B.C.’s real estate sales up almost 35% in June

VANCOUVER (NEWS 1130) — It will likely come as no surprise for potential homebuyers in B.C., but new numbers on home sales in June show the housing market remains very hot.

The British Columbia Real Estate Association (BCREA) says June sales increased by 34.7 per cent over June 2020. Although it remains high, the BCREA says overall the market is showing a bit of reprieve.

“As expected, housing market activity is calming to start the second half of 2021,” said BCREA Chief Economist Brendon Ogmundson. “That said, while down from record highs earlier this year, home sales across the province remain well above long-run average levels.”

The average MLS® residential price in B.C. was $910,445, with the most-expensive spot predictably the Greater Vancouver area. Sales in that area are up 75.2 per cent over last year. The cost of buying a home increased by 14.3 per cent.

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The Fraser Valley also remains a very popular area for home buyers, as many are looking to expand into cities like Abbotsford, Mission, and Langley. Many have sought bigger spaces in order to create a home office, instead of commuting to the urban areas to work during the pandemic. That demand led to 2,182 home sales in June, a jump of 34.8 per cent compared to last year.

Many Fraser Valley home sellers are benefitting from that push, and the average listing price has risen significantly. The average home in the Valley sold for $995,798, up nearly 30 per cent over 2020.

Although those sky-high costs do appear to be settling a little bit, according to experts.

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“We’re now seeing more subject offers and, for the first time in months, we’re starting to see price reductions.” says Larry Anderson, president of the Greater Valley Real Estate Board. He says buyers and sellers are getting some more room to maneuver with that minor cooldown, but the biggest roadblock to the market is still the need for more supply.

The BCREA reports total active residential listings were down 23.4 per cent year-over-year in June. The supply continued to fall on a monthly seasonally adjusted basis.

Victoria is among the areas with the fewest number of active listings across the province, down 50 per cent over last year.

BCREA is the professional association for about 23,000 REALTORS® in BC, focusing on provincial issues that impact real estate.