Vancouver, BC – June 15, 2016. The British Columbia Real Estate Association (BCREA) reports that a record 13,458 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in May, up 32.3% from the same month last year. Home sales last month exceeded April’s record of 12,969 units. Total sales dollar volume was $9.72 billion in May, up 51.1% compared to the previous year. The average MLS® residential price in the province was up 14.2% year-over-year, to $722,146.

“Record housing demand and dwindling inventories are continuing to push home prices higher in most BC regions,” said Cameron Muir, BCREA Chief Economist. “Total active residential listings across the province are nearly 30% lower than twelve months ago.“

“New home construction activity is at a near record pace in the province,” added Muir. In the Metro Vancouver market, a record number of homes are now under construction. “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.”

Year-to-date, BC residential sales dollar volume increased 62% to $41 billion, when compared with the same period in 2015. Residential unit sales climbed by 35.2% to 54,455 units, while the average MLS® residential price was up 19% to $752,105.

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