The province’s real estate association says listings activity continues to be a concern
The number of residential units sold in British Columbia fell in July even as prices continued to increase, according to data from the British Columbia Real Estate Association (BCREA).
BCREA recorded a total of 9,663 residential unit sales in July, a decrease of 7.2% over the same month last year. Total active residential listings also declined by 32.2% year-over-year and continued to fall on a monthly seasonally adjusted basis.
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Meanwhile, pressure from the decline in listings caused the average residential price in the province to rise to $891,687, a 17.1% increase from the $761,772 recorded in July 2020.
Total sales dollar volume was $8.6 billion in July, an 8.6% increase from last year.
The areas that experienced the biggest price increases were Chilliwack (a 26.5% increase to $721,997), Kamloops (a 25.5% increase to $573,676), and Kootenay (a 21.8% increase to $475,232).
And in the Greater Vancouver area, the average residential price rose by 10.4% to $1,153,804.
"Provincial market activity slowed in July, with both sales and listings declining on a seasonally adjusted basis," said Brendon Ogmundson, chief economist of BCREA. "While sales remain robust, listings activity continues to be a concern as inventories trend near record lows."
