Record home sales and near-record levels of construction are testaments to the strength of the housing market in British Columbia.
Sales in May hit a new high of 13,458 units, up 32.3 per cent from the same month of 2015; total value of sales was up 51.1 per cent year-over-year to $9.72 billion.
The average price of homes sold in May through the MLS system of the BC Real Estate Association was $722,146, up 14.2 per cent from a year earlier.
"Record housing demand and dwindling inventories are continuing to push home prices higher in most BC regions," said Cameron Muir, BCREA Chief Economist. "Total active residential listings across the province are nearly 30 per cent lower than twelve months ago."
Muir added that in Metro Vancouver construction is at a record high and it is nearing a record across the province.
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