers may not add due to rounding

 

 

**NOTE: The Northern Lights Real Estate Board (NLREB) became part of the South Okanagan Real Estate Board (SOREB) on May 1, 2011.

Board

Dollar Volume (000s)

Unit Sales

Average Price

 

2017

($)

2016

($)

% change

2017

2016

%

change

2017

($)

2016

($)

% change

BC Northern

714,857

654,679

9.2

2,553

2,487

2.7

280,007

263,240

6.4

Chilliwack

1,136,139

1,160,024

-2.1

2,482

2,945

-15.7

457,752

393,896

16.2

Fraser Valley

9,367,155

11,755,596

-20.3

13,408

16,743

-19.9

698,624

702,120

-0.5

 

Greater Vancouver

 

23,416,131

 

31,756,807

 

-26.3

 

22,653

 

29,740

 

-23.8

 

1,033,688

 

1,067,815

 

-3.2

Kamloops

730,029

652,621

11.9

2,009

1,929

4.1

363,380

338,321

7.4

Kootenay

599,373

456,092

31.4

1,932

1,653

16.9

310,234

275,918

12.4

 

Okanagan Mainline

 

2,777,101

 

2,907,540

 

-4.5

 

5,631

 

6,329

 

-11

 

493,181

 

459,400

 

7.4

Powell River

74,570

71,703

4

242

257

-5.8

308,141

279,001

10.4

South Okanagan

602,312

561,660

7.2

1,530

1,538

-0.5

393,668

365,189

7.8

Northern Lights

57,863

33,744

71.5

230

135

70.4

251,577

249,958

0.6

Vancouver Island

2,556,415

2,565,305

-0.3

5,963

6,740

-11.5

428,713

380,609

12.6

Victoria

3,543,059

3,915,918

-9.5

5,474

6,766

-19.1

647,252

578,764

11.8

Provincial Totals*

45,575,005

56,491,690

-19.3

64,107

77,262

-17

710,921

731,170

-2.8

* Numbers may not add due to rounding

 

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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