{"id":16321,"date":"2020-08-19T10:10:00","date_gmt":"2020-08-19T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=16321"},"modified":"2020-08-17T13:41:11","modified_gmt":"2020-08-17T20:41:11","slug":"strong-sales-recovery-pushes-bc-home-prices-up-13","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/08\/strong-sales-recovery-pushes-bc-home-prices-up-13\/","title":{"rendered":"Strong Sales Recovery Pushes BC Home Prices Up 13%"},"content":{"rendered":"<p style=\"text-align: justify;\">July was a red hot month for the BC housing market as sales rocketed up by nearly 27 percent over the previous year.<\/p>\n<p style=\"text-align: justify;\">All told, there were 10,090 homes sold across the province last month, with seven regions, including Victoria, Greater Vancouver and Fraser Valley seeing sales volume increases of over 20 percent.<\/p>\n<p style=\"text-align: justify;\">Robust sales activity paired with a downward trend in active listings led to the average home price seeing a close to 13 percent increase over the same month in 2019, according to data published by the British Columbia Real Estate Association (BCREA) last week. The average sale price was $770,810 in July, up from $682,702 a year before.<\/p>\n<p style=\"text-align: justify;\">\u201cThe strong recovery in sales activity continued in July,\u201d said BCREA Chief Economist Brendon Ogmundson, in a media release.<\/p>\n<p style=\"text-align: justify;\">\u201cIncreased demand for more living space combined with an undersupplied market is producing significant upward pressure on home prices, particularly in the market for single-family homes,\u201d he continued.<\/p>\n<p style=\"text-align: justify;\">The increase in average price combined with the significant rise in sales activity meant July\u2019s total sales dollar volume was up 43 percent to $7.8 billion.<\/p>\n<p style=\"text-align: justify;\">Perhaps most astonishingly, with July\u2019s figures included, year-to-date sales dollar volume is now up 8.4 percent to $32.5 billion even with the major market slowdown through the spring.<\/p>\n<p style=\"text-align: justify;\">According to BCREA, the regions that saw the largest average price increases in July were Powell River (up 30.7 percent), Victoria (up 25. percent) and BC Northern (up 16.5 percent).<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2020\/08\/sales-recovery-bc-home-prices-up.html\" target=\"_blank\" rel=\"noopener noreferrer\">Strong Sales Recovery Pushes BC Home Prices Up 13% in July<\/a> by Sean MacKay | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>July was a red hot month for the BC housing market as sales rocketed up by nearly 27 percent over the previous year. All told, there were 10,090 homes sold &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/08\/strong-sales-recovery-pushes-bc-home-prices-up-13\/\">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-16321","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>Strong Sales Recovery Pushes BC Home Prices Up 13% &#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\/08\/strong-sales-recovery-pushes-bc-home-prices-up-13\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Strong Sales Recovery Pushes BC Home Prices Up 13% &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"July was a red hot month for the BC housing market as sales rocketed up by nearly 27 percent over the previous year. 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