Home sales in BC broke records for the month of May again, according to the BC Real Estate Association, as a total of 13,458 homes were up for sale that month.
Surprise, BC’s housing market is hot. And water is wet.
That number represents a 32.3% increase year-over-year.
May’s record-breaking month also beat out April, where MLS listings show a record of 12,969 homes for sale.
BC’s hot home sales are the results of increased demand and low inventory, says BCREA chief economist Cameron Muir, but that may soon change.
“New home construction activity is at a near record pace in the province,” says Muir. “Once the current crop of homes are ready for occupancy there will likely be more selection for home buyers and less upward pressure on home prices.”
In Metro Vancouver alone, record numbers of homes are under construction, says Muir.
Residential home sales dollar volume in the province increased 62% year-over-year to $41 billion, and the average MLS listing is up 19% to $752,105.