The British Columbia Real Estate Association (BCREA) reports that a total of 7,136 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in June 2022, a decrease of 35.7 per cent from June 2021. The average MLS® residential price in BC was $951,105, a 4.6 per cent increase from $909,657 recorded in June 2021. Total sales dollar volume was $6.8 billion, a 32.8 per cent decline from the same time last year.“While a still growing economy and robust population growth point to strong demand, it is increasingly difficult to satisfy that demand at current interest rates,” said BCREA Chief Economist. “As a result, sales activity across the province, but especially in more expensive markets, continues to slow.”
For the second straight month, year-over-year provincial active listings rose, with listing in June 16.4 per cent higher than this time last year. While active listings remain below what is typical for a balanced market, some markets and housing types have tipped into balanced or even buyers’ market territory as sharply higher mortgage rates push potential buyers to the sidelines.
For the second straight month, year-over-year provincial active listings rose, with listing in June 16.4 per cent higher than this time last year. While active listings remain below what is typical for a balanced market, some markets and housing types have tipped into balanced or even buyers’ market territory as sharply higher mortgage rates push potential buyers to the sidelines.
Year-to-date, BC residential sales dollar volume was down 17 per cent to $53.5 billion compared with the same period in 2021. Residential unit sales were down 27.6 per cent to 51,202 units, while the average MLS® residential price was up 14 per cent to $1.05 million.
Source - BCREA
