{"id":16090,"date":"2020-07-16T10:10:00","date_gmt":"2020-07-16T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=16090"},"modified":"2020-07-14T09:45:54","modified_gmt":"2020-07-14T16:45:54","slug":"bcrea-new-report-shows-june-home-sales-rose-17-y-y","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/07\/bcrea-new-report-shows-june-home-sales-rose-17-y-y\/","title":{"rendered":"BCREA New Report Shows June Home Sales Rose 17% Y\/Y"},"content":{"rendered":"<p style=\"text-align: justify;\">What happened : BC home sales for the month of June rose 17% year-over-year, according to a new report from the British Columbia Real Estate Association (BCREA).<\/p>\n<p style=\"text-align: justify;\">Why it matters : The BCREA\u2019s chief economist says sales surged back to pre-COVID-19 levels last month. While sales have normalized, active listings are down and certain markets are reporting upward pressure on prices.<\/p>\n<p style=\"text-align: justify;\">New BC real estate data suggests residential sales normalized last month.<\/p>\n<p style=\"text-align: justify;\">According to the latest monthly report from the British Columbia Real Estate Association (BCREA), there were nearly 8,200 residential sales recorded last month \u2013 a 17% increase in sales activity year-over-year.<\/p>\n<p style=\"text-align: justify;\">\u201cSales around the province surged back to pre-COVID-19 levels in June,\u201d said BCREA chief economist Brendon Ogmundson in a news release.<\/p>\n<p style=\"text-align: justify;\">Unit sales rose the most in Chilliwack (30.2%), the Fraser Valley (30.1%), South Okanagan (25.7%) and Greater Vancouver (19%). Only two of 12 regions reported unit sale declines : Northern Lights (down 20%, to 28 from 35 sales) and BC&#8217;s northern region (down 2.2%).<\/p>\n<p style=\"text-align: justify;\">The value of residential sales in June rose by double digits year-over-year in all markets except Northern Lights and BC&#8217;s north, with South Okanagan (55.3%), the Fraser Valley (36.8%), Chilliwack (35.6%) and Vancouver Island (27.9%) leading the way.<\/p>\n<p style=\"text-align: justify;\">Total residential sales dollar volume last month reached $6.1 billion, up 27.5% over June 2019.<\/p>\n<p style=\"text-align: justify;\">\u201cWhile there are some temporary factors that may have pushed demand forward, we are cautiously optimistic that market activity will remain firm,&#8221; noted Ogmundson.<\/p>\n<p style=\"text-align: justify;\">While the BCREA says sales activity has normalized, active listings are down nearly 20% year-over-year, with many markets experiencing upward pressure on residential home prices.<\/p>\n<p style=\"text-align: justify;\">The average Multiple Listing Service (MLS) residential home price in BC increased 9% to just over $748,000 \u2013 a $62,000 increase over the average price recorded last year.<\/p>\n<p style=\"text-align: justify;\">South Okanagan saw the largest average price increase, to $496,000 from $401,500 a year ago \u2013 an increase of 23.6%. The average price in Victoria rose by $100,000 (a 14.4% gain), and in Greater Vancouver, the average residential price rose by 7% to top $1 million.<\/p>\n<p style=\"text-align: justify;\">Year-to-date, total residential sales dollar volume is up 0.6% to $24.7 billion, compared with the same period in 2019. Sales are down 8% and the average MLS residential price is up 9.4%.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/biv.com\/article\/2020\/07\/bc-home-sales-surge-back-pre-covid-levels\" target=\"_blank\" rel=\"noopener noreferrer\">BC Home Sales &#8220;Surge Back&#8221; to Pre-COVID Levels<\/a> by Hayley Woodin | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What happened : BC home sales for the month of June rose 17% year-over-year, according to a new report from the British Columbia Real Estate Association (BCREA). Why it matters &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/07\/bcrea-new-report-shows-june-home-sales-rose-17-y-y\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-16090","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BCREA New Report Shows June Home Sales Rose 17% Y\/Y &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2020\/07\/bcrea-new-report-shows-june-home-sales-rose-17-y-y\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BCREA New Report Shows June Home Sales Rose 17% Y\/Y &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"What happened : BC home sales for the month of June rose 17% year-over-year, according to a new report from the British Columbia Real Estate Association (BCREA). 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