BC market remains tight

There were a record 12,906 homes sold in British Columbia in June, up 14.3 per cent from a year earlier while the dollar volume surged 25.7 per cent to $8.97 billion. The BC Real Estate Association says that the average MLS price rose by 10 per cent in the year to $694,925.

Year-to-date sales were up 30.6 per cent compared to the same period of 2015 and dollar volume was up 53.2 per cent. However, tight supply is continuing with less than 2 months supply of homes in Victoria and the Fraser Valley.

"Robust housing demand in the Lower Mainland, Vancouver Island and the Okanagan drove sales growth in June," said Brendon Ogmundson, BCREA Economist. "At the same time, the inventory of homes for sale continues to slide lower, creating very tight market conditions around the province."

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