B.C. real estate home sales drop in June: BCREA

B.C.’s real estate market saw yet another drop in June.

Home sales fell 35.7 per cent compared to the same month last year, according to the BC Real Estate Association (BCREA), which points to high mortgage rates as the driving factor.

“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 Brendon Ogmundson.

“As a result, sales activity across the province, but especially in more expensive markets, continues to slow.”

While sales dropped, the BCREA notes that between June 2021 and 2022, prices increased slightly. The average MLS price sat at $951,105 last month, representing a rise of 4.6 per cent over last year.

Meanwhile, provincial active listings rose year-over-year, for the second straight month. The BCREA says listings in June 2022 were 16.4 per cent higher than the same period last year.

The latest figures from the BCREA come after the Real Estate Board of Greater Vancouver (REBGV) also reported a drop in home sales for June.

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• Greater Vancouver real estate: Housing sales drop in June

• B.C. real estate market slows as mortgage, interest rates rise: BCREA

• Homeowners worried about finances as inflation, interest rates squeeze budgets

Earlier this month, the REBGV said home sales across the region fell 35 per cent in June 2022 compared to the same month last year. That was 16.2 per cent down from a month earlier.

Overall sales, meanwhile, were 23.3 per cent below the 10-year average for June.

The benchmark price for a detached home increased, sitting at $2,058,600. The REBGV said that represented an increase of 13.4 per cent from June 2021, and a 1.7 decrease from the month earlier, May 2022.